News Releases

Residential Property Price Index (RPPI): Q2/2024

NR 181/2024
Release Date: 03 October 2024

During the second quarter of this year, the Residential Property Price Index (RPPI) stood at 162.84, a rise of 7.0 per cent when compared to the corresponding quarter of 2023.
Happy young couple getting keys of their new home

During the second quarter of 2024, the Residential Property Price Index (RPPI) stood at 162.84, an annual rise of 7.0 per cent when compared to the corresponding quarter of 2023.

In the period under review, the Apartments Price Index and the Maisonettes Price Index stood at 162.93 and 155.83, registering annual increases of 6.9 per cent and 6.6 per cent, respectively (Tables 1 and 2).

Compared with the first quarter of 2024, the RPPI registered a quarterly increase of 1.8 per cent.

Chart 1. RPPI - Annual price changes

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Methodological Notes

1. The RPPI is based on data provided by the tax authority.

2. The RPPI aggregates the indices of apartments, maisonettes and 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 RPPI 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. From Q1/2023 a quality-adjusted index is being compiled using the rolling time dummy method. More information about this methodological change can be accessed here.

4. In order to provide a more comprehensive picture of the housing market, house sales indicators are also provided on Eurostat’s website. The house sales indicators refer to the total number and value of dwellings transacted at national level where the purchaser is a household, partitioned into new and existing while using information available from the same source as used for prices and weights. Eurostat publishes in its database a quarterly and annual house sales index, quarterly and annual rates of change as well as the number of transacted dwellings and their value in national currency. These indicators can be accessed here.

The RPPI and the House Sales Indicators follow the same metadata which can be accessed here.

These two projects listed in notes 3 and 4 were part of grant SMP-ESS-2022-RES-IBA – Real Estate Statistics, aimed at improving the Residential Property Indicators.

5. No distinction is made between new and old dwellings.

6. Around 1,400 transactions are considered every quarter.

 
7. The base year of all the indices is 2015.
 
8. Source data is provisional and subject to revisions for the last four quarters. 
 
9. Definitions

  • Apartment
    : a self-contained room or suite of rooms with a separate entrance that is accessible from a common passage, landing or stairway. This category includes penthouses.

  • Maisonette
    : a self-contained room or suite of rooms with a separate entrance that is accessible from the street and is either at ground-floor level with overlying habitation, or at first-floor level with underlying habitation. A ground-floor maisonette may be classified either as a ground-floor tenement without its own airspace or as a maisonette. This category also includes solitary maisonettes.

  • House
    : a dwelling with at least two floors, with its own access at street level, with its own airspace and no underlying structures that are not part of the house itself. This category also includes: Bungalows, Farmhouses and Villas.

  • Annual rate
    : The annual rate of change compares the index of a particular quarter to the index of the same quarter in the previous year, expressed as a percentage.

10. More information relating to this news release may be accessed at:
     Statistical concepts

11. References to this news release are to be cited appropriately. For guidance on access and re-use of data please visit our dedicated webpage.

12. A detailed news release calendar is available online.

13. For further assistance send your request through our online request form.

Residential Property Price Index (RPPI): Q2/2024  

NR 181/2024
Release Date: 03 October 2024

Happy young couple getting keys of their new home
  • During the second quarter of this year, the RPPI stood at 162.84, a rise of 7.0 per cent when compared to the corresponding quarter of 2023.
  • In the period under review the RPPI registered a quarterly increase of 1.8 per cent, when compared to the first quarter of 2024.

Residential Property Price Index (RPPI): Q2/2024

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