Eurostat, the statistical office of the European Union.

C4: price statistics. Purchasing power parities. Housing statistics.

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The House Price Index (HPI) measures inflation in the residential property market. The HPI captures price changes of all types of dwellings purchased by households (flats, detached houses, terraced houses, etc.). Only transacted dwellings are considered, self-build dwellings are excluded. The land component of the dwelling is included.

The HPI is available for all European Union Member States (except Greece), the United Kingdom (only until the third quarter of 2020), Iceland, Norway, Switzerland and Türkiye. In addition to the individual country series, Eurostat produces indices for the euro area and for the European Union (EU). As from the first quarter of 2020 onwards, the EU HPI aggregate no longer includes the HPI from the United Kingdom.

The national HPIs are produced by National Statistical Offices (NSIs) and the European aggregates by Eurostat, by combining the national indices. The data released quarterly on Eurostat's website include the national and European price indices, rates of change and weights.

In order to provide a more comprehensive picture of the housing market, house sales indicators are also provided. Available house sales indicators refer to the total number and value of dwellings transacted at national level where the purchaser is a household. Eurostat publishes in its database a quarterly and annual house sales index, quarterly and annual rates of change as well as the number of transacted dwellings and their value in national currency.

The HPI is classified according to the following categories:

• H.1. Purchases of dwellings
  • H.1.1. Purchases of newly built dwellings
  • H.1.2. Purchases of existing dwellings

This classification is also used for house sales indicators.

ESA 2010 sector S. 14 (Household sector).

The household sector includes all individuals or groups of individuals irrespective of, in particular, the type of area in which they live, their position in the income distribution and their nationality status. This definition follows the national account concepts in the European System of Accounts (ESA 2010).

The HPI is based on market prices of dwellings. Non-marketed dwelling prices are ruled out from the scope of this indicator. Examples of the later include self-build dwellings, dwellings purchased by sitting tenants at discount prices, or dwellings transacted between family members. It encompasses all monetary dwelling transactions regardless of their type, whether through cash purchase or financed through a mortgage loan.

The HPI measures the price developments of all dwellings purchased by households, irrespective of the institutional sector from which they were bought or the purpose of the purchase. Thus, dwellings bought for purposes other than owner-occupancy, such as for rental (‘buy-to-let housing’), fall within the indicator's scope. The HPI includes all purchases of new and existing dwellings, including those of dwellings transacted between households.

The number and value of house sales cover dwellings transacted at national level where the purchaser is a household. Transactions between households are included. Transfers in dwellings due to donations and inheritances are excluded.

The house sales value reflects the prices paid by household buyers and include both the price of land and the price of the structure of the dwelling. The prices for new dwellings include VAT. Other costs related to the acquisition of the dwelling (e.g. notary fees, registration fees, real estate agency commission, bank fees) are excluded.

Data are published with a break down for the total, newly built and existing in 8 tables (4 for house prices and 4 for house sales) as follows:

Annual House price index  (prc_hpi_a)

• Annual average index (2015 = 100, 2010 = 100)
• Annual average rate of change

Quarterly House price index   (prc_hpi_q)

• Quarterly index (2015 = 100, 2010 = 100)
• Quarterly rate of change
• Annual rate of change

Item Weights (prc_hpi_inw)

Country weights (prc_hpi_cow)

• For all EU and euro area aggregates

House sales – number and index - annual data ( prc_hpi_hsna)

• Number of transacted dwellings
• Annual average index (2015=100)
• Annual average rate of change

House sales – number and index - quarterly data (prc_hpi_hsnq)

• Number of transacted dwellings
• Quarterly index (2015=100)
• Quarterly rate of change
• Annual rate of change
• Percentage of each quarter in the year

House sales – value and index - annual data (prc_hpi_hsva)

• Value in national currency
• Annual average index (2015=100)
• Annual average rate of change

House sales – value and index - quarterly data (prc_hpi_hsvq)

• Value in national currency
• Quarterly index (2015=100)
• Quarterly rate of change
• Annual rate of change
• Percentage of each quarter in the year

The published data refers to transacted dwellings purchased at market prices by households in the corresponding geographical entity. All transacted dwellings are covered, regardless of which institutional sector they were bought from and of the purchase purpose.

