House prices fall further

Prices of existing houses sold in May 2009 were on average 2.5 percent lower than twelve months previously. For the fourth month in a row, prices of residential property were lower than one year previously. This is shown by the price index of existing houses, published jointly by Statistics Netherlands and the Land Registry Office.

All types of existing homes were cheaper than in May 2008. Prices of apartments decreased by most: 3.2 percent. Prices of semi-detached houses decreased by least, 1.5 percent.

House prices fell in all provinces. The most substantial price reduction was recorded in Groningen, where prices were 5.2 percent down on one year previously. In Gelderland, prices fell by least (1.6 percent). 

Prices of existing houses were 0.6 percent lower than in April 2009. In Friesland, South Holland, Drenthe and Gelderland prices were slightly higher than in the previous month, in the other provinces homes were cheaper.

Over ten thousand houses were sold in May 2009, 26 percent less than in May 2008. Sales decreased considerably across all types of houses and in all provinces. Compared with April 2009, the number of sales rose, however.

Statistics Netherlands and the Land Registry Office have published prices of existing owner-occupied houses since January 2008. The price index of existing owner-occupied dwellings reflects price changes of residential property in the Netherlands sold to private individuals.

Prices of owner-occupied dwellings