Statistics Denmark

Prices and Consumption

Sejrogade 11, 2100 Copenhagen O Denmark

The House Price Index (HPI) is a quarterly indicator that measures the changes in the dwellings transaction prices that households acquire on the market, independently of the transfer purpose. 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 harmonised definitions and concepts included in the Owner-Occupied Housing (OOH) Commission Regulation (EU) No 2023/1470 and described in the OOH Technical Manual.

Index numbers and weights are made available at the level of detail established by the Owner-occupied Housing Commission Regulation (EU) No 2023/1470.

ESA 2010 sector S.14 (Household sector). 

The HPI covers all transactions of dwellings made by households regardless of its final use. This index thus covers not only the transactions that are new to the household sector but also all that are traded between households. While the index for Purchases of newly built dwellings covers the former situation, the index for Purchases of existing dwellings covers the latter case. The transfer form includes ordinary free sales, family sales, forced sales and other sales.

Index figures for the purchase of new and existing dwellings are compiled on the basis of full transaction prices, which are collected through the use of a fiscal administrative data source (prices recorded at the time of the first binding contract). Transaction prices include the value of land. 
The HPI is a chain-linked Laspeyres-type price index. HPI data are presented in the form of index numbers (current reference year: 2015). The HPI is weighted by the value of dwelling transactions (new and existing) sector (gross concept applied, weights data include the value of land).

ESA 2010 is the main source for the compilation of weights, which is complemented by administrative data sources concerning dwelling transactions.

The basic statistical unit of the HPI is private households.

The target population is the set of all transactions of dwellings purchased by households.

Data are available for the country as a whole. Data by dwellings categories (Family Houses, Flats, Vacation Housing) are also available upon request.

National breakdown by the degree of urbanization (degurba) is available in the table EJENEU in Statistics Denmark's statbank.

Data are available since 2005 for all index series. However, national breakdown of HPI only goes back to 2015.

The HPI is a chain-linked Laspeyres-type price index that use the year 2015 as reference year.

2015=100

Index figures with reference year 2015 are available. Weights are given as parts in 1000 and in national currency.

The compiled quarterly indexes represent the whole calendar quarter.

Regulation (EU) 2023/1470 og the European Parliament and the council of 17 July 2023 on the methodological and technical specifications in accordance with Regulation (EU) 2016/792.

Institutional mandate for data sharing is not relevant.

Data is published up to the level of detail described in the Regulation (EU) 2023/1470.

Not available.

HPI indices are released by Statistics Denmark.

See the table EJENEU in Statistics Denmark's statbank.

https://www.dst.dk/en/Statistik/planlagte

Not available.

Quarterly for the indices and annually for the index weights.

Regular.

Regular.

https://www.statbank.dk/EJENEU

Micro-data is not disseminated.

Not relevant.

HPI documentation is not yet available but a documentation covering Statistics Denmark 'sales of real property' statistic is available. The two statistics share the same data and methods regarding transaction prices for dwellings.

Not applicable.

All data are checked for completeness and consistency with statistical concepts and definitions.

The quality of the HPI index is routinely reviewed using a framework that is based on the OOH technical manual and the European Statistical System (ESS) definition of quality.

The HPI responds to the needs of all users, in particular Eurostat and the European Central Bank, interested in knowing the behaviour of prices in the house price market.

Not available.

All relevant expenditure categories defined in the OOH Commission Regulation (EU) No 2023/1470.

The HPI is perceived to be accurate and to reflect the overall behaviour of the housing market.

Not applicable.

Not relevant.

Data are sent according to the Regulation (EU) 2016/792: 85 days after the end of the reference period (indices) and 165 days after the end of the reference year (weights).

The statistics are compiled by Statistics Denmark as soon as sufficient data material has been received from the Ministry of Taxation.

Geographical division of the indices by the degree of urbanization (degurba) is calculated and aggregated to the total using the Laspeyres formula.

Data are comparable over time.

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.

All figures are checked for internal consistency.

The HPI and OOHPI are produced at the same time in the same system to ensure consistency between the two.

There are no associated burden for respondents as data is sourced from administrative registers.

HPI data are revised a year back.

The preliminary figures are calculated on the basis of an incomplete data material, since not all trades were registered on the time of calculation. Therefore the data will be revised one time.

See below.

Index numbers are compiled using administrative sources obtained from the tax authorities and the land registry.

The National Accounts data together with the electronic land registration system provides the basic data used for compiling weights. Weights for each year are derived from previous year National Accounts figures.

The main data sources for the house sales indicators are the land registry and data from tax authorities.

Data are collected weekly but published quarterly.

Administrative data are received as weekly data sets transferred automatically to Statistics Denmark (system to system).

Data are checked for internal consistency.

Various procedures ensure that errors are minimised in the data. The following validation checks are made on each record in the source data:

• Extreme values are identified and eliminated if thought necessary

• Data cleaning is done to remove cases of obviously erroneous data

See below.

See below.

HPI is a Laspeyres-type price index.

Newly built dwellings and existing dwellings are weighted sub-indices.

The fourth quarter of the preceding year is used as the price reference period.

Sub-index and elementary aggregate weights are based on data on household expenditure on transacted dwellings.

The weight reference period is 2022.

The HPI weights are updated on an annual basis.

Not applicable.

The calculated indices are linked with the fourth quarter of the preceding year which is then chained with respect to the index reference period.

The HPI indices for dwellings at the lowest level have been calculated using the value-weighted (arithmetic) SPAR method. 

Not applicable.

The valuation data used is from the tax authorities and prices are from land registry which is used for existing dwellings.

For newly built dwellings, the construction cost indices are used to as a proxy which follows the matching-model method.

The period of the valuation data used is from t-1.

The elementary index formula used is the arithmetic average in accordance with the arithmetic SPAR method.

Existing dwellings are stratified in three geographical indices according to the DEGURBA.

See below.

The timing of the price is the date of the transaction agreement.

VAT is included in the price of newly built dwellings.

Taxes other than VAT are not included in the price of dwellings because there are no other taxes, such as transaction tax, on dwellings.

The HPI includes only transactions at market prices. As transactions which include government subsidies are normally below market prices, they are excluded from the HPI.

The price of land is included in both prices and weights.

Housing cooperatives are not covered in the HPI.

Not applicable.

Multi-object transactions are not included.

Fractional transactions are removed.

Outliers are detected by the ratio of the price and appraisal in accordance with the SPAR method. The thresholds used are fixed.

The whole population is used.

No adjustments other than quality adjustment are applied to the HPI data.

None.