The target universe is all transacted dwellings purchased at market prices by households regardless of which institutional sector they were bought from and of the purchase purpose. These are all types of newly built and existing dwellings that are located on the economic territories of the countries and were the subject of monetary transactions. 

Official Country groups:

• European Union (EU),
• Euro area (EA),

Individual country series:

• EU Member States (except Greece),
• the United Kingdom (until the third quarter of 2020),
• Iceland,
• Norway,
• Switzerland and
• Türkiye.

The HPI data on EU and euro area aggregates start in 2005. At the country level the length of the time series is variable. The break-down per newly built and existing dwellings is available from 2010 onwards for all countries as well as for the EU and euro area aggregates.

The annual data on value of house sales starts for most countries in 2010. The annual data on the number of house sales and the quarterly data for the number and value of house sales start for most countries in 2015.

HPI is an annually chain-linked Laspeyres-type price index which uses 2015 as the index reference period (2015=100). Index numbers based on 2010=100 are also available from Eurostat’s website. The indices for house sales have the year 2015 as the index reference period.

Following units are disseminated:

• Index (2015=100, 2010=100),
• Percentage change on previous period (quarterly rates of change),
• Percentage change on the same period of the previous year (annual rates of change),
• Weights: expressed as per mille share of the total,
• Value of transacted dwellings in national currency,
• Number of transacted dwellings.

The national indices are compiled quarterly based on data for dwellings whose legal ownership was transferred from the seller to the buyer in the quarter of reference. The indices represent the whole calendar quarter.

The basic act for the compilation of the HPI 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 HPI is given by the Commission Regulation (EU) 2023/1470 of 17 July 2023.

All of the above-mentioned regulations, as well as repealed legislation and further relevant documents, can be found in the Housing Price Statistics section on Eurostat's website under ‘Legislation’.

House Sales data are provided by the countries on a voluntary basis.

None.

Regulation (EC) No 223/2009 on European statistics (recital 24 and Article 20(4)) of 11 March 2009 (OJ L 87, p. 164), stipulates the need to establish common principles and guidelines ensuring the confidentiality of data used for the production of European statistics and the access to those confidential data with due account for technical developments and the requirements of users in a democratic society.

According to policy rules (see point 7.1).

The HPI and house sales indicators are released on a quarterly basis, around one quarter and one week after the reference period.

The release calendar for the HPI is published on the Eurostat website. The release dates of the Euro-Indicators are disseminated on Euro-Indicators Release Calendar.

In line with the Community legal framework and the European Statistics Code of Practice Eurostat disseminates European statistics on Eurostat's website (see item 10 - 'Accessibility and clarity') respecting professional independence and in an objective, professional and transparent manner in which all users are treated equitably. The detailed arrangements are governed by the Eurostat protocol on impartial access to Eurostat data for users.

Quarterly.

HPI news release, available online.

Statistics explained article for the HPI and Statistics explained article on House sales statistics, available online

Please consult free data online.

See further information on the available datasets under section 3.4 'Statistical concepts and definitions'.

None.

See Eurostat's Housing Price Statistics dedicated section.

‘Technical Manual on OOHPI and House Price Indices’ and ‘Handbook on Residential Property Prices Indices’ are available from Eurostat’s methodological webpage, under the ‘Manuals / handbooks’ section.

A guidance note on the compilation of the HPI and OOHPI during the COVID-19 crisis, which was developed by Eurostat, is also available in the methodology page, under ‘COVID-19 - HPI and OOHPI’.

Not available.

Eurostat and NSIs are working continuously to ensure that the statistical practices used to compile national HPIs are in line with the methodological requirements defined for the HPI and in accordance with internationally accepted good practices in this field.

