2. Metadata update 2.1 Metadata last certified 07 August Metadata last posted 07 August Metadata last update 07 August 2013

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1 1. Contact 1.1 Contact organisation STATEC 1.2 Contact organisation unit Unit SOC4: Price statistics 1.5 Contact mail address 13, rue Erasme L-1468 Luxembourg 2. Metadata update 2.1 Metadata last certified 07 August Metadata last posted 07 August Metadata last update 07 August Statistical presentation 3.1 Data description The indices measure changes of the acquisition price of apartments in Luxembourg over time. They are based on the official prices as indicated in notary acts which have been registered at the Administration de l Enregistrement et des Domaines (AED). Furthermore, the indices measure pure price changes as differences in quality of apartments sold at different times are neutralized (hedonic price indices). 3.2 Classification system A distinction is performed between Ventes (VEN) and Ventes en futur état d achèvement (VFA). This is an administrative distinction based on the legal type of transaction. VFA are transactions regulated by a specific law(loi du 29 décembre 1976 relative aux ventes d immeubles à construire et à l obligation de garantie en raison de vices de construction). VFA are always new apartments whereas VEN are typically existing apartments. 3.3 Sector coverage No Information 3.4 Statistical concepts and definitions

2 Price indices are based on the acquisition principle. Therefore a transaction enters the index on the date indicated on the notary act. All registered transactions are considered. 3.5 Statistical unit 3.6 Statistical population 3.7 Reference area Luxembourg 3.8 Time coverage Price indices are available from the 1st quarter of 2007 onwards. 3.9 Base period Price indices are published in terms of a base set at 100 for the 1st quarter of Data sent to Eurostat is rescaled to 2010= Unit of measure The following units are used: Indices Rate of change (quarterly and annually) 5. Reference period Quarter 6. Institutional mandate 6.1 Legal acts and other agreements Commission Regulation (EC) No 93/2013 of 1 February 2013 laying down detailed rules for the implementation of Council Regulation (EC) No 2494/95 concerning harmonized indices of consumer prices, as regards establishing owner-occupied housing price indices. (OJ L 33, , p.14.) 6.2 Data sharing No Information 7. Confidentiality 7.1 Confidentiality - policy 7.2 Confidentiality - data treatment

3 8. Release policy 8.1 Release calendar. 8.2 Release calendar access 8.3 User access 9. Frequency of dissemination The indices are published quarterly. 10. Dissemination format 10.1 News release The data is published together with a STATNEWS (news release) available on STATEC s website Publications Data is published as an Excel file available on STATEC s website. The publication appears as Indicateurs rapides- Série C. This data is also released by Eurostat On-line database 10.4 Micro-data access 10.5 Other 11. Accessibility of documentation 11.1 Documentation on methodology Eurostat Technical draft manual on Owner-Occupied Housing available online: using

4 Methodological details of the price indices are published on STATEC s website: Quality documentation 12. Quality management 12.1 Quality assurance 12.2 Quality assessment. 13. Relevance 13.1 User needs The HPI responds to the needs of all users interested in knowing the behavior of prices in the housing market. These price indices are based on registered transaction prices User satisfaction Completeness The series cover transactions of new and existing apartments in the whole country. 14. Accuracy and reliability 14.1 Overall accuracy The overall accuracy of the price indices is good. The price corresponds to the official registered price Sampling error None. The indices are based on an exhaustive data base ( Publicité Foncière de l Administration de l Enregistrement et des Domaines ) Non-sampling error. 15. Timeliness and punctuality 15.1 Timeliness Data is published at the latest t+85 days after the end of the reference quarter.

5 15.2 Punctuality. 16. Comparability 16.1 Comparability - geographical Price indices are aimed to be comparable with other house price indices developed in the European Statistical System in the context of the Owner-occupied housing regulation Comparability - over time Data is fully comparable over time. When methodological improvements are implemented, back calculations are performed if possible. 17. Coherence 17.1 Coherence - cross domain 17.2 Coherence - internal Three price indices are published: 1) A price index for new apartments 2) A price index for existing apartments 3) A price index for apartments which consists in the aggregation of the two preceding sub-series 18. Cost and burden The series are based on an existing administrative data file causing no additional burden to the parties involved in the transaction of a dwelling. 19. Data revision 19.1 Data revision - policy yet Data revision - practice As additional transactions become available from previous quarters, they are included. Hence revisions are possible. Data may also be revised because methodological improvements have been performed. 20. Statistical processing

6 20.1 Source data The price indices are based on a database managed by the AED called Publicité Foncière. This database covers the information contained in the notary acts which must be sent to the AED for every real estate transaction Frequency of data collection During month t, a data file is provided to STATEC with the transactions recorded at the AED during month t-1 and which covers notary acts signed during month t-1 and month t Data collection The data is contained in a XML file which is transferred from the AED to STATEC Data validation During the production process, a number of data checks are performed. The different sub-steps of the pre-processing algorithm are monitored. The resulting indices are benchmarked against non-adjusted average prices. Statistical indicators are compiled for different strata. These indicators are not published but are only used for validation purposes Data compilation The administrative data file has first to be pre-processed before arriving at a list of transactions that will enter the price index. The pre-processing involves in particular the following steps: Identification of the relevant transactions Data editing the selected transactions Detecting outliers A price index is compiled for new and existing apartments. The global index is a linear combination of both indices. The weights are updated once a year and remain constant for an entire year. They are established according to commission regulation (EC) 114/2010 (expenditure weights of year y-1 that are price-updated to the 4 th quarter of year y-1). The base period is the 4 th quarter of the preceding year. Price indices are annually chained using the results from the 4 th quarter Adjustment Quality adjustment is performed using the hedonic re-pricing method. This method consists of a ratio of geometric averages of the apartments sold during the current and the base period, adjusted by a coefficient based on a hedonic function. The transactions of year y are adjusted using the hedonic model estimated with all the transactions of year y-1. Hence the hedonic function is updated every year.