Introduction
I. Scope
II. Design
III. Organization
IV. Data collection
V. Disaggregation of Data
VI. Revision
VII. Publication
VIII. Assessment
IX. Management
Introduction:
The General Authority for Statistics (GaStat) applies in its statistical work a unified methodology that conforms with the nature of each statistical product. It depends on the Handbook of Statistical Works Procedures, which is compatible with internationally approved procedures. Statistical products go through eight major stages, in addition to a ninth one represented in the
comprehensive“management” stage, as illustrated in the following figure and the subsequent explanation:
The first three stages (scope, design and organization) are collaborative stages between GaStat and its
clients who are data users from development entities. The fourth stage (data collection) is a collaborative stage between GaStat and the statistical population, whether they are households or establishments, to take data and information. The remaining stages (disaggregation, reviewing and publication) are statistical and are undertaken by GaStat. Afterwards, the eighth stage (assessment) is again done in collaboration with the clients. The management stage is administrative and organizational and spans all other stages.
Those stages have been applied to the real estate price index bulletin methodology as follows:
Those stages have been applied to the real estate price index bulletin methodology as follows:
First Stage: Scope:
It is the starting point for producing the real estate price index. It is also the first collaborative stage between GaStat and its partners who are governmental entities concerned with price statistics in the Kingdom, namely the Ministry of Justice as the official source of data on the real estate sector in the Kingdom and the Saudi Arabian Monetary Authority. They are the main beneficiaries of the real estate price index statistics. Workshops and meetings were held at this stage between GaStat and those parties to better understand their needs and know their requirements.
The views of both parties were taken into account to ensure the attainment of all the goals of the real estate price index, which can be summed up as follows:
1. To develop advanced real estate statistical indicators that measure the performance of the real estate market in the Kingdom.
2. To close the data gap in real estate sector.
3. To meet international, regional and domestic requirements in this regard.
It has been confirmed in this stage that all published statistics will contribute to fulfilling the requirements of Saudi Vision 2030 and meeting other regional requirements, such as the requirements of the GCC Statistical Center, and international requirements, such as the requirements of the United Nations Statistics Division and the G20 requirementsof closing the real estate data gap.
Second Stage: Design:
This stage is for designing statistical work as an integrated product and involves identifying the method and tools of data collection. Clients are made partners in all those procedures to benefit from their observations to meet all requirements and include them in the statistical product.
The most important outputs of this stage are:
1. Statistical sources:
The real estate price index is based on the real estate transactions data that are available and registered in the Ministry of Justice in its capacity as the only official reference and source of data on the real estate sector in the Kingdom. Those data are an outcome of the processes of electronic registration and documentation conducted in the ministry. GaStat is provided with such data to calculate its indicators and issue them in the real estate price index bulletin.
2. Identifying required data from administrative records:
GaStat completed detailed data on notarized real estate transactions in cities representing all administrative regions based on a number of variables, such as the value of the real estate transaction, its area, its sector (residential/ commercial/agricultural), real estate type (residential plot/residential building/ villa/ apartment/ house/ commercial plot/ commercial building/ gallery/ shop/ mall/ agricultural land) and its geographical location (region/ city/ district), which achieves the objectives of calculating the price index for the various real estate sectors: residential, commercial and agricultural. The real estate price index is calculated on a quarterly basis.
3. Setting the Base Year:
After studying and evaluating real estate transactions data submitted by the Ministry of Justice for the period (1/2012- 6/2016), the base year was set to be (2014 = 100).
4. Real Estate Price Index Terminology and Concepts:
4.1 Index Number: Index number is a rational number that measures variation in one or more phenomena. It is calculated by dividing its facevalueat the comparison period by its value at the base period.
4.2 Real Estate Price Index: It is a statistical tool for measuring the relative change in real estate prices between two periods of time.
4.3 Relative Importance of a Real Estate Type: It is the ratio of the total value of transactions for one real estate type to the total value of transactions for all real estate types in the base year.
