Fewer new-build dwellings sold in Q3

© Hollandse Hoogte / Peter Hilz
In Q3 2023, over 3.8 thousand newly constructed dwellings were sold; nearly 30 percent less year on yea. The transaction price of new-build dwellings was 1.9 percent up from the previous year. House prices of both existing and new-build dwellings combined were 3.8 percent lower. This ranks the Netherlands among the 10 countries in which house prices in Q3 were lower than one year previously. This is evident from new figures released by Statistics Netherlands (CBS), the Netherlands’ Cadastre, Land Registry and Mapping Agency (Kadaster) and Eurostat.

However, the decline in the number of transactions of new-build dwellings was less substantial in Q3 than it was in previous quarters. In de first two quarters of 2023, the number of transactions halved relative to one year previously. During the first three quarters of 2023, a total of 10,463 new-build dwellings were sold. It is the lowest number of transactions since measurement of transactions began in 2015.
In Q3, existing owner-occupied dwellings were sold less as well, with nearly 7 percent fewer transactions year on year. Transactions of new-build and existing dwellings combined were 9 percent down. This is the tenth consecutive quarter in which fewer dwellings were sold year on year.

Number of sold new-build dwellings
JaarQ1 (x 1,000)Q2 (x 1,000)Q3 (x 1,000)Q4 (x 1,000)
2023*3.3023.3193.842
20226.9527.5895.3475.313
20216.7708.7858.01410.753
20206.5218.0017.08410.740
20195.7456.3705.8186.998
20186.1517.0686.1538.757
20176.7897.5356.72210.161
20165.5696.8406.5508.779
20155.0316.6516.3508.353
Bron: CBS, Kadaster
* Provisional figures

Average price of a new dwelling: 501 thousand euros

In Q3, the average transaction price of a new-build dwelling was nearly 501 thousand euros; 4 thousand euros higher than one year previously. The price adjusted for type and quality of a new-build dwelling was 1.9 percent higher year on year, up from 1.8 percent in the previous quarter. For the third consecutive quarter, prices of existing owner-occupied dwellings fell, relative to one year previously. In Q3, prices were down by 4.6 percent year on year, versus 5.2 percent in Q2. The average transaction price of an existing owner-occupied dwelling was nearly 418 thousand euros.

Prices owner-occupied dwellings
JaarKwartaalNewly built owner-occupied dwellings (% year-on-year change)Existing owner-occupied dwellings (% year-on-year change)
2018Q111.59.0
2018Q211.78.8
2018Q316.39.2
2018Q410.29.0
2019Q19.57.9
2019Q216.07.2
2019Q36.36.3
2019Q48.76.2
2020Q14.66.6
2020Q24.27.5
2020Q310.28.1
2020Q48.78.8
2021Q116.810.3
2021Q213.113.0
2021Q312.417.5
2021Q414.219.6
2022Q113.920.3
2022Q216.518.4
2022Q3*13.611.9
2022Q4*6.65.1
2023Q1*3.5-0.7
2023Q2*1.7-5.2
2023Q3*1.9-4.6
2023
Source: CBS, Kadaster
* Provisional figures
 

House prices are increasing in most EU countries

In Q3 2023, house prices of newly constructed and existing dwellings altogether in the Netherlands were 3.8 percent lower than one year previously. House prices rose in 16 EU member states. Croatia, followed by Poland and Bulgaria saw the largest increase, whereas prices fell in 10 EU member states. The largest declines were seen in Luxembourg, Germany and Finland. On average, house prices fell by 1 percent across the EU.
The number of transactions in the Netherlands decreased by 9 percent year on year. The number of transactions fell in 13 out of the 15 EU member states in which it is measured.

Prices newly built owner-occupied dwellings in the EU1), Q3e 2023
LandPrices of new-build owner-occupied dwellings (% year-on-year change)
Croatia10.9
Poland 9.3
Bulgaria9.2
Lithuania8.7
Portugal7.6
Slovenia5.7
Romania4.8
Malta4.6
Spanje4.5
Estonia3.8
Latvia3.2
Italy1.8
Hungary1.5
Ireland1.4
Belgium1.2
Cyprus0.6
Denmark-0.2
European Union -1.0
France-1.5
Austria-2.2
Czechia-3.5
Netherlands-3.8
Slovakia-3.8
Sweden-4.2
Finland-7.0
Germany-10.2
Luxembourg-13.6
Source: CBS, Eurostat
1)No data available for Greece

Sources