The Dutch Propery Market in Focus 2013

THE DUTCH PROPERTY
MARKET IN FOCUS
FACTS AND FIGURES 2013
HOUSING, BUSINESS, AGRICULTURAL & RURAL
THE DUTCH PROPERTY
MARKET IN FOCUS
FACTS AND FIGURES 2013
FOREWORD
In 2013, the Dutch property market was in the news on several
occasions, to shed light on some cheerful but also less exciting
developments. For instance, due to tougher funding rules, home
sales were at the lowest levels in years. But as market picked
up in the second half of the year, a further decline in prices
was prevented nonetheless. As far as commercial property is
concerned, news messages mainly conrmed disappointing
demand, as vacancy levels continued to climb in all segments.
Still, the investment market did show some signs of recovery
and positive changes presented themselves in the agricultural
property market as companies meeting todays requirements
were sold reasonably fast, and at a good price too. Also, rising
demand for land by dairy and arable farmers kept land prices
steady last year.
The publication in front of you represents the facts and gures
substantiating these messages and is seeking to make the
property market more transparent. In fact, this is the very rst
edition presented by these departments, but that is not the
only special thing about it. Those responsible for preparing this
publication (they all work at Data & Research) have decided to
use infographics rather than traditional statistics. As far as I
am aware of, this method is unique to our sector. With the 50
images, NVM intends to visualise the main property themes in
the year 2013. Most infographics are based on gures collected
and processed by Data & Research on a daily basis.
As you are about to discover, this publication conrms there are
many signs of a nascent recovery. According to expectations, the
year 2014 will be all about unrelenting recovery. I take pride in
presenting you with this publication, wishing you a very good
and interesting read.
Ger Hukker
Chairman of the Netherlands Association of Real Estate Brokers
and Real Estate Experts (NVM)
FOREWORD . . . . . . . . . . . . . . . . . . . . . . . . . .
INTRODUCTION . . . . . . . . . . . . . . . . . . . . . . . .
KEY FIGURES ECONOMY 2013 . . . . . . . . . . . . . . . . . .
HOUSING . . . . . . . . . . . . . . . . . . . . . . . . . .
4.1 million owner- occupied homes in the Netherlands . . . . . . . . . . . .
Sales levels up as of spring 2013 . . . . . . . . . . . . . . . . . . .
High-priced houses are losing value much faster . . . . . . . . . . . . . .
Reviving condence feeding price recovery . . . . . . . . . . . . . . . .
House prices back at 2003 levels . . . . . . . . . . . . . . . . . . .
Fewer houses are offered for sale . . . . . . . . . . . . . . . . . . .
Wide market slightly tighter in 2013 . . . . . . . . . . . . . . . . . .
New supply easier to sell . . . . . . . . . . . . . . . . . . . . . .
Old supply takes longer to sell . . . . . . . . . . . . . . . . . . . .
Longer availability a greater loss . . . . . . . . . . . . . . . . . .
New-build house sales hitting rock bottom . . . . . . . . . . . . . . . .
Slightly less new property available . . . . . . . . . . . . . . . . . .
New-build house prices have ceased to drop . . . . . . . . . . . . . . .
More homes were let out in 2013 . . . . . . . . . . . . . . . . . . .
Rents have ceased to drop . . . . . . . . . . . . . . . . . . . . .
Homeownership increasingly interesting, renting property more expensive . . . . .
Housing costs are much more affordable . . . . . . . . . . . . . . . .
yet the maximum borrowing capacity is less . . . . . . . . . . . . . .
Problem groups in the mortgage market . . . . . . . . . . . . . . . . .
Housing corporations selling property . . . . . . . . . . . . . . . . . .
BUSINESS . . . . . . . . . . . . . . . . . . . . . . . . . . .
High supply levels poorest demand . . . . . . . . . . . . . . . . .
More property available . . . . . . . . . . . . . . . . . . . . . .
Greater letting opportunities . . . . . . . . . . . . . . . . . . . . .
Sales opportunities slightly better . . . . . . . . . . . . . . . . . . .
Longer supply term, transaction periods are steady . . . . . . . . . . . . .
The number of available ofces continues to rise . . . . . . . . . . . . . .
Major regional differences in vacancy rates . . . . . . . . . . . . . . .
Aging ofces are presenting a problem . . . . . . . . . . . . . . . . .
The balance lost . . . . . . . . . . . . . . . . . . . . . . . . .
Different demand in each sector and every year . . . . . . . . . . . . . .
