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.
Statistical Office of the Republic of Slovenia (SURS).
1.2. Contact organisation unit
Price Statistics Section.
1.3. Contact name
Restricted from publication
1.4. Contact person function
Restricted from publication
1.5. Contact mail address
Litostrojska cesta 54, 1000 Ljubljana, Slovenia.
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 are based on harmonized definitions and concepts laid down in the European Parliament and Council Regulation (EU) 2016/792 of 11 May 2016 and described in the OOH and HPI Technical Manual. Price indices for newly built and existing flats, as well as existing family houses, are calculated using the hedonic "characteristic prices" method, while indices for newly built family houses are calculated using the hedonic "re-pricing" method.
The HPI covers New and Existing Dwellings sold throughout the country. Transaction prices of new dwellings comprise also an 9.5% VAT. The land price is included in total transaction value.
From all transactions of dwellings, only market transactions for which all-appropriate data on real estate characteristics are available, are taken into account. Thus all transactions that are related to inheritance and other kinds of transfer of ownership between relatives are excluded as well as combined transactions (i.e. several dwellings being sold within one sales contract and the individual prices cannot be determined).
For calculating the price index of flats we only use transactions of flats:
that are larger than 17 m2 but smaller than 250 m2,
that were constructed less than 200 years ago,
whose average price per square meter of usable floor area is not lower than EUR 300 but not higher than EUR 6.000.
For calculating the price index of family houses we only use transactions of family houses:
that are larger than 40 m2 but smaller than 300 m2,
that were constructed less than 200 years ago but more than three years ago,
whose average price per square meter of usable floor area is not lower than EUR 300 but not higher than EUR 5.000,
whose associated building plot is not larger than 4.000 m2.
Regarding physical characteristics, the same criteria apply to newly built flats and family houses as to existing flats and family houses. A building is considered new if it is sold no more than three years after completion or is less than 10 years old and VAT was paid upon sale. For transactions of new dwellings, a VAT of 9.5% is paid, while for transactions of existing dwellings, a transaction tax of 2.0% is paid.
The HPI is a chain-linked Laspeyres-type price index. HPI data are presented in the form of index numbers (current reference year: 2015) and quarterly growth rates. Every quarter also the number and value of transactions is published. The HPI is weighted by the value of dwelling transactions.
3.5. Statistical unit
The basic statistical unit of the HPI is a private household.
3.6. Statistical population
The target population is transactions of new/existing dwellings throughout the country.
3.7. Reference area
Quarterly data for all types of residential real estate are published at the level of Slovenia. For existing flats the following level is also available:
Rest of Slovenia.
Ljubljana - municipality.
Maribor - municipality.
Rest of Slovenia (without the municipality of Ljubljana).
Rest of Slovenia (without the municipality of Ljubljana and Maribor).
3.8. Coverage - Time
Data are available since the first quarter of 2007.
3.9. Base period
The index reference period is 2015=100.
Index figures with reference year 2015 are available, as well as quarterly and annual growth rates in percentage. Weights are given as parts in 1000.
Quarter.
6.1. Institutional Mandate - legal acts and other agreements
National legislation: National Statistics Act (OJ RS, No. 45/95 and 9/2001). SURS cannot publish, or otherwise make available to any individual or organization, statistics that would enable the identification of data for any individual person or legal entity. Individual data are strictly confidential and must not be published or reported.
European legislation: 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
According to the policy rules (see point 7.1).
8.1. Release calendar
In November of each year, the SURS publishes the Release calendar giving the exact dates of releases for the coming year. The HPI is published 85 days after the end of the reference period.
8.2. Release calendar access
The release calendar is publicly available and published on the SURS.
8.3. Release policy - user access
The HPI data is released simultaneously to all users at the same time (10:30 CET) by the issuance of the First release: Residential housing price indices published on the SURS website and in SiStat database. HPI could be obtained also via phone, fax and e-mail.
Quarterly.
10.1. Dissemination format - News release
First data are published in accordance with the release calendar as First Release at 10:30 on the day of release - House price indices.
theme: Prices and Inflation, sub-theme: Real Estate Prices
11.1. Quality assurance
All data are checked for completeness and consistency with HPI statistical concepts and definitions.
11.2. Quality management - assessment
The HPI quality assessment is available in the Quality Report.
theme: Prices and Inflation, sub-theme: Real Estate Prices
12.1. Relevance - User Needs
It’s a general measure of housing price movements in the country. It is of interest to the general public, data are asked also by property appraisers, lawyers, as well as by financial institutions for monetary policy (ECB, National Bank, etc.).
12.2. Relevance - User Satisfaction
SURS measured general user satisfaction for the last time in 2023. Respondents assessed general satisfaction with the SURS products and services with the average score of 8.0 (on a scale from 1 – disagree completely to 10 – agree completely), there is no specific information for HPI.
12.3. Completeness
All statistics that are required by EU Regulation 2016/792 are calculated.
13.1. Accuracy - overall
The HPI is perceived to be accurate and to reflect the overall behavior of the housing market in a good manner.
