The Amsterdam housing market seems to be cooling slightly. According to the most recent figures from the Makelaarsvereniging Amsterdam (MVA), prices of homes for sale fell slightly in the third quarter, there was less overbidding and it also looks like the supply of Amsterdam homes for sale is continuing to increase. Is the Amsterdam housing market slowly normalizing after all the craziness of the passing years? And how does this affect buyers looking for a house in Amsterdam?
The Amsterdam housing market in figures
The average selling price of an Amsterdam home in the third quarter was 559,000 euros. This is 1 percent less than in the comparable period last year, when an Amsterdam owner-occupied home was sold for an average of 567,000 euros. Last quarter, 1,674 homes were put up for sale in Amsterdam. An increase of over fifty percent compared to the same quarter a year ago and 8.6% compared to the second quarter this year. Due to the larger supply, the so called tightness indicator rose from 2.3 to 2.8 last quarter, meaning that homebuyers have had more choice (almost three homes on average).
Rapidly rising mortgage rates, the uncertain geopolitical situation and the energy crisis are the main causes of this downward trend. It makes it less easy for people to borrow money to buy a home and perhaps due to this uncertainty they are also less inclined to do so. And yet, the demand for Amsterdam homes for sale still substantially exceeds the supply. “This is partly caused by the fact that the city of Amsterdam has great appeal to international buyers.” explains Jerry Wijnen, chairman of the MVA. “Besides that, it is good to see that more supply is becoming available on the market. However, for the starter, without help, buying a home in our capital is still unattainable.“
Price drop Amsterdam homes differs by district
In the third quarter, house prices fell across Amsterdam, except for the districts of Nieuw-West and Amsterdam Zuidoost. Considerable differences are visible between the districts where a decline in house prices has taken place. For example, prices in Amsterdam-West have fallen by almost 10%, while in the Centrum district this is ‘only’ 3.8%. Despite the broad price declines, average asking prices are still above the level of every third quarter for the past five years. But at least it is a first signal that the Amsterdam housing market is moving toward a slightly healthier situation.
Buyer’s agent Amsterdam
Falling prices and increased supply means that there are plenty of opportunities for you as a homebuyer on the Amsterdam housing market. However, an Amsterdam home was for sale for an average of 28 days in the third quarter. Despite the favorable developments, it is therefore still important to be able to act quickly when an opportunity arises. An experienced buyers’ agent who immediately sees whether the requested sales price matches the quality of the house and can negotiate a favorable price for you is still an absolute must.
Aankoopmakelaar Amsterdam is a specialised buyer’s agent for the Amsterdam housing market. Are you curious what opportunities there are for you in the current Amsterdam housing market? Feel free to contact us, we are happy to talk with you!