Home prices jumped over 10% in almost all of the Netherlands' 25 largest municipalities

Home prices in the Netherlands have been rising significantly again in recent months. All 25 of the largest municipalities saw significant price increases in the third quarter, and most saw existing home prices jump by 10 percent or more, according to figures published by Statistics Netherlands (CBS) and the Land Registry on Monday.

Utrecht city saw the biggest price increase, with existing owner-occupied homes costing 18.4 percent more than they did in the third quarter last year. Amsterdam is the only other one of the big four that saw a price increase of over ten percent (+10.1 percent). Home prices in The Hague increased by 9.9 percent, and Rotterdam saw an 8.9 percent increase. Eindhoven, the Netherlands’ fifth largest city, saw home prices jump by 15.5 percent, the third largest increase among the 25 largest municipalities.

Of the non-big four large cities, Haarlem home prices increased the most at 16.4 percent, followed by Eindhoven, Almere (+14.2 percent), and Arnhem (+13.7 percent).

Leeuwarden had the smallest home price increase (+6.4 percent), followed by Zwolle (+8.5 percent), Rotterdam, Ede (+9.3 percent), and Zaanstad (+9.4 percent).

Home prices in the Netherlands peaked in mid-2022 and then fell for a few quarters as interest rates increased.

In the 21 large municipalities excluding the big four, prices of owner-occupied homes have been rising again since the second or third quarter of 2023. Home prices in all 21 municipalities are now again higher than the 2022 peak. In Eindhoven, prices were 14.3 percent higher than the previous peak - the largest difference of the 21 municipalities. Zaanstad had the smallest difference at 4.2 percent higher than the previous peak.

Home prices in the Netherlands keep rising mainly because of a major housing shortage in the country. Wages have also increased and interest rates are dropping, giving buyers more room to borrow on their mortgage. These factors combined mean that buyers bid more than the asking price to secure a home, pushing home prices even higher. Overbidding happened in two-thirds of home sales in the third quarter.