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House Price Index

June, 15, 2017

Montenegro

Montenegro. The Statistical Office of Montenegro releases data on prices of dwellings in new residential buildings every quarter.

% change over a year earlier

This table shows the change in house prices during a single quarter.

The figures are not adjusted for inflation, so may overstate house price rises (or understate declines).

Four quarter's house price changes may NOT sum to the annual (year-on-year) change in house prices, for statistical reasons.

Adjusting for inflation

Most agents overstate the upward movement in house prices. That's because their house price figures are nominal, i.e., not adjusted for inflation. If house prices have risen by 5% during the past year, but inflation has been 5%, the real increase in the value of the house has been zero.

That's why our second graph shows house price changes both nominal and real.

Nominal house price changes = the figures published by most official statistical sources.

Real house price changes = house price changes after adjusting for inflation.
House price statistics elsewhere

We generally use Central Bank or National Statistical Institute data. But occasionally, we use data generated by realtors (Colliers for the Philippines) or other data - Japan generates no dwelling price statistics, so we use land prices as a proxy for dwellings prices.