Housing market recovering faster than expected

houe for sale/sold sign

The housing market in the Netherlands is recovering much faster than previously expected. This year may show a 10 percent increase in the number of homes sold compared to last year.

This is according to a report on the housing market by ABN Amro's economic office, NU reports. "The results exceed our expectations.", ABN Amro economist Philip Bokeloh said.

According to the bank, an important factor in the strong recovery is the low mortgage rates. The improvement of the labor market and growth in disposable income also had a favorable roll.

House prices are also rising faster than ABN Amro expected. The bank now expects an increase of 3 percent, compared to the 1 percent increase that was previously predicted.