Dutch house prices climbed by over 11 percent in October, reaching record high
By Simone Jacobs
Statistics Netherlands (CBS) has reported that October 2024 saw the largest increase in house prices in two years. Bringing the cost of Dutch housing to a new record high, homes cost 11,5 percent more last month than they did a year ago.
House prices in the Netherlands continue to rise
CBS and the Dutch Land Registry (Kadaster) noted that based on what they recorded on the price index of existing private owner-occupied homes in the Netherlands, housing prices were 0,8 percent more expensive in October than they were in September 2024. The average cost of buying a home in the tenth month of this year was 467.355 euros.
Not only were transaction prices higher, but more homes were also sold. Kadaster reported that 18.131 housing transactions took place in the month of October - 15,4 percent more than for the same period last year. The introduction of stricter rent controls by the Dutch government, such as the Affordable Rent Act, has led more small landlords to sell their properties, especially in the bigger Dutch cities which contributes to the growing number of homes changing hands.
Average Dutch mortgage amount reaches all-time high
With the continued rise in housing prices, driven by higher wages, lower mortgage interest rates, overbidding and the limited number of homes available in the Netherlands, it logically follows that the cost of a mortgage will also increase. This was the case in the third quarter of 2024.
According to De Hypotheker, the average mortgage amount in the Netherlands reached a historic high of 346.572 euros in Q3. The greatest increases were in Utrecht, Groningen and Limburg, while Noord-Holland saw the smallest rise.
The Dutch mortgage advisor expects this trend to continue into the next year due to the improved borrowing capacity of homebuyers. “We expect that the average mortgage amount will also increase in 2025 due to these developments, but less sharply than in the past year,” said commercial director of De Hypotheker Mark de Rijke.
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Editor for the Netherlands at IamExpat Media. Simone studied Genetics and Zoology at the University of Pretoria in South Africa before moving to the Netherlands, where she has been working as a writer and editor since 2022. One thing she loves more than creating content is consuming it, mainly by reading books by the dozen. Other than being a book dragon, she is also a nature lover and enjoys hiking and animal training. Read more