House prices down 5% in July 2013

In July 2013, owner-occupied homes were 5% cheaper than in July last year. This was still 9.6% in the previous month. This is announced by Statistics Netherlands (CBS) in collaboration with the Land Registry.

This means that existing owner-occupied dwellings are at the same level as at the beginning of 2003. This shows a price drop of 20% compared to the highest moment in 2008.

The spokesperson for Statistics Netherlands (CBS) explains that the decrease is mainly due to the expiry of last year's transfer tax rebate. On 1 July 2011, this transfer tax was reduced from 6% to 2%. This benefit expired on 1 July 2012.

The drop in prices does not mean that more houses are sold. In the first seven months of this year, 55,000 homes were sold. Compared to last year, this is almost 17% less.