Concepts and Glossary

Basic concepts

Gross dependent area: Corresponds to the covered and enclosed areas for exclusive use, even if they constitute common areas, even if they are located outside the building or fraction, whose uses are accessory to the use for which the building or fraction is intended, with garages and parking lots, storage rooms, animal facilities, accessible attics or basements and balconies being considered accessory places for this purpose, provided that they are not part of the private gross area, as well as other private places with a function other than the above (source: IMI Code).
Gross private area (GPA): Is the total surface area, measured by the outer perimeter and axes of the walls or other separating elements of the buildings or fraction, including private enclosed balconies, basements and private attics with the same use as the building or fraction (source: IMI Code).
Apartment: family dwelling in a permanent construction with more than one home whose main entrance normally gives onto a staircase, corridor or courtyard. (source: INE).
Works completion date: applies only in case of finished works, the year and month in which the owner / contractor understands that the accommodation is ready to be inhabited. In the case of houses with housing / habitability (?) license, corresponds to the year and month of license application. In the case of buildings subject to reconstruction works, it is presumed that the date of reconstruction overrides the date of original construction (source: adapted from INE)
Date of offer: year and month in which the accommodation was placed on offer or raised (in the case of real estate brokerage firms).
Transaction date: year and month in which the accommodation has been under promissory contract of purchase and sale or deed, in case of absence of promissory contract.
Dwelling: Part or entirety of a building with independent access and consisting of one or more compartments intended for housing and complementary private spaces (source: INE).
New dwelling: dwelling transacted in the first hand by the developer or that, as a resale, does not have more than five years from the completion of the construction work or reconstruction / renewal. It also includes sales of dwellings still in sketch or under construction.
Villa: accommodation in an isolated, twinned or rowed building, which corresponds to only one family accommodation unit and whose main entrance generally giving onto a street or the land surrounding the building. (source: INE).
Reconstruction / renewal work:: Full building work, through a real estate development operation, covering all fractions and common parts.
Type of dwelling: The type of house/dwelling is defined by the number of bedrooms (source: RGEU).

Statistical indicators

Daily rate: Rate charged for each day of accommodation.
Sold dwellings (Nº): It is an estimation of the total number of houses transitioned in the market. Its calculation is based on the most recent data on transactions published by INE, projecting them temporally considering the activity’s evolution from a panel composed by the most relevant companies that integrate SIR’s database. Considering that INE’s statistics do not go down beyond the region and do not segment by type and typology, the data’s segmentation results from the application of the SIR sales structure to the regional’s totals.
Price adjustment level: measures the level of price adjustment (or rents) between real demand and the offer in the market. It is calculated by the percentage difference between the average price of the traded dwellings and the average value of supply of all the dwellings available for sale. It differs from the discount by having in the denominator the value of all dwellings on offer (and not just the dwellings transacted).
Offer: count of the number of dwellings on offer during the period under review (quarter or year), including houses/dwellings sold (or leased, in the case of the offer for rental) in that period.
Percentage of revised dwellings: represents to the percentage of dwellings with price revision, being calculated by the ratio between the number of dwellings with price revision and the number of dwellings on offer in the quarter under analysis.
Price/m²: ratio between the transaction price and the private gross area.
Transaction Price: Amount borne by the purchaser in the purchase of accommodation, not including taxes. In the case of transactions resulting from the action of a real estate agent, the price corresponds to the amount on which the mediation commission is calculated.
Updated Transacion Prices: Correspond to residential transactions prices obtained from SIR - Residential Information System. The data presented in the Micro-SIR always refer to transaction prices updated for the present (PVA). The system allows the user to define the time window to be used, up to a limit of 24 months. Thus, to ensure the data temporal comparability, prices are homogenized based on forecasting models and the application of local price indices, produced by Confidencial Imobiliário.
Rent/m²: ratio between contract rent and the private gross area.
Requested rent/m²: ratio between the offer rent and the private gross area.
REVPAR (revenue per available room): Division of the total revenue obtained for the accommodation in the period (e.g. month) by the number of days in that same period.
Accumulated discount and revision rate: reflects the percentage difference between the initial offer value and the final sale price of the properties, thus reflecting the combined effect of eventual price revisions and final discounts. In the case of the rental market, are used the contract rent and the initial rent requested
Discount rate: measures the difference between the final sale price and the last offer value of the traded dwellings. The property is calculated by the average percentage difference between the transaction price and the offer value that prevailed in the period in which the sale of the dwellings took place.
Occupancy rate: Percentage of days of the month the accommodation is occupied.
Revision rate: It measures the revision in the value of the offer introduced by the owners in the value of the respective properties on offer (variation in the price lists). It is calculated by the average of the percentage change of the offer values in two consecutive quarters, regardless of whether there are transactions or not. Only the dwellings with a change in the offer value compete for this clearance.
Absorption time: average number of months between the placement in offer and the transaction (or lease, in the case of the rental market).
Offer value/m²: ratio between the offer value and the private gross area of the dwellings
Values per range (low, medium low, medium, medium high and high): correspond respectively to the 5 percentile, 25 percentile (the same as 1st quantil), mean, 75 percentile (the same as 3rd quantil) and 95 percentile of prices (or values) in the market segment under analysis.

Release routines

Quarterly data release: SIR has a preliminary data release routine, which precedes the final data publication. Preliminary data is based on information reported by real estate brokerage networks (which are the main data contributors to the system). The definitive ones are based on the universe of operators that integrate the system, including the other real estate agencies, real estate developers, investors and credit institutions. Thus, data for quarter t has a preliminary version and a final version that is published together with the preliminary data for quarter t+1 release. Considering that the preliminary results are less representative for the new homes segment, the number of transactions estimation is based on the structure computed from the previous quarter definitive results.
Montlhy data release: The data from the real estate brokerage networks, in addition to supporting the preliminary dissemination of data, also support the monthly dissemination of data.