Property and rate data from the BIS

• Part 1 of 4 · Residential

• Part 2 of 4 · Commercial

More than 300 detailed series for about 60 economies, plus one selected headline series per country; some go back to 1970.

Indices for more than 20 countries covering offices, retail, industrial property and land.

• Part 3 of 4 · Timing

• Part 4 of 4 · Terms

Updated monthly

Free to use

Usually in the last week of each month, with a quarterly analysis published later.

Use is subject to the BIS terms of permitted use. Link to the original series.

■ BIS · Getting started

How the property data is organised

The BIS collects property price indices from central banks and statistical offices and publishes them in one portal with common formats.

Residential

Commercial

Selected series: one headline index per economy, usually nationwide, covering all new and existing dwellings.

Coverage: commercial land, offices, retail and industrial property for more than 20 countries.

Measures: nominal and real (CPI-deflated) indices, and year-on-year growth.

Comparability: definitions and methods differ significantly between countries.

Detailed series: breakdowns by region, dwelling type and vintage where countries supply them.

Seasonality: commercial series are not seasonally adjusted.

Long series: for 23 countries, selected series go back to about 1970.

History: before the Global Financial Crisis, availability was limited.

Example: the valuer reads the selected residential series for the subject's country to describe price movements in the 12 months before the valuation date.

Practice tip: note the series code, frequency and release date for each index used.

■ BIS · In valuation

How valuers use the indices

Indices describe the market and help adjust older evidence; they do not replace comparable transactions.

Market approach

Market commentary

Time adjustment: index older comparable sales to the valuation date.

Market conditions: describe the direction and pace of prices at the valuation date.

Local first: use a local or regional index where one exists; national indices are a fallback.

Real versus nominal: real indices show whether prices kept pace with inflation.

Property type: match the residential or commercial series to the subject.

Cycle: long series show where the market stands relative to past cycles.

Cross-check: compare the implied adjustment with local agents' evidence.

Lending conditions: credit and policy rate data on the same portal give context.

Example: a comparable sold 18 months before the valuation date is adjusted by the change in the regional index over the same period.

Practice tip: state the index, period and adjustment in the comparable grid.

■ BIS · Rates and credit

Other BIS data useful to valuers

The same portal holds financial statistics that support market commentary and the choice of discount rate inputs.

Rates

Credit and exchange rates

Central bank policy rates: a long cross-country series of policy rates.

Credit to the private non-financial sector: leverage trends by country.

Context for risk-free rates: policy rates frame the short end of the yield curve.

Effective exchange rates: nominal and real indices for currency trends.

Debt service ratios: the burden of debt on households and companies.

US dollar exchange rates: reference rates against the US dollar.

Use government bond yields, not policy rates, as the risk-free rate in a cost of capital.

Combine with the IMF and World Bank guides for macro context.

Example: in describing market conditions, the valuer notes that the central bank cut its policy rate twice in the year before the valuation date.

Practice tip: link the policy context to the risk-free rate chosen in the Risk-Free Rate calculator.

■ BIS · Quality control

Reliance and common pitfalls

BIS indices are national statistics compiled with different methods. Use them as context and adjustment evidence, with care.

Reliance

Pitfalls

National sources: the BIS republishes data from national compilers; check the original for definitions.

Averages hide local markets: a national index may move differently from the subject's location.

Quality adjustment: most indices adjust for size and quality; read the series metadata.

Cross-country comparison: different methods make comparisons between countries unreliable.

Revisions: recent periods may be revised; record the release used.

Lag: the latest period may be several months before the valuation date.

Working papers: save the series download with the access date.

Thin commercial data: few countries, mixed sources and short histories.

Example: the latest index is for the second quarter while the valuation date is 30 September; the valuer notes the lag and checks local agents' evidence.

Practice tip: an index adjustment is evidence, not a conclusion; reconcile it with transactions.

✱ Source and attribution

Information from the Bank for International Settlements

Bank for International Settlements, residential property prices and commercial property prices, BIS Data Portal. Use is subject to the BIS terms of permitted use. Valuvix links to the originals and does not reproduce BIS data.

Related Valuvix calculators: Cost Approach, Risk-Free Rate, Transactions.