Dutch house prices are dropping faster

Dutch house prices are dropping faster

Prices of existing owner-occupied houses in the Netherlands were on average 3.3 percent lower in November 2011 than in November 2010. According to the price index of existing residential property – a joint publication by Statistics Netherlands and the Land Registry Office – the price drop is more substantial than in October (2.8 percent).

All types of dwellings were cheaper in November 2011 than in the same month last year. With 3.9 percent, prices for detached houses declined most. Prices of terraced houses declined the least (2.9 percent).

Prices fell across virtually all provinces. With 7 percent, residential property prices declined most notably in Friesland. In Gelderland, Overijssel and Groningen prices also dropped significantly. Zeeland was the only province where residential property prices were the same as one year before.

Prices declined by 0.8 percent in November 2011 relative to the preceding month versus 0.4 percent in October 2011 relative to the preceding month.

Nearly 9.5 thousand existing owner-occupied houses changed hands in November, 6 percent below the level recorded in November 2010. Over the first eleven months of this year, almost 108 thousand houses were sold, a decline by nearly 4 percent from the same period last year.

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