One in 25 owner-occupied homes in the Netherlands is now worth over €1 million, according to a new report by property research group Calcasa.

Ten years ago, just 14,000 private properties in the Netherlands were worth more than €1 million but that figure has now soared to 195,000, Calcasa said.

Most €1 million plus buildings are in Amsterdam, which has 20,100 of the total, followed by The Hague (10,900) and Rotterdam (5,250). The Keizersgracht in Amsterdam, with 578 homes worth more than €1 million, has the most expensive houses of any street.

Calcasa also identified 10 streets in which every home was worth more than €1 million, of which three are in the leafy The Hague suburb of Wassenaar. The Konijnenlaan in Wassenaar also has the most expensive homes with an average of  €3.3 million per property.

Costs

Calcasa calculates that people owning a home worth more than €1 million will pay on average almost €40,000 a year in mortgage repayments, bills and taxes to live in their homes.

For example, the eigenwoningforfait, or home owners tax, rises from 0.35% to 2.35% of the value of properties worth more than €1.2 million if still mortgaged. Million euro homes are are also more likely to have a low energy label, meaning energy bills may be high.

Local council taxes also vary widely, Calcasa found. For example, the owner of a property worth more than €1 million in Bloemendaal will pay almost €1,400 a year in local council taxes (ozb), compared with around €500 in Amsterdam.

The number of €1 million homes is likely to fall this year and in 2024 because house prices are shrinking. Estate agents organisation NVM said earlier this month that prices had gone down over 9% in the first three months of this year.