House prices 2.3 percent lower in October

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In October 2023, prices of owner-occupied dwellings (excluding new constructions) were on average 2.3 percent lower than in October 2022. This means the year-on-year trend downwards has levelled off further. Relative to September 2023, prices rose by 0.7 percent in October. This is evident from price monitoring of existing owner-occupied dwellings by Statistics Netherlands (CBS) and The Netherlands’ Cadastre, Land Registry and Mapping Agency (Kadaster).

House prices up by 0.7 percent on September

Relative to September, the price index of existing owner-occupied dwellings increased by 0.7 percent in October. House prices reached a low in June 2013; they subsequently followed an upward trend until August 2022. Then the trend reversed, but prices have risen again over the past five months. In October, house prices were 92.0 percent higher than during the low in June 2013.

More housing transactions in October

According to The Netherlands’ Cadastre, the total number of housing transactions recorded over the month of October stands at 15,705. This is almost 6 percent more than one year previously. In the first ten months of this year, altogether 147,590 dwellings changed owners, representing a decrease of almost 6 percent on the same period in 2022. 

In October, the average transaction price for owner-occupied dwellings was 424,521 euros. The average selling price may show a different trend than the price index for existing owner-occupied dwellings of CBS and The Netherlands’ Cadastre, Land Registry and Mapping Agency. Unlike the price index, the average transaction price does not take into account differences in the quality of dwellings. In order to determine price developments of existing owner-occupied dwellings, it is therefore better to use the price index.

Sources

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