G4 facing the same problems in the ofce market . . . . . . . . . . . . .
Rents are under even more pressure . . . . . . . . . . . . . . . . . .
Many industrial premises are available . . . . . . . . . . . . . . . . .
Structural supply goes up again . . . . . . . . . . . . . . . . . . . .
Logistics property: all that is gold does not glitter . . . . . . . . . . . . . .
More vacant retail property . . . . . . . . . . . . . . . . . . . . .
Amsterdam has the strongest retail market . . . . . . . . . . . . . . . .
Also more structural retail vacancy . . . . . . . . . . . . . . . . . . .
How retail sectors developed in 2013 . . . . . . . . . . . . . . . . . .
Rents at the lowest level . . . . . . . . . . . . . . . . . . . . . .
Commercial property prices are much lower . . . . . . . . . . . . . . .
Dutch investors still reticent . . . . . . . . . . . . . . . . . . . . .
AGRICULTURAL & RURAL . . . . . . . . . . . . . . . . . . . .
A stiff agricultural property market . . . . . . . . . . . . . . . . . . .
Some sectors did well . . . . . . . . . . . . . . . . . . . . . . .
Agricultural property supply by sector . . . . . . . . . . . . . . . . . .
Different property market dynamics in each sector . . . . . . . . . . . . .
More expensive milk quotas, the end is near . . . . . . . . . . . . . . .
Modest recovery in converted farmhouses . . . . . . . . . . . . . . . .
Regionally different prices for grasslands . . . . . . . . . . . . . . . .
Price levels slightly up in farmland . . . . . . . . . . . . . . . . . . .
OUTLOOK . . . . . . . . . . . . . . . . . . . . . . . . . .
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CONTENT
8 | THE DUTCH PROPERTY MARKET IN FOCUS FACTS AND FIGURES 2013 THE DUTCH PROPERTY MARKET IN FOCUS FACTS AND FIGURES 2013 | 9
INTRODUCTION
The year 2013 will go down in history as a transitional year. For
after almost ve years of economic adversity, a turn presented
itself at last. Very gently economy was shaking off the recession,
consumer condence has been growing ever since. Nevertheless, it
is too soon to start cheering. For instance, last year saw the num-
ber of bankruptcies and unemployment rates climb further. Also,
the announcement of more cuts will do no good to the economy.
It is often claimed that the property market will benet most
from political steadiness. It looks like this statement was
acknowledged in 2013. Especially as far as the housing market
is involved, political measures (limiting mortgage interest relief,
pushing up rents) have made things crystal-clear. And yet, not
all measures seem to pay off. For instance, last year the demo-
lition fund for vacant ofces perished while banks were hardly
interested in providing the so-called Blok Mortgage (for tackling
outstanding debts).
In the housing market, serious attention was paid to nancea-
bility at both the micro and macro level. Even though the total
mortgage debts of Dutch households dropped last year, also due
to families additional repayments, taking out a mortgage has
become more of a challenge. The maximum loan-to-value will
be restored in phases, back to 100% in 2018 (105% in 2013),
maximum mortgage standards (Nibud standards) have been
accentuated, the National Mortgage Guarantee will be adapted
according to the average property value and banks will hardly
use their explain options or not at all. In return, having lower
house prices and low interest rates means households monthly
expenses are more affordable compared to the year 2009.
In addition to the housing market, condence is also improving
as far as commercial property is involved (ofces, industrial
buildings and retail property). This is mainly the case with
( foreign) investors, to whom property offers interesting invest-
ment opportunities given todays low prices. The occupational
market, on the other hand, hardly saw any positive changes.
Demand for commercial property not only suffered from bad
economic conditions (unemployment, bankruptcies), but also
from social trends such as the new way of working and e-com-
merce. In addition, government cuts came with less use of ofce
space, which was felt most strongly in The Hague and environs.
Investors and banks are slowly but surely starting to realise that
depreciating vacant premises is inevitable.
In 2013, the agricultural property market once again saw some
positive as well as negative changes. The good news is that due to
continuous increase in scale, production levels went up primarily
in the dairy sector. It is where, also due to the approaching
abolition of milk quotas, increase in sales is pivotal. As in previ-
ous years, in 2013 the number of agricultural rms dropped once
again. It is mainly because farmers gave up. Less positive news
for the agricultural sector was the intensied livestock farming
causing even more pressure. Points of interest included changes
in the intended use in rural areas (from agricultural to rural
living); quite often these are still very slow.
