Reference metadata describe statistical concepts and methodologies used for the collection and generation of data. They provide information on data quality and, since they are strongly content-oriented, assist users in interpreting the data. Reference metadata, unlike structural metadata, can be decoupled from the data.
National Accounts Department – Consumer Price Statistics Section
1.3. Contact name
Restricted from publication
1.4. Contact person function
Restricted from publication
1.5. Contact mail address
Keleti Károly Str. 5-7 1024 Budapest HUNGARY
1.6. Contact email address
Restricted from publication
1.7. Contact phone number
Restricted from publication
1.8. Contact fax number
Restricted from publication
2.1. Metadata last update
13 November 2024
2.2. Metadata last certified
13 November 2024
2.3. Metadata last posted
13 November 2024
3.1. Data description
The House price index (HPI) is a quarterly indicator that measures the changes in the dwellings transaction prices that households acquire on the market. Prices include land value.
The data on the HPI is provided in the form of an overall index number comprising two sub-indices: purchases of newly built dwellings and purchases of existing dwellings.
The data is based on harmonised definitions and concepts described in the OOH Technical Manual.
HPIs give comparable measures for changes in the prices and turnover of dwellings. They are calculated according to a harmonised approach and a single set of definitions.
3.2. Classification system
Index numbers, weights and growth rates are made available at the level of detail established by the Owner-occupied Housing Commission Regulation (EU) No 2023/1470.
H.1. Purchases of dwellings;
H.1.1. Purchases of newly built dwellings;
H.1.2. Purchases of existing dwellings.
3.3. Coverage - sector
ESA 2010 sector S.14 (Household sector).
3.4. Statistical concepts and definitions
The HPI covers all transactions of dwellings made by households regardless of its final use. This index covers not only the transactions that are new to the household sector (purchasing of new dwellings) but also all that are traded between households (purchases of existing dwellings).
Index figures for the purchases of newly built and existing dwellings are compiled on the basis of full transaction prices, which are collected through the use of an administrative data source (prices recorded in the contract). Transaction prices include the value of land. The HPI is a chain-linked Laspeyres-type index. Data are presented in the form of index numbers (reference base year for Eurostat: 2015 = 100). The weights for the two sub-indices are equal to the total value of dwelling transactions for newly built and existing dwellings, respectively. The administrative data source contain all the transactions.
3.5. Statistical unit
The basic statistical units of the HPI are dwellings owned or purchased by households.
3.6. Statistical population
The target population is the set of all transactions of dwellings purchased by households.
3.7. Reference area
Data are available for the country as a whole.
The Hungarian HPI covers the whole country.
3.8. Coverage - Time
Data is available since 2007.
3.9. Base period
The index reference period is 2015=100.
Index figures with reference year 2015 are released. Weights are given as parts in 1000 and in national currency.
The compiled quarterly indices represent the whole calendar quarter.
6.1. Institutional Mandate - legal acts and other agreements
The act providing the framework for the compilation of the OOHPI is the European Parliament and Council Regulation (EU) 2016/792 of 11 May 2016.
The basic methodological and technical specifications for the compilation of the OOHPI is given by the Commission Regulation (EU) No 2023/1470of 17 July 2023. All regulations relevant to the OOHPI, as well as repealed legislation and other relevant documents, can be found in the Housing Price Statistics section of Eurostat's website under ‘Legislation’.
6.2. Institutional Mandate - data sharing
Not available.
7.1. Confidentiality - policy
Regulation (EC) No 223/2009 of the European Parliament and of the Council, of 11 March 2009, on the transmission of data subject to statistical confidentiality to the Statistical Office of the European Communities.
7.2. Confidentiality - data treatment
All statistics collected and published by the HCSO are governed by the confidentiality provisions of the Act CLV of 2016 on Statistics, which specify that the HCSO cannot publish, or otherwise make available to any individual or organization, statistics that would enable the identification of data for any individual person or entity. There are two exceptions:
Individual data on the activities of institutions, social organizations and state budget institutions performing activities of public interest may be made public without prior written consent of the data supplier if the respective data relates to the activities of public interest;
Individual data without written consent of the data supplier may be transferred for statistical purposes only, to an international organization engaged in statistical activity, and in order to meet an international commitment, defined by rule of law.
The data are compiled under the terms of the Act CLV of 2016 On Statistics and the Act CXII of 2011 on the Right of Informational Self-Determination and on Freedom of Information.
Official statistical activity is regulated by Act CLV of 2016 on Official Statistics entered into force on 1 January 2017 and by Government Decree 184/2017. (VII. 5.) issued for the implementation of this law.
