During the first quarter of this year, the Property Price Index (PPI) stood at 148.89, a rise of 6.6 per cent when compared to the corresponding quarter of 2022 (Tables 1 and 2).
Provisional figures indicate that this increase was mainly driven by developments in the Apartments Price Index which stood at 148.97, registering an annual increase of 6.8 per cent (Tables 1 and 2).
In the first quarter of 2022, the PPI registered a rise of 6.8 per cent when compared to the same quarter of the preceding year (Table 2).
The PPI shows the price changes of purchased residential property. It is compiled on a quarterly basis, rather than on a monthly basis, to ensure that all figures are substantiated by larger samples.
The PPI covers apartments, maisonettes and terraced houses only. However, price changes in these property types are deemed to be indicative of developments in the property market in general.
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1. The PPI is based on data provided by the tax authority.
2. This index is compiled on the basis of the median price for each dwelling type. The PPI aggregates the indices of apartments, maisonettes and terraced houses using a Laspeyres-type formula. The weights used to compile the index are based on the value of transactions for the three property types. Moreover, the PPI is chain-linked every year. This enables the revision of weights on an annual basis.
3. It is widely recognised that the price of a property is dependent on its location, type, state of maintenance and finish, age, tenure, the number of bedrooms and bathrooms, size, and the availability of other amenities such as a yard, garden and pool. Since the characteristics of the properties transacted are likely to vary between periods, a methodology that accounts for such differences could be employed to ensure even greater comparability across periods. However, the data currently available does not allow for the compilation of quality-adjusted indices.
4. As stated in 2, terraced houses are reflected in the PPI. However, a price index for terraced houses is not published due to the low count of transactions recorded. An additional indicator which is compiled is the Aggregate Index, which is based on apartments and maisonettes.
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