The general conclusion is this: 2013 was no better than the year
before. But, even more importantly, it was not worse either. The
year 2013 was all about getting back on track again, whereby
recovery in the second half of the year gives us every reason to
look forward to the future.
KEY FIGURES
ECONOMY 2013
-5.0
-2.5
0.0
2.5
5.0
Economic growth compared to previous year in %
Source: Statistics Netherlands
Source: DNB, Hypotheekshop
Ination in %
Capital market rate and 5-year mortgage interest
06 07 08 09 10 11 12 13
06 07 08 09 10 11 12 13
06 07 08 09 10 11 12 13
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
0
1
2
3
4
5
6
Mortgage interest
Capital market rate
0
65
130
195
260
06 07 08 09 10 11 12 13
0.00
2.25
4.50
6.75
9.00
Job vacancies x1,000 Unemployment %
06 07 08 09 10 11 12 13
-50
-40
-30
-20
-10
0
10
20
-30
-20
-10
0
10
20
Consumer condence Business condence
06 07 08 09 10 11 12 13
-4
-3
-2
-1
0
1
2
3
4
5
-30
-20
-10
0
10
20
Household consumption
in % compared to previous year
Business investments
in tangible assets in %
compared to previous year
THE DUTCH PROPERTY MARKET IN FOCUS FACTS AND FIGURES 2013 | HOUSING | 13 12 | THE DUTCH PROPERTY MARKET IN FOCUS FACTS AND FIGURES 2013
H
O
U
S
I
N
G
HOUSING
14 | HOUSING | THE DUTCH PROPERTY MARKET IN FOCUS FACTS AND FIGURES 2013 THE DUTCH PROPERTY MARKET IN FOCUS FACTS AND FIGURES 2013 | HOUSING | 15
4,1 mln koopwoningen in Nederland
In Nederland staan zo'n 7,3 miljoen woningen.
Hiervan is meer dan de helft een koopwoning. De
overige woningen worden gehuurd. De meeste van
deze huurwoningen zijn in bezit van een woningcor-
poratie. Slechts 29% van de huurwoningen is in
handen van particuliere beleggers. In internationaal
opzicht is de particuliere huursector in Nederland
relatief klein en de sociale huursector relatief groot.
Langzaam maar zeker komt hierin verandering. De
laatste jaren neemt de sociale huursector in omvang
af en groeit de omvang van de particuliere huursec-
tor en de koopwoningsector. Overigens zijn binnen
Nederland grote verschillen zichtbaar. Zo is in
Amsterdam slechts 25% van de woningen een
koopwoning, terwijl in een groot deel van Noord-Bra-
bant het aandeel koopwoningen meer dan 70%
bedraagt.
Percentage of owner-occupied homes
of total stock in each municipality
< 50%
50% - 60%
60% - 70%
> 70%
Source: Statistics Netherlands, 2012
Percentage of owner-occupied homes
of total stock in each municipality
Owner-
occupied
56%
31%
Total
7.3 mln
homes
13%
Social
housing
Private
rental
1,000
1,500
2,000
Herstel verkopen vanaf voorjaar 2013
Sinds 2009 bewegen de huizenverkopen zich op een
zeer laag niveau. Het jaar 2013 vormt hierop geen
uitzondering. Toch was vorig jaar sprake van een
opvallend herstel.
Higher monthly housing costs as a result of new
mortgage rules, effective as of 1 January 2013,
urged people to buy a home fast before year-end
2012. The result: very few sales transactions in
early 2013.
But things started to change in spring. After that, more
houses were sold every week than one might expect
given trends from previous years.
06
January 13 December 13
07 08 09 10 11 12 13
148,819 148,268
128,154
94,809
95,897
88,985
85,509
87,404
... YET UNDENIABLE RECOVERY SINCE SPRING
Number of homes sold on a weekly basis
(incl. those sold subject to approval)
Beyond expectations
Trend line
Worse than expected
Number of homes sold annually by NVM brokers
HOME SALES ALREADY LOW FOR YEARS...
4.1 MILLION OWNER-OCCUPIED HOMES IN THE
NETHERLANDS
SALES LEVELS UP AS OF SPRING 2013
The Netherlands is home to approximately
7.3 million residential premises, more
than half of which are owner-occupied
homes. Other homes are rented. Most
rented houses belong to housing
corporations. Only 29% of all rented
houses are property of private investors.
