House Price Index

The House Price Index (HPI) reflects changes in the purchasing prices of residential properties throughout Austria. Basis of the survey are the purchases made by private households for new and existing houses and flats. In addition to the overall index two separate sub-indexes - "New Dwellings" and "Existing Dwellings" - are calculated.

The House Price Index is a tool for market monitoring in house prices and thus represents an important indicator for the assessment of price developments.

The indices are calculated on the base year 2010 and 2015.

European Context

The House Price Index is one of eleven economic indicators to indicate in the Macroeconomic Imbalance Procedure (MIP) as an early warning system in the form of a Scoreboard on Macroeconomic Imbalances. For further details refer to the Macroeconomic Imbalance Procedure Scoreboard Eurostat webpage.

Legal Basis

The preparation of the House Price Index and the Index for Owner Occupied Housing (OOH) is legally covered by three regulations at national and international level:

EU VO 2016/792 (Regulation of the Commission from 11 May 2016)

EU Implementing Regulation 2020/1148  (31 July 2020)

National Regulation (177. Regulation of the Ministry of Digital and Economic Affairs and the Ministry of Finance from 1st July 2019).

Weighting and Calculation

The base of the weight of the House Price Index are the entries in the Austrian Land Registry. The sum of transaction prices for each region is the base for the weighting in the overall index.

The index is calculated on the Laspeyres formula which creates a chain linked Laspeyres index. Weighting is adapted annually. So it is possible to update the index by including regions and property types with increasing market significance.