13.2. Sampling error
Not available.
13.3. Non-sampling error
Not available.
14.1. Timeliness
The time lag between the end of the period to which the HPI and House Sales indicators relate and their national publication is 85 days.
14.2. Punctuality
The time lag between the actual delivery of the data and the target date when it should have been delivered is 0 days.
15.1. Comparability - geographical
Data are comparable across NUTS 3 regions where appropriate indices exist.
15.2. Comparability - over time
HPI data considered to be comparable over time since 2007.
15.3. Coherence - cross domain
The regular yearly and half-yearly Report on the Slovenian property market published by the Surveying and Mapping Authority of the Republic of Slovenia (GURS) may partly overlap the scope of the HPI. The report also analyzes the number and value of sales of residential real estate, as well as the average price per square meter of usable area of flats and the average sales value of family houses. The report is based on data from the Real Estate Market Record (ETN), which are also source of the HPI. When comparing the results of both surveys, it is important to highlight that there are significant differences in calculation methods and definitions of the statistical population.
15.4. Coherence - internal
All figures are checked for internal consistency.
Since data are obtained from existing administrative and statistical sources, this does not create additional burden (and thus costs) for the reporting units.
17.1. Data revision - policy
The published HPI data may be revised due to subsequent discovery of other major discrepancies (inconsistencies) in the data and changes in the system of harmonised rules. Revisions must be pre-announced and is carried out in accordance with the document on the revision of statistical data (only in Slovene).
17.2. Data revision - practice
In June 2024 the indices for the 2023 have been revised. The reason for revision was due to subsequently obtained data on a larger number of sales of new residential real estate for 2023 by the GURS (The Surveying and Mapping Authority of the Republic of Slovenia) which are the basis of sub-index H.1.1. Purchases of newly built dwellings.
18.1. Source data
See below.
18.1.1. Prices
Data on transactions of residential real estate from which the HPI is calculated, are taken over from the administrative source the Real Estate Market Record (ETN), which is run by the Surveying and Mapping Authority of the Republic of Slovenia (GURS).
18.1.2. Weights
HPI weights are based on actual dwelling transaction values. The partition of the total HPI weight into new and existing dwellings is done using information available from the same source as used for prices.
18.1.3. Source data - House Sales indicators
The data source for property transactions is the Real Estate Market Record (ETN) maintained by the Surveying and Mapping Authority of the Republic of Slovenia (GURS). This survey encompasses all real estate transactions in Slovenia, and GURS transmits the agreed-upon real estate transaction data to SURS within 65 days after the end of each quarter.
18.2. Frequency of data collection
Quarterly.
18.3. Data collection
Data is retrieved from the SOVD (Large File Clipboard) system. The new agreement with GURS on data transmission was concluded in December 2020. Data security is taken care of, where the ZIP file is protected by a password set by the SOVD system. The password is communicated by the SOVD system in a separate e-mail to the same e-mail address to which the compressed ZIP file is sent.
18.4. Data validation
Data are checked for internal consistency twice: first at the Surveying and Mapping Authority of the Republic of Slovenia (GURS) and secondly at SURS.
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
Sub-indices are aggregated to the total index for new and existing dwellings and to the total HPI for the whole country using a Laspeyres-type formula.
18.5.1.3. Derivation of sub-index and elementary aggregate weights
The weights are representative for the year t-1 and are based on data on household expenditures on the purchase of residential real estate. They are adjusted to reflect the prices of the reference price period (the last quarter of the previous year). They are updated every year.
18.5.1.4. Price updating
For calculating the aggregated price index of several types of dwellings, the annual value of transactions (T-1) of individual types of dwelling is used for weighting, adjusted with an appropriate price change between the year t-1 and the fourth quarter of the year T-1.
18.5.1.5. Chaining and linking method
Each year indices are calculated using fourth quarter of the previous year=100 as base reference period and are rebased to 2015=100 using the chain linked method.
18.5.1.6. Compilation of sub-indices
Price indices for newly built and existing flats, as well as existing family houses, are calculated using the hedonic "characteristic prices" method, while indices for newly built family houses are calculated using the hedonic "re-pricing" method.
18.5.1.6.1. Hedonic method
For calculating price indices for newly built and existing flats, as well as existing family houses the hedonic regression analyses based on characteristics price index formula are performed. Individual regression model has been developed for every dwelling type. Regression models are being reviewed when changes of input transactions data occur or when new methodological knowledge occurs.
Dwellings price indices are compiled using a hedonic regression in which the logarithm of sales price is used as dependent variable. Explanatory variables consist of physical (e.g. usable and net area, age of the property, garage size) and location characteristic (the so-called value zone - VC) of transactions. Parameters are estimated using weighted least squares.
The next step is the final calculation of the price index according to the selected method, i.e. characteristics price index, which is based on the use of calculated regression coefficients in the formula for the Laspeyres index. The basis for weighting in the formula is average values of real estate characteristics in the fourth quarter of the previous year.
