House prices nearly 1 percent down in November

House prices up by 0.5 percent on October

Relative to October, the price index of existing owner-occupied dwellings increased by 0.5 percent in November. House prices reached a low in June 2013; they subsequently followed an upward trend until August 2022. Then the trend reversed and the price index fell until June 2023. Since then, prices of owner-occupied dwellings went up again. In November, house prices were nearly 93 percent higher than during the low in June 2013.

More housing transactions in November

According to The Netherlands’ Cadastre, the total number of housing transactions recorded over the month of November stands at 15,248. This is almost 1 percent more than one year previously. In the first eleven months of this year, altogether 162,838 dwellings changed owners, representing a decrease of over 5 percent on the same period in 2022.

In November, the average transaction price for owner-occupied dwellings was 421,284 euros. The average selling price may show a different trend than the price index for existing owner-occupied dwellings published by CBS and The Netherlands’ Cadastre, Land Registry and Mapping Agency. Unlike the price index, the average transaction price does not take into account differences in the quality of dwellings. In order to determine price developments of existing owner-occupied dwellings, it is therefore better to use the price index.

As of reporting month January 2024, the base year of the Price Index for Existing Owner-occupied Dwellings will be adjusted from 2015 to 2020. The first figures of this new series will be published in February 2024. These figures will be included in a new Statline table. The old series (base year = 2015) can still be accessed via StatLine, but will no longer be updated.