Renovating empty shops can create thousands of homes: Realtors group

Converting vacant stores into residential housing can create 6,500 homes in the coming years, the realtors association NVM stated. This could help with the growing housing shortage in the Netherlands, they said.

At the start of 2021 there was an estimated shortage of 330 thousand housing units in the country.

NVM Business chair Sander Heidinga described the idea as, "A very interesting and realistic task." Since the start of the pandemic there has been a larger preference for online shopping, reducing the need for brick-and-mortar storefronts.

Heidinga said he believes up to 800 thousand square meters of vacant space is available in the Netherlands due to empty stores.

The obstacle is that changing the functional use of a commercial space must be in accordance with the zoning plan for the area. The location of the property, costs of renovation, and availability of daylight also play a role in the feasibility of renovating stores. Cooperation between the municipalities, property owners and brokers is also crucial.

The NVM registered the largest increase in housing prices this year since 1995. Home prices were almost a fifth higher in the second quarter than they had been last year. There is also a substantial shortfall of properties on the market, with many people looking to buy a home.

As a result, ABN Amro predicted home prices will rise 12.5 percent this year.