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.
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-indexes: Purchases of newly built dwellings and Purchases of existing dwellings. The data is based on harmonized definitions and concepts included in the Commission Implementing Regulation (EU) 2023/1470 of 17 July 2023 laying down the methodological and technical specifications in accordance with Regulation (EU) 2016/792 of the European Parliament and of the Council as regards the house price index and the owner-occupied housing price index, and amending Commission Regulation (EU) 2020/1148, and described in the Methodological Manual.
HPIs give comparable measures for changes in the prices 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 Commission Implementing Regulation (EU) 2023/1470 of 17 July 2023 laying down the methodological and technical specifications in accordance with Regulation (EU) 2016/792 of the European Parliament and of the Council as regards the house price index and the owner-occupied housing price index, and amending Commission Regulation (EU) 2020/1148.
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).
HPIs cover all residential properties purchased by households in the reporting period.
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 but also all that are traded between households.
Index figures for the purchase of newly built and existing dwellings are compiled on the basis of full transaction prices and dwelling characteristics provided by State Unified Computerised Land Register (Land Register). Transaction prices include the value of land.
The HPI is a chain-linked Laspeyres-type price index. HPI data presented in the form of index numbers (current reference year: 2015) and quarterly growth rates.
Land Registry is the main source for the compilation of weights. All the transactions have to be declared in Land register and since all transactions prices are known the strata weights are calculated as a sum paid by households for dwelling purchase in the reference year.
3.5. Statistical unit
Market prices of transactions in dwellings.
3.6. Statistical population
The target population is the set of all transactions of dwellings purchased by private households in the country.
3.7. Reference area
Data available on a very detailed level, but due to small number of transactions indices are compiled for the country as a whole. Data by dwelling categories (family houses, flats) available as well.
3.8. Coverage - Time
Data available starting from the first quarter of 2006 for all index series.
3.9. Base period
The HPI is a chain-linked Laspeyres-type price index. The index reference period is 2015.
Index figures with reference year 2015.
Quarterly and annual growth rates.
Weights as parts of 1 000.
The compiled quarterly indices represent the whole calendar quarter.
6.1. Institutional Mandate - legal acts and other agreements
Commission Implementing Regulation (EU) 2023/1470 of 17 July 2023 laying down the methodological and technical specifications in accordance with Regulation (EU) 2016/792 of the European Parliament and of the Council as regards the house price index and the owner-occupied housing price index, and amending Commission Regulation (EU) 2020/1148.
National Program of Statistical Information adopted by the Cabinet of Ministers.
6.2. Institutional Mandate - data sharing
Not applicable for HPI.
7.1. Confidentiality - policy
Data are published up to the level of detail described in the Commission Implementing Regulation (EU) 2023/1470 of 17 July 2023 laying down the methodological and technical specifications in accordance with Regulation (EU) 2016/792 of the European Parliament and of the Council as regards the house price index and the owner-occupied housing price index, and amending Commission Regulation (EU) 2020/1148.
7.2. Confidentiality - data treatment
Data are published up to the level of detail described in the Commission Implementing Regulation (EU) 2023/1470 of 17 July 2023 laying down the methodological and technical specifications in accordance with Regulation (EU) 2016/792 of the European Parliament and of the Council as regards the house price index and the owner-occupied housing price index, and amending Commission Regulation (EU) 2020/1148.
8.1. Release calendar
Quarterly HPI Index data dissemination calendar is available on the Official Statistics Portal of Latvia.
8.2. Release calendar access
The release calendar is available at this website (Release calendar).
8.3. Release policy - user access
HPI are disseminated to all users through the Official Statistics Portal of Latvia.
Quarterly for the indices and annual for the weights.
10.1. Dissemination format - News release
Press release on the HPI is available starting from the data for the first quarter of 2022. Press release is published together with the quarterly data according to the preannounced schedule.
10.2. Dissemination format - Publications
Financial stability review prepared by Bank of Latvia. In macroeconomic reviews prepared by government ministries.
