Saturday 17 February 2018

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Amsterdam joins UBS' housing bubble risk list for first time

Housing

Amsterdam has entered the UBS list of potential real estate bubbles for the first time, joining eight other cities listed as places where the fear of missing out is driving people to pay too much for a home. 'The bubble risk seems greatest in Toronto, where it has increased significantly in the last year. Stockholm, Munich, Vancouver, Sydney, London and Hong Kong all remain in risk territory, with Amsterdam joining this group after falling into 'overvalued' territory last year,' the Swiss bank said. UBS says that since 2015 real prices in the Dutch capital have increased by 30% and the cit ’s housing market is 'sharply decoupled from the weak countrywide housing market'. Nevertheless, income and rental growth have kept pace with price growth since 2008, limiting the downside risk, UBS says. Research last year showed that some 80% of new owner-occupier properties within the A10 ring road cost more than €400,000, while rents of €1,500 for a one-bedroom flat have become the norm. The city council has decided that  40% of new homes built within the city’s boundaries must fall under social housing rules, meaning the rent can be no more than €710 a month. A further 40% must target middle income households with rents of around €850 per month or be affordable to middle income home buyers. The remaining properties will target high earners.   More >


Bloemendaal tops expensive home list

Bloemendaal tops expensive home list, while Delfzijl is bottom The most expensive homes in the Netherlands are once again found in the coastal town of Bloemendaal near Haarlem. The average price for a house was €776,0000 in 2017, according to a new report published jointly by the national statistics office CBS and the land registry on Thursday. This was well above the national average of €263,000 last year and far above the average €141,000 paid in the northern port city of Delfzijl, reckoned to be the cheapest in the country for housing. The price differences last year were wider than in 2016, the CBS said. Average house prices in Bloemendaal were 5.5 times more expensive than in Delfzijl in 2017 but only just over five times higher in the previous year. Aside from Bloemendaal, average house prices above €500,000 were also found in Waasenaar, Laren (Noord-Holland), Blaricum and Heemstede.  A year earlier Heemstede failed to top the €500,000 mark with an average of €448,000, but Rozendaal did with €544,000. Delfzijl was the only town in the Netherlands with an average house price below €150,000 in 2017. In 80% of the towns surveyed, the average house price varied between €195,000 and €337,000. The average house price is below €195,000 in 10% of the towns; these are mostly located on the edges of the country in Groningen, Friesland and Limburg provinces. In the highest segment, sales prices were between €337,000 and €776,000. Amsterdam falls in this category with average home prices pegged at €406,000.  More >


Free sector rents now average over €1,000

Housing People looking for a home to rent outside the rent-controlled sector have to pay an average of over €1,000 a month, according to research by real estate agents association NVM. It is the first time that the average rent for new contracts has topped €1,000 and highlights the major shortage of homes in the so-called 'middle segment', the NVM said. The average rent charged in new contracts has risen 2.5% over the past year with the biggest rises booked in Almere, Eindhoven and Rotterdam. Property costing less than €710 a month is rent-controlled and only people on low incomes can move in. Amsterdam remains the most expensive place to rent a home, partly because of the shortage of non-rent controlled homes. Newcomers can expect to pay upwards of €1,500 for one-room apartment of 50 square metres – if they can find one. Average new rental contracts in the city are now over €2,200, according to research by housing platform Pararius.  More >