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Last Updated: Aug 18, 2016

House prices are rises at an accelerating pace in the Netherlands, despite modest economic growth.

In Amsterdam, the price of existing homes surged by 14.7% during the year to Q2 2016. Nationally, the average house price rose by 4.65% (4.65% inflation-adjusted) to €242,089 (US$270,002), according to Statistics Netherlands (CBS), and by 1.21% (1.21% inflation-adjusted) during the latest quarter (Q2 2016).

All property types rose in price, nationwide, during the year to Q2 2016.
  • Apartments saw the biggest price increase of 6.8%, to an average of €196,566
  • Terraced house prices rose by 5.1%, to an average of €226,307
  • Semi-detached house prices increased 4.4%, to an average of €267,352
  • Detached house prices rose by 2%, to an average of €359,902
  • Corner houses saw price increases of 5.4%, to an average of €235,471

After a housing boom lasting almost 15 years, the Dutch housing market weakened in 2008, and only began to recover in 2014. Based on NVM’s figures:
  • In 2008, house prices fell by 5.33% (-7.55% in real terms)
  • In 2009, house prices dropped by 1.5% (-2.4% in real terms)
  • In 2010, house prices rose by a meager 0.96% by dropped 0.65% in real terms
  • In 2011, house prices dropped by 3.63% (-6.06% in real terms)
  • In 2012, house prices fell by 6.7% (-9.54% in real terms)
  • In 2013, house prices increased by 0.24%, but dropped 1.25% in real terms
  • In 2014, the housing market started to recover, with house prices rising by 3.65% (2.7% in real terms)
  • In 2015, house prices rose by 5.15% (4.47% in real terms)

Demand is surging. Property transactions rose by 16.1%  to 178,293 units, the most since 2008, according to Statistics Netherlands (CBS). In the second quarter of 2016, dwelling transactions rose 23.6% compared to the same period last year, with sales up in all major cities and municipalities.

Netherlands house price chart Rabobank forecasts that nationwide house prices will increase by 3.5% to 5.5% y-o-y this year and by 5% to 7% in 2017. Transactions are also expected to rise from 178,000 units in 2015 to around 200,000 to 220,000 units next year.

The Dutch economy expanded by 1.9% in 2015,  and GDP growth of 1% in 2014.  Economic growth is expected TO BE 1.7% this year.

Analysis of Netherlands Residential Property Market »

Last Updated: Jul 16, 2016

Gross rental yields from apartments in the Netherlands continue to be attractive. The returns on investment are not princely - but they beat those in many other countries, especially given the excellent security of the Netherlands, its stability, rule of law, generally vibrant economy, and good long-term prospects.

In Amsterdam, yields on apartments range from 4.5% to 5.7%. As usual, smaller apartments return higher yields than larger.

In The Hague, yields are around 6.5%.

The Hague is a less expensive city to buy in, and really merits consideration by investors. First, it is the seat of government, so most foreign embassies in the Netherlands and 150 international organisations are located in The Hague, including the International Court of Justice and the International Criminal Court. Several large international businesses have their headquarters in The Hague, including Shell, the world´s second largest company in terms of revenue. This means that there is an ideal group of expatriate tenants to whom owners can rent their apartments, as 26% of the jobs in The Hague are either offered by the Dutch government or by international institutions. In addition, for those interested in the short-term rental market, tourism is important, with 1.2 million tourists a year.

English is spoken virtually everywhere in the Netherlands, and non-Dutch speaking property investors from abroad will experience no difficulty navigating the environment.

Round trip transaction costs are mid-range on residential property in the Netherlands, see our Netherlands transaction costs analysis and our Netherlands transaction costs compared to other locations.

Read Rental Yields  »

Last Updated: Sep 27, 2016

Rental Income: The income tax on renting residential property is quite high, though the tax is not really an income tax. In reality it is a flat tax, with 30% levied on the assumed rental yield, the basis of assumption being that a rental yield of 4% is made on the assets. In effect, an annual tax of 1.2% is imposed on the value of the assets. If the rental property yields more than 4%, the proportionate tax rate is lower.

Capital Gains: For the sale of real estate that was used as part of a rental business enterprise, capital gains are taxed as part of income in Box 3 i.e. 30%.

Inheritance: Wealth acquired by inheritance from an individual who has properties in the Netherlands is subject to inheritance tax. Different rates apply, depending on the relationship between the heir and the testator where there are three categories.

Residents: Residents are taxed on their worldwide income.

