House prices in Rotterdam above pre-crisis level

20/01/2017 15:00
In Q4 2016, prices of owner-occupied houses in the municipality of Rotterdam exceeded the pre-recession level for the first time. Across all provinces, the average price level of owner-occupied homes (excluding new constructions) was higher in Q4 2016 than one year previously. House sales reached an all-time high in 2016, as 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).

Price index of existing owner-occupied dwellings

Prices of owner-occupied homes (excluding new constructions) in Rotterdam peaked in Q3 2008 but plummeted by almost 16 percent to a low in Q2 2013. Now, over three years later, prices are 2 percent above the peak level reached in 2008. Among the four major cities, only in The Hague are prices still below the level of 2008.

Year-on-year house prices higher across the country

Across all provinces and in the four major cities, residential property prices were up in Q4 relative to Q4 2015. In Amsterdam, prices soared with an average increase of 14.4 percent year-on-year. Partly as a result of this price surge, the province of Noord-Holland had the highest average increase among all provinces at 9.2 percent.

Year-on-year price increases in Q4 2016 exceeded the nationwide average of 6.1 percent increase in the provinces of Utrecht (7.9 percent), Groningen (6.8 percent), Flevoland (6.3 percent) and Zuid-Holland (6.1 percent).

Price development existing owner-occupied dwellings by region, 2016-IV

All dwelling types up in price

All different types of dwelling were more expensive than one year previously in Q4, with flat prices rising most significantly at 8.6 percent. Prices of detached houses saw relatively the lowest increase at 4.3 percent.

Highest house sales ever

During 2016 a record total of 214,793 houses were sold, the highest number since the start of the joint publication in 1995 by CBS and Kadaster. This amounts to a total transaction value of more than 52 billion. A peak was reached in December with 25,280 transactions.

House sales in the Netherlands

Sales boomed in all 12 provinces, with Gelderland, Utrecht, Noord-Holland, Zuid-Holland and Noord-Brabant reaching record levels since the start of the measurement.

The volume of sales was substantial and considerably larger in 2016 compared to the previous year for all types of dwelling. Sales of flats, corner houses and detached houses reached the highest-ever volumes on record.

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