House prices drop further

21/12/2010 15:00

Prices of existing owner-occupied houses sold in November 2010 were on average 1.1 percent lower than in November 2009. According to the price index of existing residential property – a joint publication by Statistics Netherlands and the Land Registry Office – the price drop was the same as in October. House prices have been lower than twelve months previously for nearly two years now. In November, house prices were 7 percent below the level of August 2008, when they reached the highest level ever.

Compared with one year previously, prices of semi-detached houses dropped most in November 2010. Prices were 1.8 percent lower than in November 2009. Flats, terraced houses and corner houses also became cheaper. Prices of detached houses hardly changed.

House price developments varied substantially across the Dutch provinces. In Overijssel, prices rose by 1.5 percent. Prices were also up in the provinces of Friesland and Zeeland. In all other provinces, residential property prices were lower than one year previously. The most dramatic price drop was recorded in Flevoland (3.7 percent).

House prices also dropped relative to October 2010 (by 0.3 percent). The price drop is less substantial than in October, when house prices were 0.5 percent down on the previous month.

Over 10 thousand existing houses were sold in November, i.e. an increase by 1 percent relative to November 2009. More houses were sold in the more expensive segments of the property market, but slightly fewer flats and terraced houses. The number of houses sold in the first eleven months of 2010 was the same as in the first eleven months of 2009. 

Prices of existing own homes

Prices of existing own homes

More figures can be found on the theme page Prices.