Insee-Notaries Indices Certified Label (ASP)
In 2011, the Authority of Public Statistics (ASP) initiated a labeling process of public statistics, originating from the use of administrative sources; produced outside the official statistical service (Insee and ministerial statistical services).
Why label the Insee-Notary index?
This labeling aims to guarantee a methodological framework to the users of these statistics, in keeping with the European Statistics Code of Practice, in the same way as the statistics produced by the public statistical service.
After an in-depth examination of the production and diffusion processes, ASP decided to label the Notary-Insee quarterly indices on March 28, 2018, calculated from the Perval real estate database, fed by the Notaries of the provinces:
- for apartments and houses: Hauts-de-France region (with Nord-Pas-de-Calais detail), Auvergne-Rhône-Alpes region (with Rhône-Alpes detail) and Provence-Alpes-Côte d'Azur region; the entire Province; Metropolitan France, entire France (excluding Mayotte);
- for apartments: city of Lyon and city of Marseille, cities of more than 10 000 inhabitants (distinguishable city centers and suburbs), other agglomerations and rural.
- for houses: city of Lille
The indexes on Ile-de-France calculated from the commodity base, labeled since 2011.
- for each of the Ile-de-France departments: all, houses and apartments (except houses for Paris);
- for inner suburb groupings, the Outer suburbs and the entire region, but also the region outside Paris.
Notaries Indices certified Label-Insee Price : calculating method and diffusion
The Notaries-Insee price indices for old housing provide a method of price developments at a constant quality, which an average (or median) price cannot entail. It goes through changes in terms of the structure of the real estate market. The method to calculate the Notaries-Insee index has been defined by INSEE and the Notary. These price indices are based on a statistical method, known as "hedonic".
This method is based on econometric models, breaking down house prices depending on their features. Through the use of these models, coefficients measuring the impact of each physical feature is estimated within each of the strata (territories within which real estate price developments are considered to be homogeneous). Through the use of these coefficients, the prices of tracked properties are estimated each quarter. Price changes by stratum, are then aggregated for the calculation of departmental and regional indices.
The methodological principles of the indices are presented in detail in "The Notary-Insee price indices for old housing", Insee Methods No. 132. The methodological notes below sum up the method:
Where are these price indexes displayed?
In order to guarantee equal access for all and under the same conditions, to inform on Notary-Insee indices, as required by the European Statistics Code of Practice, Notaries and Insee broadcast information through various mediums:
- INSEE: quarterly publications in the "Quick Information" collection with the updating of long series to download from the additional data, related to the last publication; specific publications in the "Insee Premiere" collection"
- Conseil superieur du notariat: the french property market report of the Conseil superieur du notariat (CSN); the annual real estate press conference
- The quarterly real estate press conference; the monthly real estate press release of the Paris-Ile-de-France chamber of notaries
- The Website immobilier.statistiques.notaires.fr
Notarial real estate databases
Notaries are required to estimate the value of real estate, whether for family law ( inheritance , donations, sharing , etc.), real estate law (negotiations, etc.) and asset management (IFI declaration, wealth management advise...). In this context, in order to have elements to compare the valuation of real estate, they have been feeding a data file of real estate transactions, since 1994. The acts of sale of real estate directly come from the notary offices located throughout the national territory. Properties located in the provinces (including French overseas department, excluding Mayotte) are registered in the "Perval database", and those located in Ile-de-France in the "BIEN database".
The national file now contains more than 17 million mutations, and all types of property are registered in the latter (apartments, houses, lands, buildings, business premises, garages, agricultural property, viticulture property). The law dated March 28, 2011 to modernize the judicial or legal professions and certain regulated professions formalized this database, by establishing a new public service mission for notaries, which "contribute to the dissemination of information related to transfers of properties, for consideration.
- I want to buy an apartment. My bank refused my loan. Can I ask the seller a staggered payment of the selling price?
- I buy a property for which the mandate of sale provides that the payment of real estate agency commission is the responsibility of the seller. Why is this commission included in the base for calculating notaire fees?