The data displays the house price index in real terms (RHPI) of Belgium, Luxembourg and the Netherlands compared to other Western European countries from the first quarter of 2010 to the first quarter of 2018. The RHPI measures price changes of single-family properties, adjusted for the impact of inflation. Real values are calculated using the so-called Personal Consumption Expenditure Deflator (PCE). This PCE, so the theory goes, includes expenditures that are not counted in the Consumer Price Index(CPI), such as medical and health care expenses paid by employers and other national health programs.