4.4 Base Year: It is the year or a period which the prices of the comparison year or comparison period are attributed to. When the base year is chosen, it should be a normal period characterized by stability and being free from sudden and serious conditions, such as economic crises and wars. It must also be relatively close to the comparison period.
5. Indicators:
Calculation/Description Equation
The following Laspeyres formula is used:
District i Relative importance wt
Real estate type k Current price P1
Previous price: P0
Current price: It is the registered price of one square meter of a real estate type in the current period.
Previous price: It is the registered price of one square meter of a real estate type in the previous period.
6. Used statistical classifications:
Classification is defined as being an arranged set of related categories used for data collection according to similarity. It is the basis for collecting and publishing data in all statistical fields, such as economic activity, products, expenditures, jobs or health, etc. It allows for classifying data and information through putting them into meaningful categories to produce useful statistics, considering that data collection requires precise and methodological arrangement in accordance with their common features so that the statistics can be reliable and comparable. Data collection for the real estate price index depended on classifying those data, into three main sectors:
a. Residential Sector: It includes residential plots, residential buildings, villas, apartments or houses.
b. Commercial Sector: It includes commercial plots, commercial buildings, galleries (shops), or malls.
c. Agricultural Sector: It includes agricultural lands.
7. Relative Importance (Weighting):
Weighting is done by calculating the value of real estate transactions for each real estate type in the index in every district, city and region in the base year.
8. Coverage:
Spatial Coverage: The real estate price index covers all administrative regions of the Kingdom, despite the fact that some administrative regions constitute a very small percentage of the total value of transactions at the level of the Kingdom. The administrative regions of Riyadh, Makkah, Madinah and the Eastern Region make up 92% of the value of total transactions at the level of the Kingdom.
Temporal Coverage: GaStat is provided with the data of all real estate transactions carried out in urban districts covered by the survey on a monthly basis (at the end of each calendar month).
Third Stage: Organization
It is the final preparation stage and precedes data collection. In this stage, the required workflow procedures are established for preparing the real estate price index, starting with the collection stage and ending with the assessment stage and the organization and grouping of those procedures. The optimal sequence of those procedures is chosen to arrive at a methodology that achieves the goals of the real estate price index. A review was made in this stage of the procedures that were taken upon the preparation of the previous version of the consumer price index to develop the work procedures in the current version. Those procedures were also described and documented to facilitate any updates in future rounds. The statistical workflow procedures were tested and examined to ensure their compliance with the requirements of preparing the real estate price index, approve the procedures of the statistical workflow, and put a road map for implementation.
Fourth Stage: Data Collection:
GaStat coordinated with the Ministry of Justice to obtain the data of the real estate price index calculation. The Ministry Of Justice provides GaStat with data of notarized real estate transactions through a link on a monthly basis (at the end of every month). Those data are stored on GaStat’s database. The process of checking and reviewing them is done according to scientific statistical methodology and recognized quality standards in coordination with the issuer of data.
Fifth Stage: Disaggregation of Data:
The disaggregation of the raw data of the real estate price index used the inputs of classification and coding completed during the data collection process, whether they are classifications and statistical coding guides mentioned in the design stage (classification into three main sectors, residential, commercial , and agricultural data) or other classifications such as the geographic classification of data, e.g. data distribution across administrative regions.
Data on real estate price index have been displayed in suitable tables to facilitate the process of summarizing, understanding and comprehending them and also drawing conclusions from them, in addition to comparing them to other data and extracting meaningful statistical implications from them. It is easy to refer to the data in the form of clear tables.
Data are processed in this stage through taking a number of steps, mainly:
First: Verifying data comprehensiveness and consistency:
Data are reviewed and matched to ensure their accuracy and precision in a way that suits their nature with the aim of giving the bulletin statistics quality and accuracy. The data of the current round of the bulletin are compared with the data of the previous round to make sure of their correctness and consistency as a prelude to processing data and extracting and reviewing results in the stages that follow the disaggregation stage.
