Substantial drop in house prices

Prices of existing owner-occupied dwellings sold in March 2012 were on average 4.7 percent down on March 2011. According to the price index of existing residential property – a joint publication by Statistics Netherlands and the Land Registry Office – the price drop was more substantial than in the preceding month, when residential property prices were 3.4 percent down on one year previously. The index reflects price changes of existing owner-occupied dwellings in the Netherlands sold to private individuals.

Just as in the preceding months, residential property prices fell across all provinces. In the provinces of South Holland and North Brabant, residential property prices have continuously been below the level of one year previously for three consecutive years now. All types of dwellings were cheaper in March 2012 than in March 2011.

More than 9 thousand existing owner-occupied dwellings were sold in March. House sales were 13 percent down from March 2011. The downward trend was observed in all provinces and applied to all types of dwellings in decline.

Prices of existing own homes