Invest in Amsterdam Metropolitan AreaInvest in Amsterdam Metropolitan AreaI amsterdam
News

The Corona crisis has so far had a limited effect on the housing market

Published on 23-07-2020

The corona virus does not seem to have a major impact on the housing market so far. However, more homes were put up for sale in the second quarter and the number of transactions increased. This is evident from the quarterly figures of the NVM. Chairman Onno Hoes: "Although fewer viewers are coming to a home, those who come to watch are serious viewers. The shortage on the market, combined with a spike in registrations of new homes, actually leads to an increase in sales. . " There are, however, the first signs of a change, such as the increase in supply. And in Amsterdam, far fewer homes were sold than in the same quarter a year earlier (-13%). But many Amsterdam homes are still sold above the asking price.

"We see that the supply in the Amsterdam region is increasing. Sales are being brought forward. In the higher price segment there was a brief dip, there was less demand, but this is currently recovering quickly," said Jerry Wijnen, chairman of the Amsterdam Real Estate Association. The total housing supply rose by 2.5 percent in the Amsterdam region compared to a year earlier. In the Amsterdam region, homes were for sale even shorter in the second quarter than a year ago: an average of 28 days, compared to an average of 35 days a year earlier. The transaction price averages 475,000 euros. That is a decrease of 3 percent compared to the first quarter. This is mainly because many (smaller) apartments change owners: the transaction price per m² has actually increased by 3 percent and averages 5,574 euros per m².

Amsterdam

The Amsterdam region consists of the municipalities of Amsterdam, Amstelveen, Diemen, Ouder-Amstel and Abcoude. MVA brokers sold far fewer homes in the capital itself in the second quarter than a year earlier: 1,670 homes (subject to change), a decrease of 13 percent. In particular in Centrum (-34%) and South (-11%), far fewer homes were sold, while the supply in the capital increased significantly. In particular, many more apartments are being put up for sale (+ 64% compared to Q2 2019).

The transaction price averages 468,637 euros, an increase of 3 percent compared to the first quarter. The transaction price per m² increased by 7 percent compared to the previous quarter and averages 5,909 euros per m². "Most homes have been sold above the asking price. This is still due to the limited supply," says Wijnen.

The total housing supply in the capital has risen to 2,000 homes (+ 4%) with an average asking price of 452,441 euros. The MVA brokers sold 1,921 homes in the second quarter. It is striking that the supply increased especially in the west of the capital: Amsterdam New West +8 percent and the West district +10 percent. The NVM does not provide an explanation for this.