Content
About the statistics
Definitions
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Name and topic
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Name: Price index for new multidwellings
Topic: Prices and price indices
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Responsible division
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Division for Construction and Service
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Definitions of the main concepts and variables
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The price is the sales price for the consumer, including the value of the estate, VAT and other taxes. For dwellings in housing co-operatives the deposit and joint debt are both included in the sales price.
The price refers to the point of time when the contract is signed.
The measurement of utility floor space refers to Norwegian Standard NS 3940, and covers area measured within the outer walls, including all type of rooms, storage rooms as well.
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Standard classifications
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The country is divided in four geographical price zones:
- Oslo and Bærum
- Surr. Of Oslo (Asker, Lørenskog, Nesodden, Nittedal, Oppegård, Rælingen, Skedsmo and Ski)
- The largest cities - Bergen, Stavanger, Trondheim and Tromsø -
- The rest of the country
The multidwellings are devided in two groups:
- Flats in bocks
- Small houses containing more than one dwelling like row houses, terraced houses, semi-detached houses etc.
Administrative information
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Regional level
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National
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Frequency and timeliness
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Quarterly. The statistics will be published about 80 days after the end of the quarter.
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International reporting
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The index will be aggregated together with Price index for new detached houses to a Price index for new dwellings. This index will be transferred to Eurostat in accord with the regulation concerning the establishment of owner-occupied housing price index. The price index for new dwellings and the price index for existing dwellings will be aggregated to a total house price index that also will be transferred to Eurostat.
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Microdata
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The data will be stored and researchers at approved research institutions can apply for access to data for a research Project.
Background
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Background and purpose
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The purpose of the index is to measure the price development of new multi-dwellings. The index was first published in 2015, with a time series back to the first quarter of 2011.
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Users and applications
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The price index is an important indicator for housing constructors, financial institutions, government and others interested in the housing market. In European context, Eurostat is an initiator for harmonized house price indices.
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Equal treatment of users
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No external users have access to the statistics and analyses before they are published and accessible simultaneously for all users on ssb.no at 10 am. Prior to this, a minimum of three months' advance notice is given in the Statistics Release Calendar.
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Coherence with other statistics
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The price data is collected in the same quarter that the sales contract is assigned. The data collection for the price index for new detached houses takes place when the house is registered as completed. This may cause a time lag between the two indices.
The price indices for new multi-dwellings and new detached houses are not coherent with the construction cost index, the latter does not include changes in productivity and the profit margin.
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Legal authority
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The Statistical Act §2-1 and 3-1
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EEA reference
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Council regulation 2494/95 (concerning harmonized indices of consumer prices) and Commission regulation 93/2013 (concerning establishing owner-occupied housing price indices).
Production
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Population
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The population is all new multi-dwellings that are sold to an end-consumer in the actual quarter.
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Data sources and sampling
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Data is collected from construction companies and real estate developers. The sample includes about 50 enterprises. The sample should include the most important enterprises in the industry. Among the sample criteria can be mentioned the number of dwellings sold annually and the turnover of the enterprises.
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Collection of data, editing and estimations
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The information is collected electronically through an internett portal for public reporting called Altinn. Some information is withdrawn from the real estate register of sales of dwellings. This contains mainly existing dwellings, but some new dwelling are also registered here.
The data are automatically checked for extreme values.
The price index is calculated by hedonic method (SSB Notater 2012/10) and by multivariable regression analysis. Price is the independent variable in the regression analysis, and among the dependent variables are: the size of the dwelling, geographic zone, dwelling type, ownership and garage. In addition, some interaction variables are used. The base of the regression is the two last years of observations. It is assumed that the regression coeffisients are constant during this period. The index is calculated as a chained index with annual links. The base is changed in the 2nd quarter, with the previous year as a new base year. All dwelling types are included in the same model.
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Seasonal adjustment
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Not relevant
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Confidentiality
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Single units can not be identified in the dissemination.
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Comparability over time and space
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The index series goes back to the 1st quarter of 2011 and the same calculation method is used in this period.
Accuracy and reliability
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Sources of error and uncertainty
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Enterprises that have sales information on new dwellings can belong to different industries. There may be cooperation between enterprises and sometimes new enterprises are established because of a housing project. Since the dwellings sometimes lack a unique identification code early in the construction phase, duplicates may occur.
Enterprises may report erroneous data. Observations with unlikely extreme values are examined.
There will be a certain amount of non-responses in formbased surveys. In this survey the per cent of non-response is below 5, which is considered to have minimal impact of the results. Partial non-respons may also occur, and in most cases the enterprise will then be recontacted.
The share of the total populatil that is covered by the sample, is estimated to vary between 22 and 36 per cent from 2011 to 2014. However, this estimate is uncertain because the exact number of transactions of new dwellings is unknown.
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Revision
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Not relevant
The statistics is now published as Price index for new dwellings.