Price index for second-hand dwellings
Dernière mise à jour le : 25/11/2016
Présentation de l'opération
Organisme producteur :
Insee. Direction des statistiques démographiques et sociales (DSDS)
Type d'opération :
Housing price indices can meet a variety of needs: from a simple analysis of price changes to an analysis of risk for lenders, to the implementation of monetary policy and national accounting. The purpose of the second-hand dwellings price indices (with the Notaries-INSEE seal of approval) is to improve statistical information on the second-hand dwellings market in France.
Champ de l'opération
Champ(s) statistique(s) couvert(s) :
The scope of the indices covers all transactions by private agreement (with or without an intermediary) involving second-hand dwellings (in the fiscal sense of the term, i.e. built more than 5 years ago or having already been transferred) for residential use that is fully-owned and unoccupied. The "houses" index covers one-family dwellings and the "apartments" indices dwellings in an apartment building. Non-standard properties (bedrooms, lofts, workshops, castles and acquisitions made by real-estate professionals) are excluded, as they are considered as leading to atypical transactions.
Périodicité de l'opération :
Source d'information :
The indices are the fruit of a partnership, officialised by two conventions, between the notarial profession (High Council of Notaries and Paris Chamber of Notaries), which records the data collected during real-estate transactions, and INSEE, which contributes its methodological skills. As notaries provide data on a voluntary basis, the notarial data therefore does not exhaustively cover all transactions. It currently covers approximately 65% of transactions.
The indices are calculated based on the net vendor transaction prices (excluding transfer duties, notary's fees and agency fees). The methodology for the calculation of these indices is based on hedonic models accounting for the price of a dwelling based on its characteristics. Using these models, the value of a reference second-hand dwellings stock is estimated at the prices for the current period. An index is defined as the relationship between the current value of this stock and its value during the base period (Base = 100 in the 4th quarter of 2010).
Autres spécifications :
The Paris inter-departmental chamber of Paris notaries calculates the indices for the Ile-de-France region on a quarterly basis. A company, PERVAL, calculates them for provincial France and national. These indices are validated prior to their publication by INSEE.
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