Home prices have been rising for several years now. Since the housing market bottomed out in June 2013, they have risen by almost 18 percent. This indicates that the housing market has recovered. Homebuyers are now paying the same average for a home as they did in the summer of 2006.
Home sales are also seeing a significant increase. In May 2017, the Land Registry recorded 19,990 transactions, almost a quarter more than the previous year. When it comes to home sales prices, North Holland leads the way. Statistics Netherlands (CBS) observed the largest increases in Amsterdam and the surrounding area. The Dutch capital is closely followed by Utrecht, Rotterdam, and The Hague.
According to Marc Francke, professor of Real Estate Valuation at the University of Amsterdam, current developments are closely linked to housing market reform. For example, modern homebuyers must pay off their mortgages to qualify for mortgage interest deductions. This wasn't the case during the previous price increase, which was accompanied by an increase in mortgage debt. Because mortgage regulations have become stricter, modern homebuyers are making relatively larger mortgage payments and are less likely to be left with residual debt.
The rise in house prices is accompanied by a growing rush to buy homes. Houses are on the market for shorter periods, and it's becoming increasingly common for homes to sell for more than the asking price. Interest rates are currently low, making the leap attractive. However, buying a house remains a risk. Developments can't always be predicted. Therefore, make sure you have a clear overview of your financial situation.
The cost of a building inspection (up to 250 m²) is only €489 including VAT. We'll conduct a comprehensive building inspection and you'll receive a building report. Do you have any questions? We're happy to help and can schedule an appointment with an expert inspector right away if you wish!