Internationally speaking, the private
letting sector in the Netherlands is
relatively small, unlike the social housing
sector which is relatively large. But little
by little, things have started to change. In
recent years, the social housing sector has
been diminishing while the private sector
and the owner-occupied sector are in fact
picking up. Also, major differences exist
across the Netherlands. For instance, in
Amsterdam only 25% of all homes are
owner-occupied homes, compared to over
70% in much of Noord Brabant.
Since 2009, home sales transactions have
been at a very low level. The year 2013
was no exception. And yet, a notable
recovery presented itself last year.
100
150
200
250
300
350
400
450
Dure woningtypen harder in prijs gedaald
Bestaande koopwoningen zijn sinds 2008 gemiddeld
ruim 18% in prijs gedaald. Maar dure woningen zijn
zowel absoluut als ook procentueel harder in
prijs gezakt dan goedkope woningen. Een belangrijke
oorzaak is het stagneren van de doorstroming.
Hierdoor is de markt in de hogere prijssegmenten erg
ruim geworden. Wat ook meespeelt zijn de verder
aangescherpte hypotheekregels en het verdampen
van potentile overwaarde. Voor kopers wordt het
steeds moeilijker om een duur huis te financieren. De
NVM verwacht dat in 2014 de prijzen op het huidige
niveau zullen stabiliseren. De procentuele prijsdaling
betreft de daling vanaf het hoogtepunt van de prijzen
in het tweede kwartaal 2008 tot het dieptepunt in het
derde kwartaal van 2013.
HIGH-PRICED HOMES LOSING VALUE MUCH FASTER COMPARED TO INEXPENSIVE ALTERNATIVES
06 07
A peak in
house prices
Maximum fall
in prices:
Price movements per type of house in x1,000
206
184
226
198
285
244
400
332
23.2%
19.0%
17.5%
16.1%
18.8%
167
159
08 09 10 11 12 13
TERRACED
HOUSE
CORNER HOUSE
SEMI-DETACHED
DETACHED
APARTMENT
40
60
80
100
-8%
-4%
0%
4%
Opleven vertrouwen voedt prijsherstel
Waar vroeger de woningmarktdynamiek vooral werd
bepaald door macro-economische factoren (zoals
leencapaciteit, werkloosheid en rente), is de woning-
markt steeds meer een vertrouwensmarkt geworden.
De Vereniging Eigen Huis meet elke maand het
vertrouwen in de woningmarkt. De Eigen Huis
Marktindicator blijkt een goede voorspeller van de
ontwikkeling van de huizenprijzen. Wat opvalt, is dat
het sterke herstel van de woningprijzen eind 2009
geen fundament had in een opleving van het
consumentenvertrouwen. Wat volgde was een tweede
dip die dieper was en langer duurde dan de eerste.
De meest recente opleving van de woningprijzen
wordt wel gevoed door een positiever marktsentiment
en lijkt daarmee structureel van aard.
MARKET SENTIMENT
VEH (Homeowners Association) market indicator Prices of existing owner-occupied houses
compared to previous year
Source: NVM, Homeowners Association (in Dutch: Vereniging Eigen Huis or VEH)
TRANSACTION PRICES
11 10 09 08 07 06 12 13
HIGH-PRICED HOUSES ARE LOSING VALUE
MUCH FASTER
REVIVING CONFIDENCE FEEDING PRICE RECOVERY
Since 2008, the prices of existing owner-
occupied homes have dropped by an
average of over 18%. High-priced homes,
however, have lost value even faster
compared to inexpensive ones (in absolute
and percentage terms). One of the main
reasons are stagnating ows. As a result,
the market in the higher price segments
has become extensive indeed. Another
factor are the even stricter mortgage rules
and the evaporating potential residual
value. Financing an expensive home is
becoming quite a serious challenge. As
for 2014, NVM expects prices to stabilise
at current levels. The price drop in
percentage terms pertains to the decline
after prices peaked in the second quarter
of 2008 until they reached rock bottom in
the third quarter of 2013.
Whereas previously the housing market
dynamics was mainly determined by
macroeconomic factors (e.g. borrowing
capacity, unemployment and interest
rate), today the housing market is
becoming more of a market of trust.
The Homeowners Association (in Dutch:
Vereniging Eigen Huis) measures
consumer condence in this market on a
monthly basis. The Owner-occupied Home
Market Indicator proves to be a sound
predictor of house price developments.
