A new rental listing on closed Facebook group Woningen te huur in Amsterdam is another example of the housing market madness currently facing the Dutch capital. The teeny tiny apartment in Amsterdam Oud West is only 8 square meters big, and is listed for 550 euros per month, Het Parool reports.
A teeny tiny, ramshackle apartment near Amsterdam's popular Vondelpark is currently listed for sale on home sale site Funda at a massive 340 thousand euros. The 49 square meter flat needs to be "completely renovated on the inside", the broker writes on Funda.
Home prices in Amsterdam increased sharply in Amsterdam in the third quarter, while the number of home sales in the entire Noord-Holland dropped, according to figures from Statistics Netherlands and the Land Registry. Home prices in Amsterdam were 13.8 percent higher, compared to the third quarter last year. Nationwide, home prices increased by 7.6 percent.
Home sales in the Netherlands reached record high in the third quarter. Over 61 thousand homes were sold, the highest number ever sold in one quarter. These transactions involved over 16 billion euros.
For the first time in ages, the housing prices in Amsterdam declined slightly. In the third quarter, housing prices were 0.5 percent lower than in the second quarter. "Maybe we have reached the top of the market", Sven Heinen, the chairman of Amsterdam real estate association MVA, said to the Volkskrant. This may well be the first sign that the overheated Amsterdam housing market is starting to cool.
Housing prices in the Netherlands were on average 9.7 percent higher in the third quarter than a year ago, realtors association NVM announced. "The housing market is overheated in many places, especially in the cities", NVM chairman Ger Jaarsma said to broadcaster NOS.
Over a quarter of homes sold in the second quarter of this year, were sold for or above the asking price, according to a study by Calcasa. This combined with skyrocketing housing prices, and an increase in house sales, indicates that the housing market in the Netherlands is overheating, the company, which is focused on automated valuation and statistical analysis of real estate, concluded, NU.nl reports.
Amsterdam is lowering the price of land for the construction of 1,500 mid-level rent-controlled housing, the college of mayor and aldermen announced on Tuesday. The municipality is willing to lose out on 160 million euros in income on the land in order to remedy the serious shortage of rental housing for people who earn too much to qualify for social housing, but can't afford to buy a house, Het Parool reports.
First time home buyers are finding it increasingly difficult to find a home in the Netherlands according to De Hypotheekshop. Homes with price tags below 200 thousand euros are particularly running out, NOS reports.
PvdA leader and current Deputy Prime Minister Lodewijk Asscher criticized the Amsterdam city management in an interview with AT5. According to him, the Dutch capital is turning into "a theme park for people with a big wallet".
On the world rankings for private rental housing Amsterdam is 17th most expensive, according to British startup Nested, who compiled the ranking, AT5 reports.
Nested took a total of 72 major cities world wide and compared them based on income needed to rent a home. In Amsterdam the price per square meter is 22.06 euros and one person pays an average of 860 euros on rent. For that an average annual income of 35,605 euros is needed. The average rent for a family is 1,632 euros, for which an annual income of 67,558 euros is needed.
The overheating Amsterdam housing market is reaching extreme levels. A 19 m2 apartment on Jan Bernardusstraat is currently listed for sale for 159 thousand euros. That amounts to over 8,300 euros per square meter, RTL Nieuws reports.
The average price per square meter for that neighborhood, on the edge of the city center, is currently between 4 thousand and 5 thousand euros, according to the broadcaster.
Housing prices in Amsterdam increased a massive 23 percent last year, according to figures from the Dutch association of realtors NVM. The national average housing price increase was 9 percent, RTL Nieuws reports.
The average home in the Netherlands now costs about 20 percent more than in the low point of the financial crisis, the third quarter of 2013. The value of houses in Amsterdam is already well over half again as high.
The overheating Dutch housing market is making it harder for first-time buyers to enter the market, according to realtors' association NVM. The downsides of an improving housing market are becoming more visible, the association said based on its third quarter figures
The so-called "Amsterdam effect" accounts for a quarter of the increase in housing prices in the Netherlands, according to Rabobank in its quarterly report of the Dutch housing market. Without the overheated Amsterdam market, the average house price would have increased by 3.4 percent in the second quarter, compared to the previous year, and not 4.4 percent as happened
The Netherlands' housing market is keeping up its strong recovery in what real estate agents association NVM calls a "slightly surprising" manner. Home prices are up 5.5 percent nationwide. Amsterdam even saw a 20 percent increase, according to NVM's figures for the first 3 months of this year