In the third quarter of 2015, prices of owner-occupied houses (excluding new constructions) rose most rapidly in Amsterdam. In the other three major Dutch cities and in eleven provinces, house prices were also higher than one year previously. Zeeland was the only province where residential property prices were below the level of one year previously, as the price index of owner-occupied houses – a joint publication by Statistics Netherlands (CBS) and the Land Registry Office – shows. As the situation on the housing market is improving, prices of housing market-related services are also rising.
Substantial price increase in major Dutch cities
In the third quarter of 2015, year-on-year residential property prices were again considerably higher. With nearly 10 percent, house prices increased most in Amsterdam. In the other three major cities, prices also rose considerably. In the municipality of Utrecht, dwellings were 7.3 percent up from the third quarter of 2014. In Rotterdam and The Hague, prices increased by 5.0 and 4.1 percent respectively. For Rotterdam and Utrecht these were the most noticeable price increases since the start of the crisis on the housing market in 2008.
Highest year-on-year price increase in North Holland, lowest in the Zeeland
Zeeland is the only Dutch province where residential property prices fell relative to one year previously. House prices were 0.7 percent down. The increase in the number of transactions is also lagging behind compared to the rest of the Netherlands. The price increase was most substantial in the provinces of North-Holland, Utrecht and South-Holland.
All types of dwellings more expensive
Just as in the preceding five quarters, prices of all types of dwellings have risen in the third quarter of 2015. Prices of flats and corner houses grew most rapidly, by 4.2 and 4.1 percent respectively; prices of detached houses increased the least.
Modest rise in housing market-related services
As the housing market picks up, prices of housing market-related services also increase modestly. Prices of surveyor services have risen over the past quarters. In the second quarter of 2015, prices were 2.7 percent up from one year previously. Prices of services provided by estate agents were 0.4 percent higher than one year previously. This was the first price increase since the fourth quarter of 2009. As yet, the improved situation on the housing market has not affected prices of notarial services regarding property transactions, like the signing of the deed of purchase or the registration of mortgage agreements. These prices have been falling for some time now, partly due to the release of fixed fees for notary services.