Dutch housing price increase among the most acute in the EU, but sales fell by 10%
Home sales prices in the Netherlands showed the fifth highest increase among the 27 European Union countries during the second quarter, said Statistics Netherlands on the basis of data from the Kadaster land registry and European statistics office Eurostat. The prices on the Dutch market rose by about 18.2 person compared to the same quarter a year earlier.
Sales prices showed the highest increase in Estonia, where year-to-year prices jumped by 27.4 percent. The Czech Republic (23.1 percent), Hungary (22.8 percent) and Lithuania (22.1 percent) also posted price hikes above the Netherlands.
On average, existing owner-occupied homes and newly-built homes sold in the European Union at a price that ten percent more expensive than the second quarter of 2021. The countries showing the lowest increase were Cyprus (2.0 percent), Finland (2.2 percent), Denmark (2.8 percent), and Italy (5.2 percent). Just south of the Dutch border, Belgium had the fifth-lowest increase at 5.9 percent.
The Dutch price increase was largely driven by an average 18.4 percent spike on existing owner-occupied homes. Newly-built homes rose in price by an average of 16.9 percent. "As a result, the average sales price of a new construction owner-occupied home also exceeded half a million euros for the first time," Statistics Netherlands said.
Property sales in the Netherlands continued on a trend where the number of closings fell compared to the previous year. "In the second quarter of 2022, more than 47 thousand existing owner-occupied homes were sold. This is a decrease of 10.2 percent compared to the same quarter a year earlier, but 7.9 percent more than in the first quarter of 2022." the Dutch stats office said.
In the third quarter of 2022, the average sales price fell by a surprisingly high 5.8 percent compared to a quarter earlier, the fastest-ever quarterly decline that realtor association NVM ever measured. Still, the average price of 425,000 euros was about two percent higher compared to the third quarter of 2021.