The HPI is compiled based on harmonised definitions and concepts included in Commission Implementing Regulation (EU) 2023/1470 of 17 July 2023 laying down the methodological and technical specifications in accordance with Regulation (EU) 2016/792 of the European Parliament and of the Council as regards the house price index and the owner-occupied housing price index, and amending Commission Regulation (EU) 2020/1148.
Metadata is available on Official Statistics Portal of Latvia.
10.7. Quality management - documentation
Not available.
11.1. Quality assurance
The framework for the quality assurance of official statistics is based on the European Statistics Code of Practice. All data are checked for completeness and consistency with statistical concepts and definitions. Quality controls have been implemented within the HPI production process, in order to detect and correct errors in the data files that are received. Outliers, such as dwellings with too small or large floor area or very high/low prices per m2 are excluded.
11.2. Quality management - assessment
The quality of the HPI index is routinely reviewed using a framework of the Methodological Manual and the European Statistical System (ESS) definition of quality.
12.1. Relevance - User Needs
The HPI meets needs of all users interested in the behavior of the domestic house price market.
12.2. Relevance - User Satisfaction
Not available.
12.3. Completeness
All relevant expenditure categories defined by Commission Implementing Regulation (EU) 2023/1470 of 17 July 2023 laying down the methodological and technical specifications in accordance with Regulation (EU) 2016/792 of the European Parliament and of the Council as regards the house price index and the owner-occupied housing price index, and amending Commission Regulation (EU) 2020/1148 are covered.
13.1. Accuracy - overall
The HPI is perceived to be accurate and to reflect well the overall behavior of the housing market.
13.2. Sampling error
Not available.
13.3. Non-sampling error
For the HPI non-sampling errors are not quantified.
Non-sampling errors have been reduced through continuous methodological improvements.
14.1. Timeliness
For quarterly indices: 75 days after the end of the reference period (indices) and no later than June 15 of the reference year for weights.
14.2. Punctuality
There is no record of delays in the transmission and dissemination of the data.
House price index numbers are sent to Eurostat not later than 85 days after the end of the reference quarter and weights are sent not later than 15 June of the year following the year to which the weights relate.
15.1. Comparability - geographical
HPI is published only at national level, there are no regional indices.
15.2. Comparability - over time
Indices are comparable over time.
15.3. Coherence - cross domain
The OOHPI may partly overlap the scope of the HPI. However, both indexes cover a different set of transactions and any comparison of the two indices should be done with this in mind.
15.4. Coherence - internal
All figures are checked for internal consistency.
No burden to respondents. In total one FTE is needed for HPI calculation.
17.1. Data revision - policy
The HPI data may be subjected to periodic and systematic revisions.
17.2. Data revision - practice
Provisional indices are sent to Eurostat on the 85th day after the comparison quarter. Final indices are provided with the provisional data for the next period.
18.1. Source data
See below.
18.1.1. Prices
Main data source is State Unified Computerised Land Register that covers majority of the real estate transactions in the country.
18.1.2. Weights
Weights are based on Land Registry data and reflect structure of the dwelling purchases by households during the previous calendar year. HPI weights are based on actual dwelling transaction values.
18.1.3. Source data - House Sales indicators
State Unified Computerised Land Register that covers majority of the real estate transactions in the country.
18.2. Frequency of data collection
Data are collected quarterly.
18.3. Data collection
CSB receives data from Land Register on the regular basis.
18.4. Data validation
Data are checked for internal consistency. Data verification and validation is applied from the lowest level. To get the most comparable data and exclude outliers only transactions within predefined parameters are used. Also manual identification of outliers based on the market situation is used.
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
Indices for all strata are aggregated to the country total using annually revised weights that reflect structure of the dwelling purchases during the previous calendar year. Weights are recalculated into prices of the 4th quarter of the previous year.
18.5.1.3. Derivation of sub-index and elementary aggregate weights
Weight figures are annually revised and reflect structure of the dwelling purchases during the previous calendar year. Weights are recalculated into prices of the 4th quarter of the previous year.
