Housing market figures Amsterdam
Amsterdam house prices: first drop since 2013
Data reports from Amsterdam At Home Brokers show that in the first quarter of 2019, house prices fell for the first time since 2013.
The average square metre prices in the municipality of Amsterdam fell by 2.5% compared to Q4 2018. The average transaction price decreased by 5%. The number of transactions also decreased again compared to Q1 2018. In the last two quarters of 2018, prices still rose, but at a much lower rate than before. Whether this is the start of a correction, or a temporary dip, time will tell.
Consumer confidence negative
Wouter Thöne, director at Amsterdam At Home Makelaars, has seen interest in houses for sale decline since late summer. Fewer people are reporting for viewings and the number of bids is declining on balance. Consumer confidence (CBS) has also been declining since its peak in July 2018, turning negative for the first time in February. The index has stood at minus 4 since March 21, 2019, so the mood of the housing market in Amsterdam is keeping pace with consumer confidence. Why consumer confidence is falling is the question; inflation is 2.5% , unemployment and mortgage rates are at historically low levels. There is, of course, anxiety over Brexit, Trump's unpredictability and uncertainty about the cost and approach to the climate and energy transition. Still, the decline in consumer confidence continues to surprise.
Amsterdam housing market: build out instead of moving in
Wouter Thöne thinks that the price increase is now coming to an end: "Our data reports that we make available on makelaaramsterdam.nl show that up to €250,000 only studios of +/- 30m2 can be bought within the ring. So for a starter, the smallest apartment is already too expensive. A family with a child who wants to make the transition from a 55m2 two-bedroom apartment to an apartment or house of 100m2 must pay at least €650,000,- within the ring road. Most people do not have the means to make the next move. So homeowners are left in apartments and houses that have actually become too small, resulting in low flow. Here we also have one of the reasons for the (out) building boom. It is more feasible to add meters than to move!"
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