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The FHB Index Product Family

We would like to introduce you the three members of FHB Index product family: the FHB House Price Index, Prognosis and the FHB Agricultural Land Price Index.

FHB Lakásárindex

FHB House Price Index

FHB House Price Index - introduced in October 2009 - measures the development of Hungarian residential real estate prices. The starting year of the quarterly index is 1998. The value of the index is normalised with the average of the year 2000, i.e. the average index value in 2000 is 100. As a unique innovation on the Hungarian market, the index is based on actual buying and selling transaction data of residential real estate, and it was prepared by processing such data from approx. 1,000,000 residential properties located in over 3,000 municipalities . The sources of data include the records of FHB itself, as well as a database purchased from APEH, the national tax authority (and from stamp duty offices before 2008). FHB Index is computed by hedonic method. The method is useful at filtering short term volatilities of the composition effect, and it also manages the fact that not every property is sold every quarter. Professionals from Central Statistical Office also contributed to the preparation of the index. From the beginning, FHB Index team includes external expert  Áron Horváth, former analyst of Hungarian National Bank, now teacher at ELTE, Department of Applied Economics.

The latest FHB House Price Index and Prognosis

FHB House Price Prognosis

As part of FHB House Price Index, FHB House Price Prognosis is updated every six months. Based on a structured model, the prognosis forecasts the evolution of house prices in the corresponding year. The model does not simply provide an overview of the changes in housing prices, but also of the dynamics of that change, taking account of the modifying effects of the economic crisis.

FHB Agricultural Land Price Index

FHB Termőföld indexFHB Agricultural Land Price Index - introduced in November 2010 - measures the development of Hungarian land prices in the last decade. The index represents land prices in an aggregated form (i.e. includes all agricultural land types). Similarly to FHB House Price Index, FHB Agricultural Land Price Index is computed by hedonic regression method, filtering effects caused by the differences in data. Just as FHB House Price Index, FHB Agricultural Land Price Index is based on transaction data - our database holds more than 800,000 transactions of the last decade. Along with these, we have also processed data recorded by FHB itself and information published by National Land Fund. In our work we received valuable help from Research Institute of Agricultural Economics (AKI), enhancing the reliability and  professionalism of the index. Unlike House Price Index, we do not intend to publish FHB Agricultural Land Price Index regularly.

The latest FHB Agricultural Land Price Index

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FHB House Price Index

  • House prices are currently at their early 2008 level, barely 1.5 percent below their pre-crisis peak
  • Since April 2014 through end of 2015  residential property prices increased by approximately 28 percent in both nominal and real terms.
  • From  2016  significant  increase is expected in newbuild dwellings due to VAT reduction (from 27 to 5 %). The new  family housing allowance (CSOK) will also stimulate the mortgage market.

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