One interesting detail is the fact that the
strong recovery of house prices towards
the end of 2009 was not due to rising
consumer condence. Yet another dip
followed, even deeper and longer than the
previous one. The latest housing market
recovery, however, is fed by a more positive
market sentiment and seems to be of a
structural nature.
Huizenprijzen terug op niveau 2003
Huizenkopers hebben de afgelopen jaren gemiddeld
meer voor hun huis betaald dan dat het nu nog
waard is. Daarmee staan deze huizen onder water .
Hoeveel jaar geleden lagen de woningprijzen op
hetzelfde niveau als de huidige prijzen? Voor
Nederland als geheel moeten we terug naar begin
2003, maar voor grote delen van Oost-Nederland
moet men nog verder achteruit.
MAJOR REGIONAL DIFFERENCES
In what year were house prices
as high as in 2013?
2000
2001
2002
2003
2004
2005
2006
2007
2008
PRICE LEVEL CONTINUES TO DROP
Price movements in the Netherlands in x1,000
Transaction prices back
at 2003 levels
01 03 05 07 09 11 13
200
225
175
250
0
100,000
150,000
50,000
LESS NEW SUPPLY
Daling aantal te koop staande woningen
In een goed functionerende markt houden de
aanmeldingen (nieuw aangeboden woningen) en de
afmeldingen (verkochte en ingetrokken woningen)
elkaar redelijk in evenwicht. Het resultaat is dat het
aantal woningen dat te koop staat, stabiel blijft. Voor
het uitbreken van de kredietcrisis stonden in
Nederland gemiddeld 80.000 woningen te koop.
Daarna ging het mis. Door vraaguitval verdubbelde
het aanbod naar 170.000 woningen eind 2011. Het
ruime aanbod heeft veel potentile verhuizers ervan
weerhouden om hun huis te koop te zetten. Het
aantal nieuw aangeboden woningen was mede
hierdoor dan ook erg laag in 2012 en 2013. Ironisch
genoeg is het juist daardoor dat de negatieve trend
van het stijgende aanbod is doorbroken. Als in 2014
de verkopen verder aantrekken, kan het enorme
stuwmeer aan te koop staande woningen verder
leeglopen.
Sold
Withdrawn
For the rst time since 2006, the
number of new home listings is less than
those withdrawn and sold together
New home listings
13
For sale at year-end
06 07 08 09 10 11 12
HOUSE PRICES BACK AT 2003 LEVELS FEWER HOUSES ARE OFFERED FOR SALE
In recent years, buyers have paid more
for their homes than what they are worth
today. It means these homes are now
underwater. How many years ago were
house prices the same as the current
prices? As for the Netherlands in general,
we should travel back to the year 2003,
but for large areas in East Netherlands we
need to go back even more.
Under healthy market conditions, the
number of announcements (newly listed
homes for sale) and cancellations (houses
sold or withdrawn) is well balanced. As
a result, the number of homes offered for
sale remains steady. Before the nancial
crisis presented itself, an average of
80,000 homes were available for sale
in the Netherlands. But things went
wrong after that. Due to poorer demand,
availability levels doubled reaching
170,000 residential premises at year-end
2011. Ample availability discouraged
many people from putting their homes up
for sale. Also because of that, the number
of newly listed homes was very low in
2012 and again in 2013. Ironically, this is
exactly why the negative trend of climbing
supply levels was broken. Provided more
sales transactions are entered into in
2014, the gigantic reservoir of houses
available for sale might continue to drain.
Ruime markt in 2013 iets krapper
De NVM krapte-indicator geeft de verhouding weer
tussen aanbod en transacties. In een normaal
functionerende markt is deze verhouding 5 of 6, wat
inhoudt dat er 5 of 6 keer zoveel woningen te koop
staan als er maandelijks worden verkocht. In 2013
stond de krapte-indicator gemiddeld op 23, maar aan
het eind van het jaar lag de indicator al onder de 20.
Dat de markt iets krapper is geworden, wordt niet
alleen veroorzaakt door aantrekkende verkopen,
maar ook door een kleiner aanbod woningen dat te
koop staat.
5 5 7 11 12 15 17 16
6 6 8 14 14 18 20 18
7 7 10 18 18 23 24 23
12 13 18 35 35 41 48 45
6 6 7 12 15 20 24 23
TERRACED HOUSE
UNDER ORDINARY MARKET CONDITIONS EACH BUYER HAS 5 HOUSES TO CHOOSE FROM
Tight market conditions. Dotted line reveals tightness level 5.
