Dutch house prices skyrocket; biggest increase since 2002

In December home prices in the Netherlands were 6.7 percent higher than in December 2015, the biggest increase since May 2002, Statistics Netherlands and the Land Registry announced on Friday.

Throughout 2016 the prices of homes increased about 5 percent, continuing the upward trend of the past years. Compared to the low point in the housing market in June 2013, house prices in the Netherlands increased nearly 14 percent. The average price for an existing home is now back at the level of November 2005, but still 11 percent below the peak level of August 2008.

For the first time Rotterdam house prices are now higher than before the crisis. Amsterdam and Utrecht have been above pre-crisis levels for some time. Only The Hague is still below the peak in 2008.

In other parts of the country, homes are still a lot cheaper. Though all provinces are seeing an increase in housing prices.

Last year a total of 214,793 homes were sold - a new record. A total of over 52 billion euros were involved in the transactions. December was an especially good month for home sales, with 25,280 homes sold.