The number of new-build homes sold in the second quarter was more than halved compared to the same period a year earlier. Only 3,321 new-build homes were sold in the second quarter. That is 56.2% less than a year earlier.
This is evident from new figures from Statistics Netherlands, the Land Registry and European statistical agency Eurostat. It is the largest decline in the number of new-build homes sold since Statistics Netherlands started measuring this in 2015.
Less enthusiasm due to rising mortgage interest rates
The number of new-build homes sold has been declining, which has been accelerating since mid-2022. The increase in mortgage interest rates plays a key role in this. The price of new-build homes is on average considerably higher than that of existing homes, which means that buyers often have to take out a higher mortgage. Mortgage interest rates rose this week to the highest level of 2023. On top of that is inflation, including rapidly rising energy prices.
In total, almost 48,000 homes sold were registered with Statistics Netherlands in the second quarter, 13% less than a year earlier. This is the ninth quarter in a row that fewer homes were sold than a year earlier.
The number of existing owner-occupied homes sold fell by 6.1% to 44.5 thousand. This decline was smaller than in previous quarters, with the exception of the fourth quarter of 2022.
Lowest sales figure ever
In the first and second quarters of 2023 together, the number of new-build homes sold was just over 6,600. The number of transactions fell by 54.4% compared to a year earlier. Since measurements began in 2015, there have never been so few transactions in the first half of a year (or in two other consecutive quarters).
NVM: new construction market stable low in third quarter
When publishing its quarterly figures, the NVM reports that the new construction market showed a slight recovery in the third quarter, but is still at a historically low level. NVM real estate agents sold more than 5,400 new-build homes, an increase of 14% compared to the previous quarter. The average sales price of a new-build home was €474,000 in the third quarter and has therefore remained reasonably stable for six months. The supply of new-build homes last quarter was more than 19,000 homes, the highest point since the beginning of 2016.