Read Taxes and Costs  »

Last Updated: Sep 27, 2016

Total transaction costs are between 6.63% and 13.855% of the total dwelling price for existing houses, which is moderate by international standards. The bulk of these costs are paid by the buyer, including the transfer tax, legal fees and registration fees. Real estate agent’s commission at 2% to 4% (plus 21% VAT) is shared between buyer and seller.

If the property is newly constructed (or less than two years old) the transfer tax is replaced with the 21% VAT.

Read Buying Guide  »

Last Updated: May 22, 2008

Dutch rental market practices are pro-tenant.

Netherlands Amsterdam housesRent: Landlords can set the rent freely and adjust the rent, for properties above the ‘liberalization rent limit’ of €604.72 per month. A deposit of two to three months is customary.

Tenant Security: The most dangerous aspect for a landlord in the Netherlands is that once a property has been rented, tenants are almost impossible to evict. The basic Dutch rental contract is one of unlimited duration. Landlords can only give notice in strictly defined cases, and it is extremely difficult for owners to evict tenants once they are established.

Read Landlord and Tenant  »

Last Updated: Aug 18, 2016

Modest economic growth, improving government finances

Netherlands GDP inflationThe Dutch economy is heavily dependent on foreign trade, with exports accounting for 83% of the country’s GDP. Because of this, the euro crisis strongly affected the Netherlands, sending its economy into a recession in 2011 which continued in 2012 and 2013, with economic contractions of 1.1% and 0.5%, respectively.

In 2015, the Dutch economy expanded by 1.9%, after GDP growth of 1% in 2014. In the second quarter of 2016, the Dutch economy grew by 2.3% from a year earlier, following a 1.5% annual growth in Q1 2016, according to CBS. It was the ninth consecutive quarter of robust growth, thanks to rising investment, domestic consumption, and exports.

The national debt continues to decline. During the recession, the government boosted the economy through stimulus programs and bank bailouts, resulting in a budget deficit of 5.6% of GDP in 2009, 5.1% of GDP in 2010 and 4.3% in 2011. As a result, the country’s debt rose to 71% of GDP in 2012, far higher than the permissible upper limit of 60% stipulated by the EU Stability Pact. In 2015, the gross public debt remains high at 65.1% of GDP, from 68.8% in 2014 and 68.6% in 2013.

On the other hand, the public budget deficit fell to 1.9% of GDP in 2015, from 2.3% of GDP in 2013 and 2014 and 4% of GDP in 2012. The deficit is projected to fall further to 1.5% this year and to 1.25% in 2017, while the gross public debt is expected to decline slightly to 64.75% of GDP this year and to 64% of GDP in 2017.

Consumer prices dropped 0.3% in July 2016 from the same period last year, from steady prices in the past three months, according to CBS. It was the first time since December 1987 that consumer prices are cheaper compared to a year ago. Overall inflation is expected at 0.25% this year, from 0.2% in 2015, 0.3% in 2014, 2.6% in 2013, 2.8% in 2012, and 2.5% in 2011, based on figures from the IMF.

In June 2016, the seasonally-adjusted nationwide unemployment stood at 6.1%, down from 6.9% a year earlier, according to CBS. Unemployment for men was 5.7% while it was 6.6% for women. In June 2016, there were 550,000 unemployed people in the country, down from 611,000 people in a year earlier.

Nationwide unemployment is projected at 6.4% this year and 6.1% in 2017, according to the European Commission.

  • Moderate yields in Amsterdam
  • Strong & stable economy
  • Moderate transaction costs
  • Moderate rental income tax rates
  • Pro-tenant rental market
Price (sq.m): €6,008 For a 120 sq. m. property, usually an apartment.
Rental Yield: 4.51% For a 120 sq. m. property, usually an apartment.
Rent/month: €2,711 For a 120 sq. m. property.
Income Tax: 15.00% Assumptions: Owners are a non-resident couple drawing US$ / €1,500 per month in rent, with no other local income.
Roundtrip Cost: 8.25% The total cost of buying and then reselling an apartment. Includes:

* all transaction taxes and charges:
* lawyers' and notaries' fees
* agents' fees

Assumptions: The buyers are non-resident foreigners. The apartment cost US$250,00 / €250,000.
Cap Gains Tax: 1.20% Assumptions: The property was bought for US$250,000 / €250,000, and sold 10 years later, after a 100% appreciation.
Landlord and Tenant Law: Pro-Tenant Rating is based on a detailed study of each country’s law and practice.

Baltics Real Estate Market Overview 2016 - Colliers InternationalPoland Residential Market Q2 2016 REAS
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