PRICES OF NEW DWELLINGS SOLD, SECOND HALF-YEAR OF 2023

In the second half-year of 2023, the average price per 1 m² of new dwellings sold by trade companies and other legal entities, excluding POS¹⁾, was 2 359 euro. It was 3.2% higher than the price in the second half-year of 2022.

The average price per 1 m² of dwellings sold according to POS (based on the Programme of State-Subsidised Housing Construction) amounted to 1 280 euro in the second half-year of 2023.

In the same period, the total average price per 1 m² of all sold dwellings (irrespective of the seller) was 2 278 euro.

As regards the calculation of the total average price per 1 m² of a dwelling in the second half-year of 2023, dwellings sold according to POS participated with 7.5% in the total volume of monitored m² sold and other sellers with 92.5%.

1) Sellers who sell dwellings on the basis of the Programme of Subsidised Residential Construction – POS (the Act on Subsidised Residential Construction, NN, Nos 109/01, 82/04, 76/07, 38/09, 86/12, 7/13, 26/15, 57/18, 66/19 and 58/21).

NOTES ON METHODOLOGY

Sources and methods of data collection

The presented data were collected by a reporting method using the Quarterly Report on Prices of Sold New Dwellings (GRAĐ-41 form).

Coverage and comparability

The Quarterly Report is filled in by legal entities that are also contractors of construction works, that is, who are engaged in the sale of dwellings, regardless of whether they carry out construction works with own facilities or through specialised companies. Excluded are those legal entities that solely intermediate in the sale of the existing dwelling stock, that is, "old dwellings".

The data are provided on the basis of contracts carried out in the reporting quarter. A contract is considered carried out if the buyer, in terms defined by the seller, paid, in whole or partly, the price of the dwelling.

Excluded are prices of new dwellings on which only rough construction works were conducted (the so called "Rohbau") as well as prices of dwellings constructed/sold by a reporting unit, if it did not provide for a building site, that is, if the building site was provided by the client.

When using the published data it should be kept in mind that:

- due to the unavailability of up-to-date information on all legal entities engaged in selling new dwellings in a particular period, this statistical survey covers a limited number of legal entities/trade companies. Their selection is based on their activity as recorded in the Statistical Business Register, number of persons in employment and/or net turnover (the total of approximately 1 000 potential reporting units). Therefore, the data on the number and useful floor area of dwellings do not cover the volume of all sold new dwellings in a reporting period, but this figure is published only to help users to assess, according to their needs, the analytical value of the data on average prices regarding the coverage of the monitored units.

- since 2004, the calculation of the total average price has included the data on the prices of new dwellings sold according to POS. Therefore, the average prices in 2003 and previous years are comparable only to the prices in 2004 and later years for dwellings sold by trade companies and other legal entities, excluding POS.

Definitions

The price of 1 m² of a dwelling sold includes the following:

- costs of building sites (acquisition of land and costs of displacing residents or owners of the existing facilities if the land is not empty)

- construction costs (demolition of the existing facilities, cleaning of a construction site, excavation works, erection of a building, erection of a roof covering and frames, installation and final works) as well as constructor’s profit margins

- other costs (fees on acquiring building permits, building design and drafting, land surveying activities, supervision of construction, different taxes, insurance costs, interests on loans, VAT, expenses and profit of the business entity which ordered the construction for further sale on the market).

Abbreviations

Symbols

Published by the Croatian Bureau of Statistics, Zagreb, Ilica 3, P. O. B. 80
Phone: (+385 1) 48 06 111
Press corner: press@dzs.hr

Persons responsible:
Milenka Primorac Čačić, Director of Business Statistics Directorate
Lidija Brković, Director General

Prepared by:
Srećko Palej and Marijana Marić

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