Market prices of dwellings

National Statistical Institute

Consumer Prices, Housing prices and PPP

Palmira Farah

State expert

2 Panayot Volov Str. 1038 Sofia

[email protected]

+359 2 9857 181

The average market prices and price indices of dwellings are calculated on the base of data from "Statistical survey on market price of dwellings". The object of the survey is the full transaction price of flats sold between households. The survey covers real estate agencies where real transaction price of a dwelling sold by a household is registered. Newly build flats, houses and luxury dwellings are excluded. Data give possibility to compare the overall price change of dwellings for the current quarter compared to the previous one and for a longer period.

Market prices of dwellings are the real transaction prices of dwellings (flats), free of taxes, commissions, legal fees and other costs of ownership?s transfer.

The market prices index of dwellings measures the total relative price change of the existing dwellings (flats) in the district centers.

Quarterly and annual data on average market prices are calculated and published by district centers and total for the country.

Published quarterly indices measure the price change of dwellings in the current quarter compared to the previous quarter.

Published annual indices measure the price change of dwellings in the current year compared to the previous year.

Territorial - EKATTE, NUTS

The coverage of the survey is defined by:

1) A sample of sold dwellings (flats), built up by standard plans with predefined parameters.

2) A sample of real estate agencies. Provision of data is compulsory for the agencies. The sample covers firms with Bulstat registration and main income for the last year based on the real estate sales in the district centers.

The published data are as follows:

1. Quarterly data:

· Average market prices of dwellings - national level, district centers.

· Market price indices of dwellings, previous quarter = 100,  national level, district centers.

2. Annual data:

· Average market prices of dwellings - national level, district centers.

· Annual average market price indices of dwellings, previous year = 100, national level, district centers.

Each published average market price or index of market prices refers to really transactions of dwellings (flats) between households. Newly built dwellings (flats), houses and luxury dwellings are excluded.

All the transactions of dwellings (flats) between the households - one, two and three bed-room flats, with predefined parameters.

Survey is conducted in 27 district centers of the country (NUTS III), where housing market is well developed.

Almost 50% of the populations of the country live in the sampled settlements and over 54% of the housing fund is concentrated in them.

Around 64% of the housing fund is two and three bed-room dwellings.

I quarter 1993 - II quarter 2014

Base period for calculation of market price indices of dwellings is: 2011 = 100.

Time series are based on: previous quarter = 100 and previous year = 100.

Average market prices of dwellings - BGN/sq.m.

Market prices indices of dwellings - %.

Quarter, annual.

The observation is included in the National Statistical Programme.

Not applicable.

· Law on Statistics;

· 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.

Individual data are not published in accordance with article 25 of the Law on Statistics. The publishing of individual data can be performed only in accordance with article 26 of the same law.

Market prices of dwellings are released on 23^rd day of the month following the reporting quarter. The date is according to the Release Calendar presenting the results of the statistical surveys carried out by the National Statistical Institute.

The calendar is available on the NSI website: https://www.nsi.bg/en/node/480

Statistics on market prices of dwellings are published on the NSI website, section Housing Fund in accordance with the Law on Statistics and the European Statistics Code of Practice respecting the professional independence and aimed at objectivity, transparency and equal treatment of all consumers.

Quarterly.

Data on market prices of dwellings are regularly published, as a press-release, 23 days after the reporting quarter.

Statistical Yearbook.

Statistics on market prices of dwellings are available to all users of the NSI website under the heading Housing Fund: https://www.nsi.bg/en/node/5788

Not applicable.

Not applicable.

Survey methodology "Market prices of dwellings": https://www.nsi.bg/sites/default/files/files/metadata/HFund_2_Methodology_EN.pdf

Instructions for price collection of dwellings in the regional statistical offices (RSO).

Not applicable.

Not applicable.

The process of the statistical survey is organized and controlled at the national level. The control of the initial data and primary results is carried out in the Regional statistical offices (RSO). After arithmetic and logical control in NSI, if it is necessary, the data are defined more accurately together with RSOs or respondents; extreme prices and extreme index deviations have been validated. The observation of dwellings with comparable parameters assures that influence of quality on the price changes are reduced to minimum.

Government institutions, ministries, public and private agencies, financial and academic institutions, courts, information media, companies, individuals and others.

International institutions and domestic users (other divisions in NSI and RSO).

An annual statistical survey "Users' satisfaction" is regularly conducted by NSI. It covers all statistical domains. The aim of the survey is to assess user satisfaction in NSI data provision and to define recommendations for future development of statistical system in accordance with consumers' needs.

Users of market prices of dwellings' data have free access on the website of NSI. Specific study on the users' satisfaction in market prices of dwellings data has not been performed.

The data are representative at national level. The survey covers district centres where over 54% of the dwellings are concentrated and around 50% of the populations live there.

The overall accuracy and reliability of the market prices of dwellings is considered to be high.

Not applicable.

In the process of work the primary data, intermediate and final results are checked and validated. Results are analyzed in order to assess the stability of the data and to take actions to reduce errors.

Quarterly data on market prices of dwellings are regularly published 23 days after the reference quarter and annual data - 23 days after the reference year.

Data are published according to Release Calendar (quarterly data - 23 days after the reference quarter, annual data - 23 days after the reference year).

Data for fixed categories of dwellings (flats) with predefined parameters are registered. Parameters are constant during the observation. The aim is to measure the price level of similar dwellings in the different district centers.

Data across time series are comparable and there is no break in series for the period 1993 - 2014.

Not applicable.

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

Not applicable.

Published data are final and could not be revised.

See previous position.

Data source for calculation of average prices and price indices of the dwellings is "Statistical survey on market price of dwellings". It is conducted on an inquiry basis, quarterly and it is based on data from a sample of apartments sold between the households and a sample of real estate agencies.

Registry Agency data based on Property Register's sales are the main data source for weights.

Quarterly.

An inquiry survey carried out by price collectors from RSO who regularly visit the real estate agencies and collect information on the real transactions of dwellings (flats).

During data compilation on national level an arithmetical and logical validation is carried out again and if necessary comparability of different parameters or particular details of dwellings are defined more accurately together with RSOs experts. Extreme price changes and unusual price levels have been validated.

The main stages of the survey are: price collection, data processing and data publication.

RSOs' price collectors register the prices of dwellings at the district centers, carried out control of the initial data and processed results at regional level. Methodological and practical guidance are elaborated at the national level and the process of survey is organized and controlled. Regional data are compiled and validated, and output tables and summary results are calculated.

Not applicable.