The quality of the HPI is assessed against a framework comprising regulations, technical manuals and handbooks and other European Statistical System (ESS) quality dimensions. This framework aims to maintain and, where necessary, improve current practices, taking into account country-specific conditions.

The quality of the HPI is assessed regularly using the quality assurance framework. Evaluations undertaken by Eurostat in cooperation with Member States and other NSIs have revealed that the quality of HPI can be regarded as appropriate and that have significantly improved over time.

EU Member States, Iceland, Norway, Switzerland, Türkiye and Eurostat are continuously working to maintain and improve the quality and the comparability of the indices.

The HPI has a variety of potential uses, namely:

• for assessing housing affordability over time;
• a measure of specific price trends;
• for monetary policy and inflation targeting;
• for monitoring economic imbalances and financial stability purposes;
• as input for national accounts purposes;
• as input to economic forecasting and analysis;
• as input for decision making in respect of the house market.

The HPI is suited for cross-country comparisons of the evolution of house prices.

No information.

All EU Member States (except Greece), Iceland, Norway, Switzerland and Türkiye produce and transmit HPIs. These countries provide indices for the total, existing and newly built dwellings, with the exception of Iceland (which does not cover purchases of newly built dwellings), and Switzerland (which only provides the overall index).

Annual indices and rates of change data for house sales values are available for 21 EU Member States, Norway, and the United Kingdom (up to 2019). Quarterly indices and rates of change data for the number and value of house sales are available for 16 EU Member States, Norway, and the United Kingdom (up to 2019).

The accuracy of source data is monitored by assessing the methodological soundness of price and weight sources and the adherence to the methodological recommendations. There is a variety of data sources both for weights and prices (administrative data, bank (mortgage) data, construction companies, real estate agents, National Accounts data, Construction Statistics, etc.).

The data collection depends on the data sources used across Member States. In most cases, the whole universe of transactions is used (e.g. administrative data). In a few cases, surveys are used. The type of survey and the price collection methods are designed to ensure sufficient coverage and timeliness.

A potential source of bias can be related to the price concept used. The HPI produced by Member States, Iceland, Norway, and Switzerland generally use transactions prices. This is in line with the objective of the indicator, which is to measure changes in the transaction prices of dwellings purchased by households. Nonetheless, even transaction prices (as recorded in administrative registers, for instance) may, in some cases, be subject to bias (underreporting). The NSIs assess the possibility of this bias, and when it is identified, corrective measures are implemented (for example, with the use of multiple data sources, expert judgement, etc.).

In cases where samples are used, the HPIs are statistical estimates subject to sampling errors because they are based on a sample of transactions.

The NSIs which are responsible for the compilation of national results do not generally produce numerical estimates of HPI sampling errors because they are difficult to quantify. Nonetheless, the NSIs are reducing the sampling errors by using a sample of transactions that is as large as possible, given data and resource constraints.

For the HPI non-sampling errors are generally not quantified. Eurostat and the NSIs try to reduce non-sampling errors through the introduction of methodological improvements and the development of data processing systems.

The HPI is released about one quarter and one week after the end of the reference quarter.

The HPI data has always been made available on Eurostat’s website on the scheduled release dates.

The HPI released by Eurostat is considered as suited for cross-country comparisons.

The HPI data are considered comparable over time. Nonetheless, because of several improvements in methodology, some breaks in time series exist. In such cases, if basic data allowed, back calculations were performed, and historical series were revised. If basic data did not allow, the year or the quarter when the break in the time series took place is marked with a (b) flag.

There is only one set of HPI available.

HPI data are internally coherent. Higher level aggregations are derived from detailed indices according to well-defined procedures.

No information.

The HPI series are revisable under the terms set in Commission Implementing Regulation (EU) 2023/1470 of 17 July 2023. The published HPI data may be revised due to mistakes, to the revision of provisional data, and other reasons (such as changes in methodology or data sources).

