25 October 2022, by Victoria Séveno
The Dutch housing market continues to cool, with recent figures published by Statistics Netherlands (CBS) revealing that house prices have experienced the largest month-on-month decrease since May 2013.
House prices in the Netherlands fall by 0,7 percent
In the past, Dutch house prices have risen steadily since the market reached a low point over the summer of 2013. However, the new data from CBS reveals that, while prices across a number of cities remain high, the cost of buying a house in the Netherlands has continued to fall – albeit at a slow rate.
September marked the fifth consecutive month that house prices were lower than the previous month. While prices rose by 9,4 percent between September 2021 and last month, they’ve fallen by approximately 0,7 percent since the summer. CBS economist Frank Notten told De Telegraaf that the shocking price increases seen at the start of this year are “really a thing of the past.”
Dutch housing market is cooling off – but prices remain high
While these figures aren’t as dramatic as those recorded by real estate association NVM, CBS’ report confirms that the Dutch housing market really is at a turning point. Housing experts, economists and bankers have attributed the falling prices to a variety of factors, most notably the rising interest rates on mortgages, but also the high cost of energy and record-breaking rate of inflation.
However, the Netherlands continues to face a severe housing shortage, significantly affecting the availability of affordable property in popular cities like Amsterdam and Utrecht, meaning many homes continue to be sold for more than the asking price.