The Netherlands’ local authorities could lose as much as €2bn because of declining demand for building land, the Financieele Dagblad reports on Monday.

Although no formal calculations have been made, two advisors tell the paper that council budgets will be hit by up to €2bn, a figure which the local council’s organisation VNG says is ‘plausible’.
Adriaan Visser of Rotterdam’s development board told the paper project developers are not only delaying projects, but many are also trying to break existing contracts with local authorities.