Member States may only revise provisional sub-indices and weights in the calendar year following the first transmission, at the time of the data transmission for the first quarter of the following year.

The revision calendar for the domain is aligned to the Eurostat release calendar for the quarterly HPI.

About half of the Member States do not revise their data. Most cases of revisions only refer to the last quarter transmitted. Only a few Member States revise their data between the last 2 and 4 quarters.

Whenever quarterly series are revised, the related aggregates and yearly series are also revised.
Reported errors are corrected in the disseminated data as soon as the corrected data have been received.

Revisions due to changes in methodology or data sources are detailed in the methodology part of the housing price statistics section of the Eurostat website.

House sales values and numbers can be revised by some countries until the last 8 quarters.

Data collection is carried out by the NSIs. Data sources for prices are mainly administrative (e.g. land register, tax administration database). In some cases, bank (mortgage) data, construction companies, and real estate agents’ data are used. Weights are usually compiled from the same administrative data sources used for prices. In a few cases, national accounts data, Construction Statistics, or other sources are used.

Quarterly for indices and annual for weights.

The data collection methods are chosen by the NSIs, depending on access to data, exhaustiveness, data quality, cost, variables available, timeliness and other relevant considerations.

Data validation is done by the NSIs. Additional quality checks are also carried out by Eurostat.

The NSIs obtain the HPI sub-indices in one of the following ways:

• as an aggregation of stratum indices calculated either as hedonic indices or indices based on a method that replicates the matched model approach;
• as hedonic indices or indices based on a method that replicates the matched model approach;
• as a stratified median or mean index.

The applied compilation methods aim to produce price indices that are unaffected by quality differences between transacted dwellings in the comparison and reference periods.

National HPIs are compiled as weighted averages of the HPI sub-indices. Weights are representative of the year t-1 and based on data on household expenditure on transacted dwellings that belong to the target universe of the HPI. They are adjusted to reflect the prices of the price reference period (the last quarter of the previous year).

Eurostat applies the following rounding procedure before disseminating data provided by countries:

Step 1: Quarterly index: 1 rounding step: quarterly index provided by countries are rounded on 2 decimals (except for CZ, DE and IT: 1 decimal);

Step 2: Annual average index: 2 rounding steps: the quarterly index provided by countries are rounded (see step 1 above) and then used to calculate the annual average index which are then rounded again on 2 decimals;

Step 3: Percentage change: 2 rounding steps: the quarterly index provided by countries are rounded (see step 1 above) and then used to calculate the quarterly or annual percentage change which are then rounded on 1 decimal.

Most countries apply the same rounding steps and use the same number of decimals in their national publications. Nevertheless, some countries may apply different rounding approaches that may lead in some cases to a difference of +/-0.01 in indices or +/-0.1 in rates of change expressed in percentage.

The HPI aggregates for the euro area and the EU are calculated by Eurostat using the national HPIs provided by the Member States. The calculation procedure is as follows:

1. Price changes since the fourth quarter of the previous year are derived from national HPIs;
2. The weighted average of these price changes is computed using country weights and sub-indices concerned. A country weight is its share in the total GDP of the country group at market prices (based on PPS). The country weights are price-updated to prices of the fourth quarter of the previous year;
3. The price change of the country group since the fourth quarter of the previous year is chain-linked to the index of fourth quarter of the previous year in order to provide a series with a common reference period.

Most countries do not apply to the HPI data any adjustments other than quality adjustments. The exception is Ireland and Norway. In the case of Ireland, the elementary indices are smoothed using double-exponential Holt-Winters method. Norway provides seasonally adjusted figures for regions, dwelling types and for the total index.

The EU HPI data for 2019 includes the United Kingdom.

Since 2018, an aggregate for EU Member States without the United Kingdom has also been compiled.

As from 2020 onwards, the EU aggregate refers only to the 27 EU Member States. Data for the United Kingdom will nevertheless remain available. 

More information can be found in the 'Note to users - Dissemination of European statistics after Brexit'.