Hypostat 2015

Annex: Explanatory Note on Data
Croatia: the average prices of new dwellings sold.
Cyprus: The indices are based on property valuation data collected since
2006 by the contracted banks, which receive the relevant information from
independent property surveyors in connection with mortgage transactions,
such as housing loans, mortgage refinancing and mortgage collateral. The
data, which are representative of the Cyprus property market, cover all the
areas under the effective control of the Republic of Cyprus (Nicosia, Limassol,
Larnaca, Paphos and Famagusta) and refer to residential properties (houses
and apartments). Source: Central Bank of Cyprus.
Czech Republic: Index of realised new and second-hand flat prices. New
flats published for Prague only. Source: Czech Statistical Office.
Denmark: Second homes and flats are included.
Estonia: New and existing dwellings, whole country; Source: Estonian Statistics
Database.
Finland: These statistics describe the levels of the prices and changes in
the prices of single-family houses and single-family house plots quarterly
and annually. Source: Statistics Finland.
France: The index of housing prices (IPL) is a quarterly index, average annual
base 100 in 2010.
The IPL is a transaction price index measuring, between two consecutive
quarters, the pure evolution of prices of homes sold. For a given quarter, the
index is obtained as the weighted average of two indices: (1) the Notaries –
INSEE index of existing homes; and (2) the price index for new housing. Source:
National Institute of Statistics and Economic Studies (INSEE).
Germany: VDP Price Index for Owner Occupied Housing, calculated by
vdpResearch.
Greece: Urban areas only.
Hungary: All dwellings, FHB house price Index.
Italy: Source: Bank of Italy, Istat, Revenue Agency Property Market Observatory
(Osservatorio del mercato immobiliare), Consulente Immobiliare and Tecnoborsa.
Poland: The data contains average transaction prices on secondary market –
7 biggest cities in Poland, weighted with the market housing stock of the city.
Analysed cities: Gdańsk, Gdynia, Kraków, Łódź, Poznań, Warszawa, Wrocław.
Portugal: Annual average; new series from 2005; Source: Confidencial
Imobiliário.
Romania: Source: National Institute of Statistics.
Slovenia: existing dwellings; y-o-y variation in the last quarter of each year;
Source: Statistical Office of the Republic of Slovenia.
Spain: all dwellings; Source: Ministerio de foment.
Sweden: one- and two-dwellings buildings annual average.
NON EU28
Russia: y-o-y variation in the last quarter of each year.
Turkey: Data on house prices, in percentage change over previous period.
Source: OECD.
USA: Data on house prices, in percentage change over previous period.
Source: OECD.
17. Change in Nominal House Prices
Annual % change
The annual percentage change computed using the house price indices
found in Table 16.
18. Nominal House Price to Disposable Income of
Households Ratio, 2006=100
This indicator is a measure of housing affordability. The nominal house price
to disposable income ratio is also used by the OECD to provide a measure of
housing affordability. However, this index is partially biased since it does not
integrate financing costs: mortgage interest rate, taxes, notary costs, etc.
C. Funding of the Mortgage Market
19. Total Covered Bonds Outstanding,
Backed by Mortgages
EUR million
Covered bonds are a dual recourse debt instruments issued by credit
institutions and secured by a cover pool of financial assets, typically composed
of mortgage loans, public-sector debt or ship mortgage. Three different models
of covered bonds co-exist in Europe:
Direct/on-balance issuance (German model): the originator issues the covered
bonds and the assets are ring-fenced on the balance sheet of the originator.
Specialist issuer (French model): an originator establishes a credit institution
subsidiary which issues the covered bonds and holds the collateral.
Direct issuance with guarantee (UK model): the originator issues the covered
bonds, which are guaranteed by a special purpose entity of the originator,
which holds the cover pool assets.
22. Total Residential Mortgage-Backed Securities
(RMBS) Outstanding
EUR million
A RMBS is a derivative whose value is derived from home equity loans and
residential mortgages. In line with the other mortgage-backed securities, the
owner is entitled to a claim on the principal and interest payments on the
residential loans underpinning the security.
D. Macroeconomic Indicators
24. GDP at Current Market Prices
EUR million
Within the approach of GDP at current prices, the fundamental principle is that
output and intermediate consumption is valued at the prices current at the time
the production takes place. This implies that goods withdrawn from inventories
by producers must be valued at the prices prevailing at the times the goods
are withdrawn, and consumption of fixed capital in the system is calculated
on the basis of the estimated opportunity costs of using the assets at the time
they are used, as distinct from the prices at which the assets were acquired.
25. Gross Disposable Income of Households
EUR million
According to the “1993 SNA”, Gross Disposable Income of Households is the
sum of household final consumption expenditures and savings (minus the
change in net equity of households in pension funds). It also corresponds to the
sum of wages and salaries, mixed income, net property income, net current
transfers and social benefits other than social transfers in kind, less taxes
on income and wealth and social security contributions paid by employees,
the self-employed and the unemployed.
The indicator for the household sector includes the disposable income of
non-profit institutions serving households (NPISH).
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