The Amsterdam housing market appears to be gradually cooling off. According to the latest figures from the Amsterdam Association of Real Estate Agents (MVA), home prices in the third quarter fell slightly, there was less overbidding, and the number of properties for sale in Amsterdam continues to increase. Is the Amsterdam housing market starting to normalize after years of extreme activity? And what does this mean for buyers looking for a home in Amsterdam?
Amsterdam home sales in numbers
The average selling price of a home in Amsterdam in the third quarter was €559,000. This is 1 percent lower than in the same period last year, when the average sale price was €567,000. In the past quarter, 1,674 homes were put up for sale in Amsterdam, which is more than fifty percent higher than the same quarter last year and an 8.6 percent increase compared to the second quarter of this year. With more homes on the market, the market tightness indicator rose from 2.3 to 2.8, meaning buyers now have more choice, almost three properties on average.
The sharp rise in mortgage interest rates, the uncertain geopolitical situation, and the energy crisis are the main reasons for this downward trend. These factors make it both harder and less appealing for people to borrow money to buy a home. However, demand for homes in Amsterdam still far exceeds the supply. “This is partly because the city of Amsterdam has a strong appeal to international buyers,” explains Jerry Wijnen, chair of the MVA. “It is good to see that more properties are becoming available on the market. But for first-time buyers, our capital city remains out of reach without assistance.”
Price declines vary by district
In the third quarter, home prices dropped across Amsterdam, except in the districts of Nieuw-West and Amsterdam Zuidoost. Among the districts where prices fell, there were significant differences. For example, prices in Amsterdam-West fell by nearly 10 percent, while in the city center the decline was just 3.8 percent. Despite widespread price drops, average asking prices remain higher than in any third quarter of the past five years. Still, this is at least an early sign that the Amsterdam housing market is moving toward a healthier balance.
Working with a buying agent
Falling prices and increased supply mean there are plenty of opportunities for buyers on the Amsterdam housing market. However, homes in Amsterdam were still on the market for an average of just 28 days in the third quarter. So even with these positive developments, it remains important to act quickly when a good opportunity arises. An experienced buying agent who can immediately assess whether the asking price matches the quality of the property, and who can negotiate a favorable price on your behalf, is still essential.
Aankoopmakelaar Amsterdam specializes in representing buyers in the Amsterdam region. Curious about the opportunities available to you in today’s Amsterdam housing market? Contact us for a conversation about your options.