The English version of the text of Act CXII of 2011 is available on the Hungarian National Authority for Data Protection and Freedom of Information’s website.
The Hungarian National Assembly made the Act CLV of 2016 in order to ensure the HCSO’s independence and professionalism, and further strengthening of the confidence in official statistics. At the moment only available in Hungarian.
Quality commitment and quality concept are declared in the HCSO strategy available on the HCSO website.
11.1. Quality assurance
The general quality assurance framework: Reports on the practice of revisions, with special attention to the delayed arrival of data and the subsequent need for more revisions. Metadata and statistical domain documentation are updated annually. All incoming data stocks, programs for data clearance and correction, all steps of data processing together with additional notes and explanations are stored in a central server of the office. An integrated process of data-transmission is developed so that incoming data are instantly checked and corrected on arrival. Methodological information is published together with all data publications.
11.2. Quality management - assessment
The quality of the HPI index is reviewed using a framework based on the OOH technical manual and the European Statistical System (ESS) definition of quality.
12.1. Relevance - User Needs
The HPI responds the needs of all users interested in knowing the behaviour of prices in the house price market.
12.2. Relevance - User Satisfaction
Not available.
12.3. Completeness
The index covers the whole country and all new and existing housing transactions.
13.1. Accuracy - overall
The HPI is perceived to be accurate and to reflect well the overall behaviour of the housing market.
13.2. Sampling error
Total statistical population is observed therefore there is no sampling error.
13.3. Non-sampling error
Typing errors are corrected by outlier detection. Missing data are estimated by regression models.
14.1. Timeliness
Data are sent according to the EU regulation 2016/792 85 days after the end of the reference period (indices) and 165 days after the end of the reference year (weights).
14.2. Punctuality
There are no delays in the transmission of the data.
15.1. Comparability - geographical
The HPI indices have no regional sub-indices.
The calculation of published data is in line with the Eurostat recommendations so indices are fully comparable across countries.
15.2. Comparability - over time
Time-series are fully comparable.
15.3. Coherence - cross domain
The OOHPI partly overlaps the scope of the HPI. However, both indices cover a different set of transactions.
15.4. Coherence - internal
Data is checked for internal consistency.
Three persons are working on HPI, the estimated full time equivalent of the staff working on HPI is 2 employees.
The main tasks undertaken to produce the HPI are: Processing incoming data-stocks - checks, corrections, imputation and regression calculations. The most time consuming tasks are checks and corrections. Only data transmission depend on the cooperation of a stakeholder outside the unit.
There are no costs for purchasing data.
17.1. Data revision - policy
HPI is revisable in Hungary. There is a strict revision policy. There is always a clear indication whether data are preliminary or final.
17.2. Data revision - practice
Data may be revised each quarter, in line with the publication schedule. All past data are considered officially final at the 3rd quarter of the next year.
18.1. Source data
See below.
18.1.1. Prices
Indices and weights are compiled using administrative sources.
18.1.2. Weights
HPI weights are based on actual dwelling transaction values. The partition of the total HPI weight into newly built and existing dwellings is done using information available from the same source as used for prices.
18.1.3. Source data - House Sales indicators
Data are recorded and transmitted by the National Tax and Customs Authority.
18.2. Frequency of data collection
Data are transmitted quarterly.
18.3. Data collection
Data are recorded continuously by NAV (National Tax and Customs Administration) and transferred to HCSO quarterly. The data transfer contains settlement code, name of the street, type of property, date of sale, price and price estimates of stamp duty offices and floor area of homes.
18.4. Data validation
Missing values’ rate is around 1% for most variables. Only floor area data have missing values in higher numbers (around 30% of all cases, mainly for one-family houses). From 2013 on data are transmitted with full address that makes checks and comparisons with other databases possible. Such combination of other statistical sources (Population Census, data on put to use permits) are used to identify newly built dwellings, to check and correct building characteristics.
18.5. Data compilation
See below.
18.5.1. Calculation and Aggregation
See below.
18.5.1.1. Index formulae
HPI is a Laspeyres-type price index.
18.5.1.2. Aggregation method
HPI indices are aggregated using weights based on market transaction values.
18.5.1.3. Derivation of sub-index and elementary aggregate weights
Weights are annually revised. We use the weights of year t-1.
18.5.1.4. Price updating
Weights are price updated to the fourth quarter of the year t-1.
18.5.1.5. Chaining and linking method
Chaining is based on the fourth quarter of the previous year.
