All information about selling or buying
a property in Amsterdam during Corona
- Housing market Amsterdam first quarter 2020; impact Corona?
- Selling during the Corona crisis in Amsterdam
- Buying during the Corona crisis in Amsterdam
- Prospects for Amsterdam housing market in the Corona era
- Getting to know us safely
- Safely view houses in Amsterdam
- Free advice and consultation, for all your questions about Corona; special telephone line for all your questions! 020 2904700
Housing market Amsterdam first quarter 2020; impact Corona?
What happened to selling or buying a property during Corona? The first quarter showed an unprecedented overheated housing market in Amsterdam. Prices within the ring road increased by 3% compared to the fourth quarter of 2019. The average overbid also increased in this same period from 5.7% to 6.4%! The Corona issue only started in the second half of March and is thus not yet reflected in the figures. The Corona virus therefore had no impact on house prices in Amsterdam in Q1. The housing market sentiment in the first two weeks of April is still very positive! Click here for the first quarter results 2020 for your own neighbourhood.Find the quarterly reports of 2020 for your own neigbourhood
Sales in the Corona era
A small part of potential buyers is dropping out, but there are still many motivated buyers looking for their (next) home and the number of bids and overbids does not seem to be decreasing. The only exception is the absolute top segment > €2,000,000.
In the lower segment (up to €450.000) there still is a lot of pressure with many bids and overbids. Within the ring road, prices rose by 3% in the last. quarter. The segment up to €750.000 is still under heavy pressure, but the highest segment is becoming more balanced. For an extensive housing market analysis of Amsterdam, see our blog blog ‘Housing market Amsterdam first quarter 2020; impact Corona?’.
Buying in Amsterdam in the Corona eraSome potential buyers are dropping out, but activity is increasing
We see a reduction in the number of people looking to buy a house or apartment in Amsterdam. Uncertainty about the situation of their (own) company or flexible contracts make that some people put the search on hold for the time being. We therefore see a certain degree of drop in demand. Since the number of candidates per house was extremely high last quarter, this correction will not necessarily lead to price drops in most segments any time soon.Sudden surge of new supply
A large number of sellers have decided to expedite the sale of their house or apartment in Amsterdam. This creates opportunities! In recent weeks we have been able to make quite a number of our customers happy by purchasing their dream home. Price drop due to the Corona virus?
In the lower segment up to €450.000,- we still see a lot of pressure with lots of tenders and overbids. Within the ring, prices rose by 3% in the last quarter. The segment up to €750.000,- is still under considerable pressure, but in the highest segment prices are starting to become more balanced. For an extensive housing market analysis of Amsterdam see our blog ‘Housing market Amsterdam first quarter 2020; impact Corona?’.
Prospects for housing market in Amsterdam in the Corona era
The Corona crisis did cause a rush of extra seller supply in the last three weeks. We are a sounding board for many of our customers when thinking about the outlook for the housing market in Amsterdam. People are increasingly unsure about the timing of their next step in the residential property market. Many people have decided to bring the sale of their home forward because the market is still strong. The future is by definition uncertain and that is why many clients choose to put their apartment or house in Amsterdam on the market sooner rather than later.Number of potential buyers drop out
We see a reduction in the number of potential buyers in Amsterdam. Uncertainty about their (own) company or flexible contracts is for some people reason to put their search on hold. We therefore see a certain drop in demand. Since the number of potential buyers per house was extremely high in the past quarter, this correction does not necessarily immediately affect the market in 2020 in a negative way. In addition, the active house seekers are extremely motivated and have a lot of time for viewings. All in all, the sentiment in mid-April is very positive!
The first quarter showed an unprecedented overheated housing market in Amsterdam. Prices within the ring increased by 3% compared to the fourth quarter of 2019. The average overbid also increased in the same period from 5.7% to 6.4%! The Corona issue only became urgent in the second half of March and is thus not yet reflected in the figures. The Corona virus therefore had no impact on house prices in Amsterdam in Q1. The housing market sentiment in the first two weeks of April is still very positive!
The housing market in Amsterdam has a strong foundation consising of three factors:
- Amsterdam is a magnet for companies nationally and internationally and for young highly educated people. The graphic shows that the influx is accelerating.
- There is a considerable shortage of owner-occupied houses and this shortage is only increasing. Building production fails to keep pace with the new influx and under the new municipal regulations, only 20% of the building production is destined for sale. The other 80% is for subsidized and mid-market rentals.
- The mortgage interest rate is very low and despite expectations that the interest rate will increase slightly in the coming period, it will still remain at historically low levels. As long as Southern Europe is in serious trouble and the financial deficit remains too high in relation to the GNP, the European Bank will have to keep interest rates low.
On balance, the Amsterdam housing market is expected to achieve a better balance between supply and demand during the Corona period in the coming year 2020 due to a decrease in the number of searchers and an increase in supply. The uncertain economic outlook plays a role especially in the higher segment. The price segment below €750,000 will remain fairly solid in 2020. We expect the absolute top segment above €2,000,000 to be adversely affected by the Corona era.
Getting to know each other safely before possible sales
Do you seek thorough and solid advice? We are happy to make an appointment, but we also understand that in these social distancing times you prefer not to receive people in your house.Getting to know each other safely before possible selling or buying
By using online programs such as Zoom, Facetime or Whatsapp video we can organize (group) conversations, see each other face to face and answer all your questions. We can also get a first impression of your house or apartment through a virtual tour. This way we can make an estimate of the potential sales price in these Corona times.
Curious about the impact of the Corona crisis? You will find all relevant information in our blogwith an analysis of the market in the first quarter of 2020 and our expectations for the remainder of the year.
Does selling or buying a property proceed normally?
Yes they do, but health and safety take priority. Therefore we carefully follow and apply the NVM/RIVM regulations:
- Each viewing is limited to a maximum of 2 persons
- During a viewing, the owner of the house will not be present.
- If interested parties have Corona related health problems, they are kindly requested not to come.
- We refrain from shaking hands.
- Door handles and railings are disinfected before each viewing.
- We ask potential buyers not to touch anything in the house (taps, light switches, etc.).
- We keep a distance of 1,5 meters
- We do not allow the viewing to last longer than necessary.
- Inspection and transport will take place with a maximum of 2 persons and if possible without a broker.
- The buyer's and seller's real estate agents both record the meter readings seperately
- The real estate agent shall only be present for the transport at the notary’s office if that is absolutely necessary.
Free consultation and advice for all your questions about CoronaSpecial information line for all your questions! 020-2904700
We are here for you and we understand that there are many questions about selling or buying property in Amsterdam. We have opened a special information line where we take the time to answer all your questions and to serve as a sounding board when considering what is sensible in these market circumstances. But also in these times there are many people who have bought a new house and still have to sell the current house. The following questions may arise: