Sustained drop Dutch residential property prices

Sustained drop Dutch residential property prices

Prices of existing owner-occupied houses in the Netherlands were on average 4.0 percent lower in December 2011 than in December 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 much more substantial than in November (3.3 percent). This is the lowest price level in more than six years.

All types of dwellings were cheaper in December 2011 than in December 2010. With 4.8 percent, prices for flats declined most. Prices of terraced houses dropped the least (3.1 percent).

Residential property prices fell across all provinces. With more than 5 percent, prices declined most notably in Friesland and North Brabant. With 1 percent, the drop in residential property prices was relatively small in Zeeland.

Prices of existing owner-occupied houses dropped by 0.9 percent in December 2011 relative to the preceding month. December was the fifth consecutive month in which prices fell.

Over 13 thousand existing owner-occupied houses changed hands in December, i.e. 7 percent down on the level recorded in December 2010. Almost 121 thousand houses were sold throughout 2011, a decline by over 4 percent compared to 2010.

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