CORNER HOUSE
SEMI-DETACHED
DETACHED
APARTMENT
TOTAL
11 10 09 08 07 06 12 13
11 10 09 08 07 06 12 13
11 10 09 08 07 06 12 13
11 10 09 08 07 06 12 13
11 10 09 08 07 06 12 13
11 10 09 08 07 06 12 13
6 7 9 15 17 21 24 23
Nieuw aanbod verkoopt beter dan oud
Woningen die in 2013 te koop zijn gezet (nieuw
aanbod), hebben gemiddeld genomen een flink lagere
vraagprijs dan woningen die al langer te koop
stonden. Dit houdt niet alleen verband met het
aanbod zelf (in het oude aanbod zitten relatief veel
vrijstaande huizen), maar ook met het feit dat veel
mensen in 2013 hun huis voor een scherpe prijs te
koop hebben gezet. Huizen die in 2013 te koop zijn
gezet, zijn dan ook sneller verkocht. In het oude
aanbod staan helaas nog veel huizen 'te koop',
waarbij de eigenaar de vraagprijs niet meer kan of
wil verlagen en hij ook relatief weinig energie meer
steekt in promotie. De meeste van deze woningen
staan eind 2013 nog steeds te koop.
SUPPLY TRENDS PROVIDE INSIGHT INTO THE HOUSING MARKET DYNAMICS
New supply
2013
Withdrawn/
let out
Average house prices
NEW
SUPPLY
EXISTING
SUPPLY
Sold
houses
houses
Total supply at
year-end 2013
278,700
247,000
188,400
274,300
209,500
128,600
172,800
162,500
44,600 7,900
42,800 40,300
Total supply
in early 2013
New supply
2013
Withdrawn/
let out Sold
Total supply at
year-end 2013
Total supply
in early 2013
The supply trends provide insight into the owner-occupied housing market in 2013. It represents the input of newly
listed homes in 2013 (new supply, arrow top left) in the total housing stock available for sale. It also reects how
many houses that were offered for the rst time in 2013 were actually sold (sold from new supply, arrow top right)
and also how many old-supply houses were sold (sold from old supply, arrow bottom right). Old-supply and
new-supply houses that were not sold in 2013 eventually make the total supply at year-end 2013 (arrow rightmost).
At the end of the year corrections are made, which is why numbers do not fully correspond.
WIDE MARKET SLIGHTLY TIGHTER IN 2013 NEW SUPPLY EASIER TO SELL
The NVM tightness indicator illustrates
the supply-transaction ratio. In ordinary
market conditions, this ratio is 5 or 6,
which means 5 or 6 times as many homes
are offered for sale as those sold on a
monthly basis. In 2013, the indicator
revealed an average of 23, but towards
the end of the same year this number had
already dropped to 20. The market being
slightly tighter is not only due to increas-
ing sales transactions, but also because
fewer houses are available for sale.
On average, houses that were put up
for sale in 2013 (new supply) came with
much lower asking prices compared
to those that have been on the market
for a much longer period of time. This
is not only related to supply itself (old
supply includes relatively many detached
houses), but also due to the fact that in
2013 many people decided to offer their
houses at sharp prices. Hence, these
houses were sold quicker. Unfortunately,
old supply still has many houses for sale,
the owners of which cannot or will not
lower the asking price or they are invest-
ing relatively little energy in promoting
sales. Most of these houses were still
available at year-end 2013.
Total number
sales
Supply
Apartment Apartment
Terraced House Terraced House Cornerhouse
Cornerhouse
Semi-
Detached
Semi-
Detached
Detached Detached
30%
29%
14%
14%
13%
30%
19%
11%
15%
25%
162,485
87,404
Oud aanbod staat steeds langer te koop
De woningmarkt herstelt zich, maar niet elke
verkoper profiteert hiervan. Alleen woningen die
scherp zijn geprijsd en goed worden gepresenteerd,
worden relatief snel verkocht. Zij hebben een korte
verkooptijd. Daardoor blijft in 2013 de gemiddelde
verkooptijd stabiel op 5 maanden. In het aanbod dat
Even in good times, the supply term exceeds the time
required to sell. This is due to a different composi-
tion. Supply includes many more detached houses
with more time required to sell and many fewer
terraced houses with less time required to sell.
nog niet is verkocht, zitten veel woningen die al
jarenlang te koop staan en waarvan de prijzen
nauwelijks worden aangepast. Dit verklaart dat de
looptijd van te koop staande woningen blijft stijgen
en inmiddels de 14 maanden is gepasseerd.
