Home prices in the Netherlands increased 11.4 percent in September

Dutch home prices continued to rise last month. According to Statistics Netherlands (CBS) and the Land Registry, homebuyers paid an average of 466,890 euros for an existing home in September.

Home prices were, on average, 11.4 percent higher in September than a year earlier. That is the largest increase in over two years. Compared to August, homes became 0.9 percent more expensive in September. In the months before that, existing home prices also rose considerably.

“There are too few homes and too much money,” summarized CBS chief economist Peter Hein van Mulligen. According to him, the overheating of the housing market continues. People can pay more and, simultaneously, there are only a few homes for sale. House prices are on the rise not only in the Netherlands but also elsewhere in Europe and North America, Vun Mulligen added.

The fact that the demand for homes remains high is also evident from the number of transactions. In September, 17,622 homes changed hands, almost 10 percent more than a year earlier. In the first nine months of this year, 146,530 homes were sold, an increase of more than 11 percent.

The prices of existing owner-occupied homes peaked in July 2022. Prices then fell briefly, but since June last year, owner-occupied homes have become more and more expensive again. Last month, prices were, on average, 6.6 percent higher than the previous peak in the summer of 2022.

Over the entire third quarter, existing owner-occupied homes were 11.1 percent more expensive than a year earlier. A quarter earlier, that increase was still 8.6 percent. The price increase in July, August, and September was again the largest in the province of Utrecht, CBS also reported. Of the four large cities, the city of Utrecht also had the largest price increase. Existing owner-occupied homes were 14.4 percent more expensive there in the previous quarter than a year earlier.