Dutch Housing Market Quarterly
The bottom of the Dutch owner-occupied housing market is in sight. The fall in house sales has virtually come to a halt and price declines have also slowed. We expect this development to continue and that house prices may stabilise as well in 2014.
The Dutch economy still finds itself in recession. In the first quarter, GDP volume contracted by 0.1% on a quarterly basis. Sentiment indicators do not yet point at a speedy recovery.
Export growth cannot counterbalance the depressed domestic demand. The unseasonably long and cold winter, however, has increased production and consumption of natural gas.