18.5.1.6. Compilation of sub-indices
The indices for Purchases of newly built and existing dwellings are compiled applying the hedonic regression method.
18.5.1.6.1. Hedonic method
A log-linear specification is used in which the logarithm of price per square meter is the dependent variable. Major data used in this model are: floor area of the given dwelling, character of the building, specific geographical, administrative and income indicators of the given settlement (or district in Budapest.)
After the exclusion of outliers (see 18.4), based on repeated model estimation, changes in prices are broken down by composition effect and pure changes in prices. Because of the log linear method, the released price indices always result from the geometrical average of the given prices. However, the average prices are always arithmetical averages in publications.
Three years' data are pooled in model estimations (i.e. the current and two years before the current year).
The same method is applied for both new and old dwellings, in separate calculation procedures.
18.5.1.6.2. SPAR method
No SPAR method is used.
18.5.1.6.3. Stratification
Hedonic method is combined with stratification by newly built and existing dwellings.
18.5.2. Other processing issues
See below.
18.5.2.1. Timing for pricing
The price of the dwelling is the price in the sale contract. The ownership tax is payable within 60 days of the sale contract. Within this period, the data are used in the HPI for the quarter in which the sale contract was signed.
18.5.2.2. Treatment of VAT
VAT is included in the price of newly built dwellings.
18.5.2.3. Treatment of other taxes
Taxes other than VAT are not included in the price of dwellings.
18.5.2.4. Treatment of government subsidies
The HPI includes only transactions at market prices. Government subsidies are given to home-buyers and therefore included in market price.
18.5.2.5. Treatment of land
The price of land is included in both prices and weights.
18.5.2.6. Housing cooperatives
Housing cooperatives are covered in the HPI. Housing cooperatives in Hungary are more like condominiums, without limitations on ownership rights, therefore their market is part of the general housing market, without any difference in prices.
18.5.2.7. Treatment of non-market transactions
Non-market transactions are excluded from data transfer.
18.5.2.8. Treatment of multi-object transactions
Multi-object transactions are separated in the original legal procedure and therefore included in the transacted database individually.
18.5.2.9. Treatment of fractional transactions
Fractional transactions are not considered as it is uncertain if they are concluded at market prices.
18.5.2.10. Outliers detection
After a raw completeness check outliers are detected by regression estimation method.
18.5.2.11. Treatment of incomplete data source coverage
Data source covers all transactions made in the whole country.
18.6. Adjustment
No seasonal or other type of adjustment is applied. The hedonic re-pricing method is used in the adjustment of the changes in the characteristics of sold dwellings in the compilation of the HPI.
No comment.
The House price index (HPI) is a quarterly indicator that measures the changes in the dwellings transaction prices that households acquire on the market. Prices include land value.
The data on the HPI is provided in the form of an overall index number comprising two sub-indices: purchases of newly built dwellings and purchases of existing dwellings.
The data is based on harmonised definitions and concepts described in the OOH Technical Manual.
HPIs give comparable measures for changes in the prices and turnover of dwellings. They are calculated according to a harmonised approach and a single set of definitions.
13 November 2024
The HPI covers all transactions of dwellings made by households regardless of its final use. This index covers not only the transactions that are new to the household sector (purchasing of new dwellings) but also all that are traded between households (purchases of existing dwellings).
Index figures for the purchases of newly built and existing dwellings are compiled on the basis of full transaction prices, which are collected through the use of an administrative data source (prices recorded in the contract). Transaction prices include the value of land. The HPI is a chain-linked Laspeyres-type index. Data are presented in the form of index numbers (reference base year for Eurostat: 2015 = 100). The weights for the two sub-indices are equal to the total value of dwelling transactions for newly built and existing dwellings, respectively. The administrative data source contain all the transactions.
The basic statistical units of the HPI are dwellings owned or purchased by households.
The target population is the set of all transactions of dwellings purchased by households.
Data are available for the country as a whole.
The Hungarian HPI covers the whole country.
The compiled quarterly indices represent the whole calendar quarter.
The HPI is perceived to be accurate and to reflect well the overall behaviour of the housing market.
Index figures with reference year 2015 are released. Weights are given as parts in 1000 and in national currency.
See below.
See below.
Quarterly for the indices.
Data are sent according to the EU regulation 2016/792 85 days after the end of the reference period (indices) and 165 days after the end of the reference year (weights).
The HPI indices have no regional sub-indices.
The calculation of published data is in line with the Eurostat recommendations so indices are fully comparable across countries.
