The Owner-Occupied Housing Price Index (OOHPI) measures the changes in the transaction prices of dwellings new to the household sector as well as prices of goods and services that households acquire in their role as owner-occupiers.

The OOHPI is a price index covering new dwellings, existing dwellings that are new to the household sector, other services related to the acquisitions of dwellings, major repairs and maintenance, insurance connected with the dwelling and other services associated with ownership of dwellings.

This index meets the requirements of the Harmonized Indices of Consumer Prices (HICP) and is built based on the net acquisitions approach.

The index is continuously developed, and the published data still are experimental.
 

Definitions

The service charges paid by owner-occupiers for kinds of dwelling insurance.

Significant modification, major interior restoration or transformation, reconstruction and enlargement, thus improving the existing dwelling.

Major maintenance, repair and decoration.

All transaction costs connected to the purchase of a dwelling, whether existing or new, for own use. This includes costs, whether paid by the seller or the buyer, such as the payment for mediation, lenders or brokers services, and fees for legal services or other services that are not yet included into the purchasing price of new and existing dwellings.

Acquisition of dwellings that have already been acquired by user (non-owner-occupier) or produced on own account, and whose value, therefore, already has been included in the gross capital formation of at least one user. Existing dwellings new to household are dwellings that were purchased for owner-occupancy and that had previously had another use (e.g., dwellings previously rented or owned by a governmental institution or by an enterprise).

Acquisition of newly-built dwellings of various types (e.g., dwellings in blocks of flats, terraced houses, detached "turn-key" ready houses built by developers, etc.).

Dwellings that are built by households themselves.

Data availability

Dissemination Format and Release Calendar

Theme Reference period Planned release datesort icon Remarks
Owner-Occupied Housing Price Index
  • 3rd quarter 2017
22.12.2017
Owner-Occupied Housing Price Index
  • 4th quarter 2017
26.03.2018

Theme Reference period Actual release datesort icon Remarks
Owner-Occupied Housing Price Index
  • 2nd quarter 2017
22.09.2017
Owner-Occupied Housing Price Index
  • 1st quarter 2017
15.06.2017
Owner-Occupied Housing Price Index
  • 4th quarter 2016
24.03.2017
Owner-Occupied Housing Price Index
  • 3rd quarter 2016
23.12.2016
Owner-Occupied Housing Price Index
  • 2nd quarter 2016
23.09.2016

In compliance with the Commission Regulation (EC) No 93/2013 and European Parliament and Council Regulation (EU) 2016/792 the data are published on the 85th day after the end of the current quarter. 

Classifications

Structure of Owner-Occupied Housing Price Index:

O.1. Owner-occupiers housing expenditures
O.1.1. Acquisitions of dwellings
O.1.2. Ownership of dwellings

 

 

 

Acquisition of dwellings includes:

  • purchase of new dwellings;
  • self-built dwellings and major renovations;
  • existing dwellings new to households;
  • other services related to the acquisition of dwellings;

Ownership of dwellings includes:

  • major repairs and maintenance;
  • insurance connected with the dwelling.

Customised data sets

If you would like to obtain statistical data that are not available in publications or in the CSB online data base, please send us an information request:
 - postal mail: 1 Lāčplēša Street, Riga, Latvia, LV-1301;
 - e-mail: info [at] csb [dot] gov [dot] lv;
 - visiting Information centre.

Read more

Data collection

Survey method and source data

The main data source used to obtain information is the State Unified Computerized Land Register, as well as separate surveys that were made to calculate sub-indices.

The weights reflect structure of the acquisition of dwellings and other goods and services that households acquire in their role as owner-occupiers in the year T-2. The weights are revised every year and recalculated into the prices of the 4th quarter of the previous year. 

Target population

Population Coverage

The OOHPI covers all transactions in which households are indicated as buyer or recipient of the services  and legal entity, municipality or government as seller or service provider. The OOHPI includes also purchases of dwellings and other goods and services connected with purchase or ownership of the dwelling made by households – non-residents within the economic area of Latvia.

The OOHPI excludes transactions between legal entities, municipalities and government, as well as deals engaging legal entity as a buyer and household as a seller.

The OOHPI does not cover transactions with commercial areas, outhouses, saunas, garages, cellars, gazebos and other structures unfit for human occupancy.
 

Geographical coverage

Whole territory of the Republic of Latvia.

Statistical Processing

Calculation methods

The OOHPI is a Laspeyres-type price index.

The OOHPI is based on the “net acquisitions” approach.

To calculate the new dwellings and existing dwellings new to households’ indices, all transactions are stratified into the groups (strata).

The group index is calculated as geometric mean of transaction prices ratio between comparison and reference periods.

In order to adjust structural (qualitative) dwelling transaction differences between the comparison and reference periods, a hedonic regression method is used within each group. By the method based on the most significant price determinants a dwelling hypothetical value is calculated.

  Lntransaction price = β0 + β1x1 + β2x2 + ... + βixi     i = 1, ..., n, where

Lntransaction price – natural logarithm of transaction price;

xi – the price factors;

βi – the regression coefficients (factor impacts);

β0 – the constant.

The factors having the greatest impact on the dwelling price and taken into account in the OOHPI calculations of new dwellings and existing dwellings new to households are geographical location of the property, property size (area) and availability of amenities.

For the calculation of higher level price indices and the OOHPI a Laspeyres-type formula that expresses the weighted arithmetic mean value of the lower level price indices is used:

, where

IT/0 – the OOHPI in the period T, compared to the period 0 (reference period);

 – the price index j expenditure share of total expenditures related to acquisition of dwellings and goods and services related to ownership of dwellings in a reference period;

 – the price index j in a period T, compared to the period 0 (reference period).

Reference period

The price reference period used in the price calculations is the 4th quarter of the previous year. To calculate price changes in a longer time period, the price indices of each year are chained in one dynamic series with the same reference period.

The reference period of the OOHPI is the year 2015, expressed by 100 index points (2015 = 100). The price indices are used to calculate the price changes over the previous quarter, corresponding quarter of the previous year or any other time period.

Data revision

In compliance with the Commission Regulation (EC) No 93/2013 and European Parliament and Council Regulation (EU) 2016/792 the data are published on the 85th day after the end of the current quarter.

The revised data for previous quarter are published together with the provisional data of current quarter.

Comparability

Comparability over time

The comparable data for OOHPI are available since 2010.

International comparisons

Eurostat

Legislation and methodological guidelines related to the calculation of the Owner-Occupied Housing Price Index are available on the Eurostat (Statistical Office of the European Union) website, in section: Statistics/ Economy and finance/ Housing price statistics

http://ec.europa.eu/eurostat/web/housing-price-statistics

Confidentiality

Confidentiality of the information provided by respondents is protected by the Section 17 of the Statistics Law stipulating rights and obligations of the Central Statistical Bureau of Latvia and other state authorities producing official statistics. Read more

Quality

Compliance of the OOHPI calculation methodologies and content with the standards and requirements of the Commission Regulation (EU) No 93/2013 and European Parliament and Council Regulation (EU) 2016/792 is evaluated by the Eurostat experts.

Contact person on methodology

Name Surname Phone number Position Email
Nataļja Dubkova 67366644 daļas vadītājs Natalja.Dubkova@csb.gov.lv

Last update

15.06.2017

Consumer Price Index

House Price Index

Explanation of symbols

-

Magnitude zero

0

Less than half of the unit employed

...

Data not available or too uncertain for presentation

X

Figure not applicable because column heading and stub line make entry impossible, absurd or meaningless

.

Data not released for confidentiality reasons

If data are absolute numbers

0

Magnitude zero