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11594
New price index for office and business properties
statistikk
2004-03-12T10:00:00.000Z
Prices and price indices
en
pkfi, Price index for office and business properties (discontinued)House prices and house price indices , Prices and price indices
false

Price index for office and business properties (discontinued), 1st half-year 2003

Statistics Norway has decided to stop the publication of the Price index for office and commercial premises as from the first half of 2008. This is due to changes in the data basis, which is based on officially registered sales of these types of property. Since office and commercial premises are to an increasing extent owned by limited companies (which means they are not officially registered when sold), the data basis is diminishing. A limited data basis leads to more uncertain price calculations.

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New price index for office and business properties

Prices of office and business properties peaked in the first half of 2001, but declined by more than 9 per cent two years later, according to a new biannual price index from Statistics Norway.

Price index for office and business properties and the house price index. 2000=100

The new price index is calculated retrospectively to 1996. Annual figures show that prices of office and business properties increased by 57 per cent from 1996 to 2001. In comparison, house prices increased by 71 per cent in the same period. While prices of office and business properties have fallen steadily since the summer of 2001, house prices continued to rise until the summer of 2002. In the first half of 2003, prices of office and business properties were about 47 per cent higher than in 1996 and the corresponding figure for house prices was 82 per cent.

From the first half of 2002 to the first half of 2003, prices of office and business properties decreased by about 7 per cent.

A total of 400 property transfers have been used in the calculation of the index for the first half of 2003.

Data sources

The data for the price index are obtained from two sources: the Ground Property, Address and Building Register (GAB) and a quarterly survey. The GAB register provides information on price and location of the properties as well as purchaser information. The sales may cover parts of buildings as well as one or multiple buildings. Transfers of properties in connection with ownership changes in limited companies are not included.

Analysis

Sub-indices for the three price zones "municipalities of Oslo and Bærum", "municipalities of Stavanger, Bergen and Trondheim" and "rest of the country" are calculated using the hedonic method. These sub-indices are weighted and combined into the published index for the country as a whole. The weights represent the estimated total value of the stock of office and business properties within each price zone.

Other statistics

In addition to the price index for office and business properties, Statistics Norway produces statistics for all registered transfers of real property. The properties are divided into dwelling properties, holiday properties, agricultural/forestry/fishery properties, commercial/office properties, industrial properties, properties for communication purposes and other. In these statistics the average price per sale is calculated.

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