Property values well below 2007 levels

The value of homes fell sharply last year to below the price level of 2007. On the qualifying date of January 1st 2014 the average WOZ value amounted to 211 thousand euros, a decrease of more than 5 percent in a year. WOZ stands for Value of Immovable Property (Waarde Onroerende Zaken) and is used by municipalities and the tax authorities for the establishment of municipal and income taxes. The highest WOZ value was recorded in 2010 with an average of 242 thousand euros. After that the WOZ value began to decline in the wake of sharply falling house prices in the housing market. The WOZ value is generally a year behind the house prices. Houses are the most expensive in the province of Utrecht and cheapest in Groningen. The average value of a home in Utrecht is 249 thousand euros, in Groningen it is 90 thousand euros less.