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Dutch House Prices Dip 2.3% in October

Categories: Housing,Latest News

The Dutch housing market has long been a subject of intrigue, especially for expats looking to make the Netherlands their home. Recently, some distinct shifts in Dutch house prices have been observed in the market, painting an interesting picture for potential homeowners.

a row of Dutch Houses along a canal

The Numbers

According to recent reports from Statistics Netherlands (CBS), there has been a 2.3% decrease in house prices compared to the previous year. In a surprising twist, however, there was a minor uptick of 0.7% in house prices in October compared to September 2023.

This minor increase is part of a larger narrative that began in June 2013 when house prices hit their lowest point. Since then, the market has witnessed a remarkable revival, with house prices escalating by a whopping 92.0%.

The number of housing transactions also plays a significant role in understanding the market’s pulse. October experienced a nearly 6% rise in housing transactions compared to the previous year. However, a broader look at the total transactions from January to October 2023 reveals a drop of almost 6% compared to the same period in 2022.

For expats, navigating the Dutch housing market can be a complex task. One crucial aspect is the difference between the average transaction price and the price index. While the average transaction price provides a general snapshot of the cost of acquiring a home, the price index offers a more detailed view, factoring in variations in dwelling quality. In October, the average transaction price for owner-occupied dwellings stood at 424,521 euros. However, this figure may not fully represent the market’s nuances, as it doesn’t account for differences in the dwelling quality.

These two indicators – the price index and transaction volumes – are instrumental for expats aiming to make informed decisions about purchasing property in the Netherlands.

common questions buying first house in netherlands tax

Increased transactions

The housing market’s dynamism is further reflected in the number of transactions. In October alone, The Netherlands’ Cadastre recorded approximately 15,705 housing transactions, marking an almost 6 percent increase from the previous year. Despite this monthly surge, the cumulative transactions for the first ten months of 2023 (147,590) have fallen nearly 6 percent compared to the same period in 2022.

The Current Market

The current trends in the market depict a fascinating mix of recovery and adjustment. On one hand, the increase in Dutch house prices and the number of transactions in October indicates a market rebound. On the other hand, the overall decrease in prices compared to the previous year signifies a market still finding its equilibrium.

For expats, staying abreast of these trends and understanding the market’s underlying dynamics is crucial to making smart housing decisions in the Netherlands. Luckily, on 25 January, Expat Republic and Welocate have put together an informative webinar that will let you know about the current housing market, inform you of the process of buying a house in the Netherlands, and provide buying tips as well as how to avoid pitfalls.