In the third quarter, unexpectedly more homes were sold in the four major cities. As a result, it seems that the housing market is reviving, but the ING Economics Department warns Thursday that this revival is temporary. Ultimately, the corona crisis across the country will cool the housing market, the bank’s economists think.
In the third quarter, 4 percent more homes were sold in Amsterdam compared to the previous quarter. In The Hague it was an increase of 3.3 percent, Rotterdam recorded an increase of 6 percent and in Utrecht the number of homes sold increased by 11.7 percent. The figures have been adjusted for seasonal influences.
The revival is probably related to the corona crisis. In April, just after the COVID-19 outbreak, many more homes were put up for sale in major cities. Because the transfer of a house often doesn’t take place until a few months afterwards, more transactions suddenly hit the books last summer.
According to the bank, another factor is that the Dutch went on holiday much less in the summer and therefore had more time to move. “The combination of more supply and more time to move has meant that more homes have changed hands, especially in the big cities,” says ING economist Mirjam Bani.
This increase is the largest in more than a year. From the second half of 2019, there seemed to be a downward trend in Utrecht and Amsterdam and a stabilization in Rotterdam. It seems that the corona crisis has reversed this trend.