House prices rise over 10% in February, a 20-year high

House prices went up by the biggest percentage in almost 20 years last month, according to new figures from national statistics office CBS and the land registry.

House prices were an average of 10.4% more expensive year on year, the agencies said and there is absolutely no evidence of a coronavirus-related dip, chief economist Peter Hein van Mulligen told news agency ANP.

In fact, coronavirus may have actually spurred prices higher because with holidays cancelled, people had more money to spend, Van Mulligen said. The record low interest rates may also be a factor.

More houses are also changing hands – in the first two months of the year there were a quarter more sales than during the same period in 2020.

House prices reached a post economic crisis low in summer 2013 and have been rising steadily since then.

Last year, house prices rose by an average of 7.8% last year and the annual increase – 10.4% – was particularly notable in Groningen province, the CBS said. In Noord-Holland, which includes Amsterdam, the rise was a more modest 6.5%.

Amsterdam also showed the lowest rise of the four big cities and the 4.7% increase was half that of Utrecht.