18.5.1.4. Price updating
Weight figures are annually revised and reflect structure of the dwelling purchases during the previous calendar year. Weights are recalculated into prices of the 4th quarter of the previous year.
18.5.1.5. Chaining and linking method
HPI is annually chain-linked Laspeyres-type index.
18.5.1.6. Compilation of sub-indices
For quality adjustment hedonic regression is used.
18.5.1.6.1. Hedonic method
Individual regression coefficients (statistical model is reviewed annually) were developed for every stratum. A loglinear specification is used in which the logarithm of price is used as dependent variable. Hedonic re-pricing method is used.
18.5.1.6.2. SPAR method
Not used.
18.5.1.6.3. Stratification
Stratification by dwelling type and location for apartments (Riga, Rest of the country) is performed. Individual regression coefficients are developed for every stratum for QA.
18.5.2. Other processing issues
See below.
18.5.2.1. Timing for pricing
The price of the dwelling is the sale price that is recorded in Land Register. Transaction date provided by Land Register is the date when the ownership of the dwelling was transferred.
18.5.2.2. Treatment of VAT
VAT is included in the price of new 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
Government subsidies for housing purchases don't affect property purchase price available from the Land Register.
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 not relevant.
18.5.2.7. Treatment of non-market transactions
To get the most comparable data and exclude outliers only transactions within predefined parameters are used for HPI. Also manual identification of outliers based on the market situation is used.
18.5.2.8. Treatment of multi-object transactions
For apartments it is not the case. For houses in some cases other structures than the main building may be registered as a separate transaction. In such cases only transactions with the main object are included.
18.5.2.9. Treatment of fractional transactions
Fractional transactions are included in HPI for houses, but for flats the number of transactions with the sold share other than 1 is negligible, therefore such transactions are excluded.
18.5.2.10. Outliers detection
Data are checked for internal consistency. Data verification and validation is applied from the lowest level. To get the most comparable data and exclude outliers only transactions within predefined parameters are used. Also manual identification of outliers based on the market situation is used.
18.5.2.11. Treatment of incomplete data source coverage
Registration of ownership is mandatory therefore Land Register covers all the transactions and grossing-up technics are not used.
18.6. Adjustment
No adjustments other than quality adjustment are applied to the HPI data.
None.
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-indexes: Purchases of newly built dwellings and Purchases of existing dwellings. The data is based on harmonized definitions and concepts included in the Commission Implementing Regulation (EU) 2023/1470 of 17 July 2023 laying down the methodological and technical specifications in accordance with Regulation (EU) 2016/792 of the European Parliament and of the Council as regards the house price index and the owner-occupied housing price index, and amending Commission Regulation (EU) 2020/1148, and described in the Methodological Manual.
HPIs give comparable measures for changes in the prices 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 but also all that are traded between households.
Index figures for the purchase of newly built and existing dwellings are compiled on the basis of full transaction prices and dwelling characteristics provided by State Unified Computerised Land Register (Land Register). Transaction prices include the value of land.
The HPI is a chain-linked Laspeyres-type price index. HPI data presented in the form of index numbers (current reference year: 2015) and quarterly growth rates.
Land Registry is the main source for the compilation of weights. All the transactions have to be declared in Land register and since all transactions prices are known the strata weights are calculated as a sum paid by households for dwelling purchase in the reference year.
Market prices of transactions in dwellings.
The target population is the set of all transactions of dwellings purchased by private households in the country.
Data available on a very detailed level, but due to small number of transactions indices are compiled for the country as a whole. Data by dwelling categories (family houses, flats) available as well.
The compiled quarterly indices represent the whole calendar quarter.
The HPI is perceived to be accurate and to reflect well the overall behavior of the housing market.
Index figures with reference year 2015.
Quarterly and annual growth rates.
Weights as parts of 1 000.
See below.
See below.
Quarterly for the indices and annual for the weights.
For quarterly indices: 75 days after the end of the reference period (indices) and no later than June 15 of the reference year for weights.
HPI is published only at national level, there are no regional indices.
