House prices in Utrecht now also above pre-crisis level

In Q3 2016, prices of owner-occupied houses in the municipality of Utrecht exceeded the pre-recession level for the first time. In Amsterdam this has already been the case during the past three quarters. Across all provinces and in the four major Dutch cities, the average price level of owner-occupied homes (excluding new constructions) was higher in Q3 than in the same period last year. This is shown in a survey on price developments of privately-owned residential property in the Netherlands published by Statistics Netherlands (CBS) and the Land Registry Office (Kadaster).

Prices of owner-occupied homes (excluding new constructions) in Utrecht peaked in Q3 2008. Subsequently, prices plummeted by more than 17 percent to a low in Q2 2013. Now, more than three years later, prices are nearly 2 percent above the peak level reached in 2008.

Price index of existing owner-occupied dwellings
Price index of existing owner-occupied dwellings
2006 I97.188.3
2006 II98.290
2006 III99.592.3
2006 IV99.992.7
2007 I10195.4
2007 II102.397.1
2007 III103.8100.3
2007 IV104.2101.5
2008 I105.4104.1
2008 II105.5103.6
2008 III106.7106.1
2008 IV105.9105.2
2009 I105.2104.9
2009 II102.5101.5
2009 III101.1101.3
2009 IV100.3100.5
2010 I100.1100.2
2010 II100.399.3
2010 III100.4100.7
2010 IV99.299.9
2011 I98.7101.8
2011 II98.399.2
2011 III97.5100.7
2011 IV95.899
2012 I94.698.4
2012 II92.895.9
2012 III89.190.7
2012 IV88.590.7
2013 I86.589.3
2013 II84.787.6
2013 III85.188.9
2013 IV84.889.1
2014 I85.288.7
2014 II85.890.3
2014 III86.691.7
2014 IV86.692.7
2015 I87.394.8
2015 II87.995.1
2015 III89.198.4
2015 IV89.799.3
2016 I90.8102.1
2016 II91.8104.4
2016 III94.1108.1

Year-on-year house prices higher throughout the country

Across all provinces and in the four major cities, residential property prices were higher in Q3 than in Q3 2015. For the tenth time in a row, prices rose most rapidly in the province of Noord-Holland (9 percent). Amsterdam, where prices soared by an average of more than 14 percent on a year-on-year basis, contributed most to the price increase in Noord-Holland.

In the provinces of Utrecht (6.9 percent) and Groningen (6.7 percent), the price rise was also above the nationwide average of 5.6 percent. The same applies to the other three major cities Utrecht (9.8 percent), The Hague (8.4 percent) and Rotterdam (7.5 percent).

Price development existing owner-occupied dwellings by region, 2016-III
Price development existing owner-occupied dwellings by region, 2016-III
Den Haag8.4

Prices of flats nearly 8 percent up

All types of dwellings are more expensive than one year previously. Flat prices rose most, by nearly 8 percent. This has to do with house price developments in the four largest cities, where flats make up a relatively large part of the dwelling stock. Prices of detached houses rose only 4.3 percent.

For all other types of residential property, apart from detached houses, this is the highest price rise in the past 14 years. The price rise for detached houses is the highest in 8 years.

More older, fewer younger buyers

Relative to seven years ago, there is a shift in the share of younger versus older buyers. The share of buyers under the age of 25 was reduced by half from 20 to 10 percent. Over the same period, the share of buyers aged 65 and older has in fact doubled from 3 to 6 percent. In Q3 2009 and 2016, a vast majority of buyers were in the 25-34 age bracket.

Share in house purchases
Share in house purchases
 < 25 years25-34 years35-44 years45-54 years55-65 years65 years and older