Time on market in days is the number of days a home was offered
for sale before exchanging owners.
Supply term is the average amount of time houses that have not
yet exchanged owners are offered for sale.
DIFFERENCE BETWEEN SUPPLY AND SALES
Supply Sold
Composition of houses offered and sold in 2013
Supply term
shown in days
Time on market
in days
06 07 08 09 10 11 12 13
3
6
5

d
a
y
s
,
1

y
e
a
r
86
82
85
122
129
136
160
159
136
140
167
244
257
282
367
428
Hoe langer te koop, hoe groter het verlies
Steeds duidelijker wordt een tweedeling zichtbaar:
nieuw aangeboden woningen met een scherpe prijs
versus woningen die al meer dan 3 jaar te koop
staan. De kans dat woningen die lang te koop staan
binnen een kwartaal worden verkocht, is gedaald tot
2%. Uiteindelijk geven woningen die meer dan drie
jaar te koop hebben gestaan, 25% toe op de oorspron-
kelijke vraagprijs. Waren deze woningen direct goed
in de markt zijn gezet, dan zouden zij voor een veel
betere prijs zijn verkocht.
Likelihood of selling a house in three months
-4.2%
-8.3%
-11.3%
-13.7%
-17.5%
-22.1%
-25.6%
24%
16%
13%
11%
8%
5%
2%
SELLING OPPORTUNITY
Average difference between sale price and asking price
Selling opportunity reveals the odds of selling a house in three months.
For instance, a house that has been available for sale for 1 to 2 years,
has an 8% chance of exchanging owners within three months.
PRICE DIFFERENCE
1
st
to
2
nd
Q.
to
1
st
Q.
2
nd
to
3
rd
Q.
3
rd
to
4
th
Q.
House available
for 1 to 2 years
House available
for 2 to 3 years
House available
for more than
3 years
OLD SUPPLY TAKES LONGER TO SELL LONGER AVAILABILITY A GREATER LOSS
The housing market is picking up, yet
not every seller is receiving the benets.
Only houses offered at sharp prices and
provided they are properly presented are
sold within a relatively short amount of
time (shorter selling time). Consequently,
in 2013 the average time required to sell
a home remained steady at 5 months.
Supply included many homes that have
been available for sale for years and of
which prices were hardly adjusted. It is
why houses are available for longer and
longer, currently beyond 14 months.
A divide is becoming increasingly visible:
newly listed homes offered for sale at
sharp prices versus homes that have been
on the market for more than 3 years. The
chance of selling homes that have been
available for at least three years within
three months has tumbled down to 2%.
Eventually, these houses are sold at
25% less than the original asking price.
Had these houses been properly put on
the market, they would have exchanged
owners at much higher prices.
0
45,000
90,000
135,000
180,000
0
11,250
22,500
33,750
45,000
Aantal nieuwbouwverkopen op dieptepunt
Voor wat het aantal verkochte nieuwbouwwoningen
betreft was 2013 het slechtste jaar sinds het begin
van de kredietcrisis. Maar projectontwikkelaars en in
nieuwbouw gespecialiseerde woningmakelaars zien
in de tweede helft van het jaar een duidelijk herstel
van de afzet optreden.
De markt voor nieuwbouwwoningen reageert heftiger
op het marktsentiment en schommelingen in de
economie dan de markt voor bestaande woningen. Als
de voortekenen juist zijn en het marktsentiment
structureel verbetert, dan ligt een verder herstel van
de nieuwbouwmarkt in de lijn der verwachtingen.
Transactions
EXISTING PROPERTY
11 10 09 08 07 06 12 13*
Source: Monitor Nieuwe Woningen (New Housing Monitor), NVM
* Annual gures 2013 estimated new property
Transactions
NEW PROPERTY
Sold
Withdrawn
Newly listed
For sale at year-end
Aanbod nieuwbouw licht afgenomen
Waar in de bestaande bouw na 2008 het aantal te
koop staande woningen sterk is opgelopen, heeft in
de nieuwbouw deze ontwikkeling zich niet
voorgedaan. Projectontwikkelaars konden aan het
begin van de kredietcrisis makkelijker op de nieuwe
marktsituatie reageren dan particulieren in de
bestaande bouw. Dat konden zij door slechtlopende
projecten van de markt te halen en nieuwe projecten
aan te bieden. Ook bij de tweede dip hebben ontwik-
kelaars het nieuwe aanbod aangepast aan de
tegenvallende verkopen. Het aantal nieuw aange-
boden nieuwbouwwoningen lag dan ook historisch
laag in 2013. Voor 2014 wordt een substantile
toename van zowel het aantal transacties als het
aantal nieuw aangeboden woningen verwacht.
