Dutch housing market cooling down, realtors agree

Makelaarsland, one of the largest real estate agencies in the Netherlands, joined the growing chorus of organizations stating their belief that the Dutch housing market is cooling down. Outbidding on owner-occupied homes decreased considerably, and the number of viewings is falling, the organization said.

Last summer, there was outbidding in 80 percent of sales through Makelaarsland. That has now dropped to 47 percent - a decrease of 33 percent. “The decreased interest from buyers is reflected in the percentage of bids above asking price,” said Makelaarsland.

The number of viewings fell by 42 percent in the past quarter compared to the same period last year. The decline is mainly due to the rise in mortgage interest rates. The average rate for a ten-year mortgage increased by 3 percent in less than a year.

“In addition, we are dealing with rising energy costs. That is playing an increasingly important role in the buying process. We see this subject come up more and more in conversations with our customers and notice that buyers are becoming more cautious as a result.”

Statistics Netherlands previously reported that house prices fell slightly (-0.1 percent) in August compared to July.