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Prices of new multi-dwellings up 43.2 per cent
statistikk
2005-12-05T10:00:00.000Z
Prices and price indices
en
flerbolig, New multi-dwellings house price index (discontinued), price development, blocks of flats, terrace housing, semi-detached houses, town housesHouse prices and house price indices , Prices and price indices
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New multi-dwellings house price index (discontinued), 1st half-year 2005

The statistics has been discontinued.

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Prices of new multi-dwellings up 43.2 per cent

Prices of new multi-dwelling houses increased by 43.2 per cent from the first half of 2000 to the first half of 2005, according to the new price index from Statistics Norway.

New multi-dwelling houses, price index. 2000=100

The new price index is based on data going back to 2000 from the Norwegian State Housing Bank. With an increase of 52.3 per cent from the first half of 2000 to the first half of 2005, prices of new apartment buildings (with five dwellings or more) have increased the most. Prices of other multi-dwelling houses (i.e. houses with 2-4 dwellings and row houses) increased by 30.9 in the same period. In comparison, the price index for new detached houses increased by 31.3 per cent in this period.

Prices of second-hand row houses and flats increased by 43.1 and 43.8 per cent from the first quarter of 2000 to the second quarter of 2005 according to the house price index from Statistics Norway. In comparison, the consumer price index increased by 10.1 per cent in the same period.

Data source

The data used in this index are provided by the Norwegian State Housing Bank. The data are based on information from loan applications received by the bank. The index only includes projects for which loans have been granted.

Analysis

Sub-indices for two different housing types are calculated using the hedonic method. The housing types are (1) houses with two dwellings, row houses, linked houses and houses with three or four dwellings and (2) apartment buildings with five or more dwellings. Some characteristics of the buildings are taken into account in the analysis (e.g. size, geographic location and share of communal area). The type of garage and whether the house has a lift are not taken into account.

The sub-indices are weighted into an index for all multi-dwelling houses. The weights are the proportion of utility floor space per housing type in the period 2000-2004. The weights are based on Statistics Norway's building statistics.

Price

The price used in the index is the price that the final owner has to pay for the dwelling, excluding the cost of the land. Prices are based on loan applications and are estimates of the final costs, not the actual final cost. Comparisons reveal insignificant differences between the estimates of the final costs and the final costs.

Time of measurement

The index is comprised of multi-dwelling housing projects for which the Norwegian State Housing Bank has granted loans during the six-month reference period. Loans are normally granted before or when the building commences.

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