You are here

A transactions-based commercial property price index for Portugal

Rui Evangelista
Inês Gonçalves Raposo
Publication Year 
The last decade has witnessed a renewed interest in the production of real estate price indicators. Despite of the progress in the production of residential property price indexes, commercial property price indexes (CPPI) have remained a less researched topic. This paper presents the work of Instituto Nacional de Estatística and Banco de Portugal to develop the official commercial property price index for Portugal. It is the first time that the evolution of national commercial real estate prices has been traced down using a dataset that covers the population of transactions and provides information on sold property prices and characteristics. This paper presents the results of a quarterly CPPI from the beginning of 2009 to the first quarter of 2016 using the hedonic method, which is also applied in the production of the House Price Index (HPI). Although with a similar trend as the HPI, the new indicator reveals that the prices of commercial properties have decreased more than the prices of residential properties in 2012 and 2013, a period during which real estate markets were depressed.
Published as 
A transactions-based commercial property price index for Portugal