Just a few weeks ago, Rabobank forecast that Dutch house prices would fall slightly in 2023. Recently, figures from another Dutch bank seconded this prediction, with ABN AMRO writing that the cost of buying a house in the Netherlands will fall by 2,5 percent in the new year.
House prices in the Netherlands have been steadily rising for years, but recent changes and threats to the market - such as the rising cost of energy, high rate of inflation, and rising interest rates on mortgages - are leading to what many expect will be a turning point for the Dutch housing market.
Figures from real estate association NVM and the Dutch statistics office, as well as forecasts over at Rabobank, have already given prospective buyers a little hope about the future. Now, ABN AMRO has joined in, revising their earlier prediction that house prices would rise to say that they will in fact fall by 2,5 percent - slightly lower than the 3 percent forecast by Rabobank.
ABN AMRO attributes this significant change in outlook to a range of factors, including the rising cost of living and the less-than-positive economic forecasts for the coming year. “The number of homes sold has been declining for some time,” the economists write. “Previously this was mainly due to the lack of houses for sale. In the meantime, the supply is increasing, but it is higher energy and food prices and rising mortgage interest rates that are causing fewer houses to be sold.”