National Statistical Institute of the Czech Republic (CZSO)

Price Statistics

Czech Statistical Office / Na padesátém 81 / 100 82 Praha 10 - Strašnice / Czech Republic

The OOHPI is based on the ‘net acquisitions’ approach, which measures changes in prices paid by households for the acquisition of dwellings that are new to the household sector and changes in other costs related to the ownership, and transfer of ownership, of dwellings.

The OOHPI is broken down into the following expenditure categories:

• O.1. Owner-occupiers’ housing expenditure;
  • O.1.1. Acquisitions of dwellings;
    • O.1.1.1. New dwellings;
      • O.1.1.1.1. Purchases of newly built dwellings;
      • O.1.1.1.2. Self-build dwellings and major renovations;
    • O.1.1.2. Existing dwellings new to households;
    • O.1.1.3. Other services related to the acquisition of dwellings;
  • O.1.2. Ownership of dwellings;
    • O.1.2.1. Major repairs and maintenance;
    • O.1.2.2. Insurance connected with dwellings;
    • O.1.2.3. Other services related to ownership of dwellings.

Households which are owner occupiers.

The main statistical variables are price indices.

The basic unit of statistical observation are transaction prices of dwellings new to the household sector and of other products that the households acquire in their role as owner-occupiers.

Owner occupied dwellings.

OOHPI covers the entire area of the country.

OOHPI for the Czech Republic are available since 2008.

2015=100

The following units are used:

- Index point;
- Percentage change on the same period of the previous year (rates);
- Percentage change on the previous period (rates);
- Percentage share of the total (weights).

OOHPI is a quarterly statistics.

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.

National Statistics Act

None.

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.

Aggregation of information, aggregation rules on aggregated confidential data, primary confidentiality with regard to single data values.

Eurostat timetable.

Eurostat's website.

Eurostat.

Quarterly (OOHPI) and annually (weights)

Eurostat.

Both Eurostat and the Czech Statistical Office release the index on their own website.

Eurostat.

Not available.

None.

Technical manual on Owner-Occupied Housing and House Price Indices.(Eurostat)

Not available.

Controls on the quality of the data

Stage 1 – Price information is gathered from several sources - questionnaires and from administrative sources. Data is checked by the office staff. Prices of real estates, construction goods and services are collected. Extreme price deviations are sorted out with the help of software. There is no automatic rejection.

Stage 2 – Central staff checks the preliminary results of partial construction output/input indices and housing indices. Then quality adjustment and procedures are carried out. Final OOHPI is composed from final partial indices. This stage ends towards Q + 75.

OOHPI is considered to be sufficiently accurate for all practical purposes they are put into.

OOHPI serves mainly as an inflation measure of imputed rentals. It may serve as input to economic forecasting and analysis or for accounting purposes and deflating other series.

Monthly estimates of OOHPI are used in the national CPI.

Not systematically collected; requirements of users implemented if possible.

OOHPI is produced for: 

ACQUISITIONS OF DWELLINGS

OWNERSHIP OF DWELLINGS    

The OOHPI are relevant for their purposes but the accuracy is lower than the accuracy of HICP. 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 (National Account data) and prices (Construction Output Price Index, Construction Input Price Index, questionnaires to developers, etc.). The type of survey and the price collection methods ensure sufficient coverage. There is, however, trade-off between accuracy and timeliness: resulting data need revisions.

Transactions of all owner occupiers, all main housing types and all regions are covered.

The OOHPI are statistical estimates that are subject to sampling errors because they are based on a sample of transactions which are not the complete universe of all relevant prices. The exact sampling error is not known. The NSI tries to reduce the sampling errors by using a sample of prices that is as large as possible, given resource constraints.

Not known.

The OOHPI is sent to Eurostat each quarter according to a pre-announced schedule —  within 85 days after the end of the reference quarter and weights are sent before 15 June of the year following the year to which the weights relate.

Always sent in time.

The same methodology and data processing used for data from all the regions; coverage of regions reflects the geographical distribution of the intensity of housing market.

OOHPI data are revised over time. There have been several improvements in methodology since the OOHPI was introduced with the aim of improving reliability.  Back calculations under the improved methodology newer standards were performed and sent to Eurostat.

Not available.

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

Extra costs concerns only employment.

OOHPI series, including back data, are revisable.  The published OOHPI data may be revised for mistakes, new or improved information, and changes in the methodology.

There is no specific national policy for correcting mistakes and errors in OOHPI production. The solution should follow CZSO general principles on dissemination policy. Regarding the specific solution found, a possible revision of previous results might occur.

See below.

OOHPI task uses other existing NSI statistical output about price movements, namely Construction price indices, HPI, Services PPI.

The main sources for the weights are National Accounts at the highest level and  the Construction Production Output at the lower level.

Quarterly.

Questionnaire: 50 developers.

Direct survey

- second-hand dwellings : 70 real-estate agencies;

- sales intermediation: 50 real-estate agencies;

Price collectors and questionnaires – first validation for price extremes and correct editing. Data processing: Second validation – checking for extraordinary low/high prices, checking for extra price movements within time. Final calculations, publications: Validation of individual results after quality adjustments procedures. Assessment of overall results.

See below.

See below.

OOHPI is a Laspeyres-type price index.

Annual chained Laspeyres index.

Weights:

The main sources for the sub-index weights is National Accounts data.

For Purchases of newly built dwellings - statistics of newly built dwellings (Czech Statistical Office) and their sales (private business information))

The weighting reference period used in Y is the year Y-1 (data from preliminary NA).

The detailed weights are adjusted with a price changes between the year Y-1 and the last quarter of the year Y-1.

Annual chaining applied on higher levels of aggregations (all levels set by Article 11 of the Regulation 2023/1470)

See below.

Newly build dwellings: first binding contract.

Existing dwellings new to the household sector: transfer of ownership.

Relevant part of VAT (that part, which is paid) is included in the price of new dwellings.

Other taxes are not included in the price of dwellings.

Government subsidies are negligible.

(Price of) Land is excluded  from both weights and prices (estimations).

Price transactions between housing cooperatives are included. Weights are excluded (not known).

Non-market transactions are neither included in prices nor in weights.

Multi-object transactions are excluded (negligible).

Fractional transactions are excluded (negligible).

See below.

Laspeyres-type price chained index.

Standard procedures used for Construction price indices - replacements used regularly to keep with changes in construction technology.

Standard procedures used for Construction price indices, which is quality adjusted index.

Standard procedures used for Construction price indices - price movements of the respondents (statistical units) for the same item is used. 

Included if relevant.

Not applicable.

Changes of VAT are reflected in OOHPI movements.

Adjustment for quality differences:

A combination of detailed stratification with quality adjustment is used.

For self-builders, renovations and repairs suitable combinations of Construction Output Price Index (quality adjusted) are used.

None.