Existing owner-occupied homes were 20.2% more expensive in February than a year earlier, Statistics Netherlands reported on Tuesday. In January, the increase was still 21.1%. Such a price jump had not been seen since the 1970s. Since June 2013, house prices have been on an unprecedented rise.
Prices are rising mainly due to low interest rates and growing demand, while supply is declining. The Land Registry counted 14,037 residential transactions in February. That is almost 17% less than a year earlier.
Statistics Netherlands bases its figures on registrations of deeds of sale at the Land Registry. These registrations usually take place several months after the conclusion of the purchase agreement.
On April 7, estate agency NVM will publish current figures on home sales by affiliated estate agents in the first three months of this year. Then it will become clear what influence factors such as rising mortgage rates, rising inflation and the war in Ukraine have on the housing market.