Second: Data anonymization:
Data are confidentially preserved in GaStat and are only used for statistical purposes. Published materials are only accumulated statistical tables for a number of variables in relation to the real estate price index.
Sixth Stage: Reviewing:
First: Verifying data outputs:
After reviewing and verifying the data of records in the fourth stage, GaStat calculates and extracts results, and uploads and stores outputs in the database. Afterwards, final reviewing processes are conducted by specialists in price statistics using modern technologies and software designed for the purposes of reviewing and checking.
Second: Handling of confidential data:
Pursuant to Royal Decree No.23 dated 07/12/1397, GaStat is committed to the absolute confidentiality of all completed data and not using them except for statistical purposes. Therefore, data are safely stored on GaStat’s servers.
Seventh Stage: Publication:
First: Preparing and setting data for publication:
In this stage, GaStat coordinates, organizes and reviews the data of the administrative records of the real estate price index. Afterwards, it sets and prepares publication tables and graphs for data and indicators and descriptive and methodological data are added to them as is the case in this report. The index is prepared in Arabic and English.
Second: Preparing media material and announcing the date of releasing the bulletin:
GaStat announces the date of releasing the bulletin on its official website at the beginning of the calendar year. The authority also prepares in this stage the media material of the announcement of issuing the bulletin on all media outlets as well as its various social media platforms. The announcement is made on the release date. The bulletin is published on the official website in various templates as open data in Excel format to guarantee its circulation and accessibility to all clients and parties interested in real estate prices. The bulletin is included in the website’s statistics library.
Third: Communicating with the clients and providing them with the bulletin:
GaStat pays great importance to communicating with the clients who use the data. Therefore, GaStat communicates with the clients upon the release of the real estate price index bulletin to provide them with it. GaStat also receives the clients’ questions, enquiries and requests with regard to the bulletin and its results through all communication channels:
- GASTAT official website www.stats.gov.sa
- GASTAT official e-mail info@stats.gov.sa
- Client support’s email cs@stats.gov.sa
- Visiting GASTAT head office in Riyadh or in one of its branches in Saudi Arabia
- Official letters
- Statistical helpline (920020081)
Fourth: Published Content Preservation:
To maintain data confidentiality, GaStat removed identifiers of a set of input data from administrative records, such as hiding the identity of individuals or establishments in a real estate transaction to ensure privacy.
Eighth Stage: Assessment:
After the bulletin is released and received by all GaStat’s clients, the clients are contacted again in this stage which allows for assessing the whole statistical process that was carried out, with the aim of constant improvement to obtain high-quality data. The improvements may include methodologies, processes, systems, statistical researchers’ skill and statistical frameworks. This stage is done in collaboration with data users and GaStat’s clients through a number of steps:
First: Collecting measurable assessment inputs:
Main comments and remarks are collected and documented from their sources at all stages, such as the remarks deduced by specialists concerned with reviewing, checking and analyzing data collected from administrative records. Comments and remarks presented by data users are collected and documented after publication, in addition to what is being monitored via media outlets or the clients’ remarks which GaStat receives through its main channels.
Second: Assessment:
Collected assessment inputs are analyzed, and the results of such analysis are compared with pre-anticipated results. On that basis, a number of improvements and possible solutions are defined and discussed with specialists and experts. The concerned parties are also engaged in the matter. This step also involves performance measurement of the clients’ use of the results of the real estate price index bulletin and their satisfaction with it. An agreement will be made on the basis of those procedures on the suggested recommendations to obtain high-quality data in the coming real estate price index bulletins.
Ninth Stage: Management:
This stage is comprehensive and spans every stage of producing the real estate price index bulletin. It involves drawing up the general production plan which includes feasibility study, risk management, means of funding and spending mechanisms with regard to the bulletin, as well as developing performance indicators, quality parameters, human resources map necessary for production, following up on the execution of tasks assigned to all departments in every stage, and making reports to ensure that the authority fulfills its commitments towards its clients.
عنوان الملف:
Metadata Report of Real Estate Price Index
نوع الصفحة:
بيانات الوصفية