Climate change could knock 10% off Dutch house prices: report

Checking the foundations. Photo:

Climate change is hanging over the Dutch housing market like a “dark cloud” and could lead to a total loss in value of €325 billion, according to real estate research group Calcasa.

Earlier this month, financial sector watchdog AFM said the risk of flooding and foundation damage should be taken into account when determining how much property is worth because the cost of repairs could add up to €100,000 per property.

In addition to flood and drought damage, earthquakes too can have an impact on home owners in the north and south of the country, Calcasa said.

The current market value of Dutch housing stock – a total of €8.2 million units – is around €3.3 trillion, Calcasa says. Total damage from climate change and earthquakes would be some €325 billion or around 10% of the total.

The biggest risk is flooding from rising sea levels, heavy rainfall and full rivers, which could affect 3.7 million homes. This is particularly an issue in central parts of the country and the Wadden Islands, Calcasa said. Some 1.6 million homes are in a potential earthquake zone and 28,000 homes have a high risk of being hit by heathland fires. According to an estimate by homeowners association VEH, a million of the Netherlands’ eight million homes need to fix their foundations.

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