For calculating the price index of newly built family houses re-pricing index is used. This is a Jevons-type formula which is part of the hedonic methods of calculating price indices. For calculating average property prices, the geometric mean of raw input prices of real estate is used. The re-pricing index formula has a characteristic that for balancing the differences in the quality of houses between comparable periods reference data on house characteristics from a much longer period of observation can be used. The reference period for calculating the price index of newly built houses is 2008 (four quarters).
18.5.1.6.2. SPAR method
Not applicable.
18.5.1.6.3. Stratification
Geographical stratification is used exclusively for existing flats price index calculation: separate indices for Ljubljana Municipality, Maribor Municipality, Rest of the country without the municipality of Ljubljana and the Rest of the country without the municipality of Ljubljana and Maribor are compiled.
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. Payed transfer tax is a pre-condition for ownership registration in the Land Register. Contract parties are therefore interested to perform a quick execution of the sale contract.
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
The HPI includes only transactions at market prices. Government subsidies are normally devoted for rents not for dwelling acquisition.
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 covered in the HPI.
18.5.2.7. Treatment of non-market transactions
Non-market transactions such as transactions of the state and the municipalities transactions, inheritances and donations, etc. we exclude based on the indicator that identifies these transactions in the data source.
18.5.2.8. Treatment of multi-object transactions
In the data source, in principle, each transaction reflects an individual properties (house or flat). Several properties are rarely sold in a package and in most cases we exclude them from the index calculation because they do not reflect the real market price.
18.5.2.9. Treatment of fractional transactions
Fractional transactions we treat them as other transactions (where the property is sold as a whole). If the data is incomplete or the properties of the property significantly deviate from the average, they are excluded from the calculation of the indicators.
18.5.2.10. Outliers detection
The outliers are determined using regression analysis. For each type of real estate, a regression model is defined that contains representative characteristics of that type of real estate. Properties that deviate from these characteristics are designated as outliers.
18.5.2.11. Treatment of incomplete data source coverage
The calculation of indicators is based on an administrative source. The collection of data on completed sales transactions takes place systemically.
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-indices: Purchases of newly built dwellings and Purchases of existing dwellings.
The data are based on harmonized definitions and concepts laid down in the European Parliament and Council Regulation (EU) 2016/792 of 11 May 2016 and described in the OOH and HPI Technical Manual. Price indices for newly built and existing flats, as well as existing family houses, are calculated using the hedonic "characteristic prices" method, while indices for newly built family houses are calculated using the hedonic "re-pricing" method.
13 November 2024
The HPI covers New and Existing Dwellings sold throughout the country. Transaction prices of new dwellings comprise also an 9.5% VAT. The land price is included in total transaction value.
From all transactions of dwellings, only market transactions for which all-appropriate data on real estate characteristics are available, are taken into account. Thus all transactions that are related to inheritance and other kinds of transfer of ownership between relatives are excluded as well as combined transactions (i.e. several dwellings being sold within one sales contract and the individual prices cannot be determined).
For calculating the price index of flats we only use transactions of flats:
that are larger than 17 m2 but smaller than 250 m2,
that were constructed less than 200 years ago,
whose average price per square meter of usable floor area is not lower than EUR 300 but not higher than EUR 6.000.
For calculating the price index of family houses we only use transactions of family houses:
that are larger than 40 m2 but smaller than 300 m2,
that were constructed less than 200 years ago but more than three years ago,
whose average price per square meter of usable floor area is not lower than EUR 300 but not higher than EUR 5.000,
whose associated building plot is not larger than 4.000 m2.
Regarding physical characteristics, the same criteria apply to newly built flats and family houses as to existing flats and family houses. A building is considered new if it is sold no more than three years after completion or is less than 10 years old and VAT was paid upon sale. For transactions of new dwellings, a VAT of 9.5% is paid, while for transactions of existing dwellings, a transaction tax of 2.0% is paid.
The HPI is a chain-linked Laspeyres-type price index. HPI data are presented in the form of index numbers (current reference year: 2015) and quarterly growth rates. Every quarter also the number and value of transactions is published. The HPI is weighted by the value of dwelling transactions.
The basic statistical unit of the HPI is a private household.
The target population is transactions of new/existing dwellings throughout the country.
Quarterly data for all types of residential real estate are published at the level of Slovenia. For existing flats the following level is also available:
Rest of Slovenia.
Ljubljana - municipality.
Maribor - municipality.
Rest of Slovenia (without the municipality of Ljubljana).
Rest of Slovenia (without the municipality of Ljubljana and Maribor).
Quarter.
The HPI is perceived to be accurate and to reflect the overall behavior of the housing market in a good manner.
Index figures with reference year 2015 are available, as well as quarterly and annual growth rates in percentage. Weights are given as parts in 1000.
See below.
See below.
Quarterly.
The time lag between the end of the period to which the HPI and House Sales indicators relate and their national publication is 85 days.
Data are comparable across NUTS 3 regions where appropriate indices exist.
HPI data considered to be comparable over time since 2007.
