Prices of dwellings in housing companies: documentation of statistics

Data description (SIMS 3.1)

The statistics on prices of dwelling in housing companies describe the development in the prices of old dwellings. The monthly and quarterly statistics are suitable for monitoring short-term price development whereas the annually produced statistics provide more detailed information on the housing market by area, such as numbers of completed transactions.

Concepts and definitions (SIMS 3.4)

Dwelling

A dwelling refers to a room or a suite of rooms which is intended for year-round habitation; is furnished with a kitchen, kitchenette or cooking area; and has a floor area of at least 7 square metres. Every dwelling must have its own entrance. A single-family house may be entered through an enclosed porch or veranda. If a dwelling is entered through the premises of another dwelling, it is not regarded as a separate dwelling but instead those two constitute one dwelling.

First-time homebuyer

First-time dwelling transactions include those that are entitled to the exemption from asset transfer tax for first-time homebuyers (www.vero.fi).

Floor area

The floor area of a dwelling is measured from the inner surfaces of its walls. The figure includes the floor areas of the utility room, walk-in cupboard, bathroom, hobby room, sauna, washroom and dressing room, as well as the floor areas of rooms used for working unless used by hired employees. The following are not counted in the dwelling's floor area: garage, cellar, sauna facilities in an unfurnished basement, unheated storage space, balcony, porch, veranda and attic space unless used as a living space. The floor area of a freetime residence refers to its gross floor area.

Hitas dwelling

Hitas is a regulation system for the price and quality level of dwellings built on rented plots owned by the City of Helsinki. Hitas dwellings refer to the dwellings subject to the regulation system in question.

Index

An index is a ratio describing the relative change in a variable (e.g. price, volume or value) compared to a certain base period (e.g. one year). The index point figure for each point in time tells what percentage the given examined variable is of its respective value or volume at the base point in time. The mean of the index point figures for the base period is 100.

Market price

The general actual selling price, or the price where supply and demand meet.

Monthly change

Monthly change is the relative change in the index from a time period one month earlier. The change is usually expressed as a percentage.

New dwelling

A new dwelling is completed in the statistical reference year or the year before it.

Nominal price index

Describes the change in prices relative to the base time period of the index (cf. real price index).

Number of rooms

The number of rooms is the number of rooms in a dwelling. Kitchen is not counted as a room. Dwellings with at least three rooms belong to the category 3h+.

Old dwelling

Old dwellings are other than new or unknown dwellings. (Unknown are those dwellings whose year of construction is not known.) (Cf. new dwelling.)

Point figure

Point figure is a change quantity used in price indices, which expresses the price, average price or index of the comparison period relative to the price, average price or index of the base period. The point figure of the base period is usually denoted by the number hundred. For example, if the point figure for a commodity at a certain point in time is 105.3, it means that the price of that commodity has risen by 5.3 per cent from the base period.

Price per square metre for a dwelling

The dwelling price statistics utilise the unencumbered price per square metre, which means that the loan portion is included in the price. The price concept published is price per square metre (€/m2).

Quarterly change

Quarterly change refers to the relative change in the index of the quarter compared with the index of the previous quarter. The change is usually expressed in percentages.

Real price

The price calculated with the prices of a certain base year, from which the effects of changes in the price level have been removed. In most cases the real price refers to the nominal price deflated with the Consumer Price Index.

Real price index

Indicates the change in real prices compared with the index base time period (e.g. 2000, 1983 or 1970). The real price index is derived by dividing the point figure of the nominal price index with the point figure of the Consumer Price Index of the corresponding time period and base year.

Transaction of shares in a housing corporation

A transaction of shares in a housing corporation refers to a sale of shares entitling ownership of a dwelling in a housing corporation, for which an asset transfer notification has been made to the Tax Administration.

Type of building

A classification for different types of dwellings, for example blocks of flats, attached houses, detached houses.

Type of financing

A classification describing the financing source of a dwelling or real estate. A government-subsidised dwelling is a dwelling produced with government ARAVA loans, in which the rent is determined by the cost correlation principle. Most of government-subsidised dwellings are owned by municipalities. Non-subsidised dwellings are other than government-subsidised dwellings.

Weight structure

Describes what meaning each sub-index (commodity, employee group, etc.) belonging to the index has for total index.

Institutional mandate (SIMS 6)

Quality assurance (SIMS 11.1)

Release calendar (SIMS 8.1)

User access (SIMS 8.3)

Confidentiality - policy (SIMS 7.1)