The most recent figures from Statistics Netherlands (CBS) show that the average cost of buying a house in the Netherlands has fallen for the third month in a row, dropping by 0,5 percent between September and October 2022.
Dutch house prices had been rising steadily for years before skyrocketing during the coronavirus pandemic, with prices doubling between 2013 and this summer. Over the past several months, however, there’s been a slight shift in the Dutch housing market, with both CBS and real estate association NVM recording notable drops in prices.
This trend has continued into the autumn, with the latest figures published by CBS revealing that, while the cost of buying a home has risen by 7,8 percent between October 2021 and last month, prices have in fact fallen by 0,5 percent since September 2022.
This marks the third month in a row that house prices have fallen, with CBS reporting an average transaction value of 428.079 euros in October, down from 446.263 euros in August 2022.
But what’s changed since the summer? As recent forecasts published by both Rabobank and ABN AMRO explain, the falling prices can be attributed to a range of factors, most notably the high rate of inflation and rising cost of living, as well as the high cost of energy, and rising interest rates on mortgages.