Source: Monitor Nieuwe Woningen (New Housing Monitor)
* Figures 2013, estimated
PROPERTY DEVELOPERS RESPOND TO POOR DEMAND FOR NEW PROPERTY
13
Number of houses available at year-end
remains steady more or less
06 07 08 09 10 11 12
0
40,000
30,000
20,000
10,000
*
NEW-BUILD HOUSE SALES HITTING ROCK BOTTOM SLIGHTLY LESS NEW PROPERTY AVAILABLE
As for the number of new-build premises
sold, 2013 was denitely the worst year
since the outbreak of the nancial crisis.
And yet, property developers and house
agents specialising in new property saw
sales levels clearly pick up in the second
half of the year.
The market of new-build houses is react-
ing more strongly to the market sentiment
and economic uctuations compared to the
market of existing houses. If signs do not
deceive us and provided market sentiment
changes structurally, then continued
recovery in the new development market
may reasonably be expected.
While after 2008, the number of existing
homes offered for sale rose impressively,
this was not the case as far as new prem-
ises are concerned. At the start of the
nancial crisis, it was easier for project
developers to respond to the new market
situation compared to private individuals
in the existing property market. Such was
possible by taking unsuccessful premises
off the market and offering new property
instead. Even during the second dip,
project developers made sure to adapt
new supply to disappointing sales gures.
Hence, the number of newly listed new
houses was historically low in 2013. As
for 2014, both the number of transactions
and newly listed residential property are
expected to rise signicantly.
200,000
225,000
250,000
275,000
300,000
-8%
0%
+3%
Prijsdaling nieuwbouwwoningen gestopt
In 2013 is de prijsdaling van nieuwbouwwoningen
gestopt. De bestaande bouw daarentegen noteerde
nog wel een kleine min, maar voor 2014 wordt ook
hier een stabilisatie van de prijzen verwacht.
Wanneer ingezoomd wordt op de prijsontwikkeling in
2013 is te zien dat in de eerste drie kwartalen de
prijs van verkochte nieuwbouwwoningen nauwelijks
lager is dan die in 2012, terwijl de verwachting is dat
in het vierde kwartaal de prijs duidelijk boven het
niveau van een jaar eerder uitkomt.
* New development gures in 2013 are preliminary
Source: NVM and Monitor Nieuwe Woningen (New Housing Monitor)
EXISTING PROPERTY
NEW PROPERTY
Median house prices of new and existing property in
New houses are larger on average
and come with more quality compared
to existing alternatives. Hence, median
house prices are higher.
PRICES CONSIDERABLY LOWER
PRICES HAVE CEASED TO DROP
Price movements compared
to previous year in %
06
12 13
07 08 09 10 11 12 13*
Meer woningen verhuurd in 2013
Het aantal woningen dat te huur is aangeboden, is in
de periode 2006-2012 maar liefst verdriedubbeld.
Hiervoor kan een aantal redenen worden genoemd.
Zo hebben steeds meer mensen hun woning tijdelijk
te huur gezet, bijvoorbeeld als men de woning niet
kwijtraakte, terwijl al wel een nieuw huis was
gekocht. Verder groeide het aanbod om te voldoen
aan de toenemende vraag naar huurwoningen. Door
het herstel van de koopwoningmarkt in 2013 hebben
steeds minder huiseigenaren hun huis te huur
aangeboden, waardoor het huuraanbod in 2013 met
3% is afgenomen. Het aantal verhuurde woningen is
wel toegenomen, namelijk 18% in een jaar tijd.
Tweederde van deze verhuurde woningen is een
appartement. Wellicht ten overvloede kan worden
vermeld dat het hier niet om corporatiewoningen
gaat, maar om particuliere woningen die door
makelaars worden aangeboden en in verhuur zijn
genomen.
Supply at year-end
* Preliminary gures
Let out
HOUSES OFFERED AND LET OUT
06 07 08 09 10 11 12 13*
8,000
8,500
9,500
12,200
13,000
14,400
17,500
20,600
3,500
3,400
5,300
6,600 6,600
7,800
10,100 9,800
NEW-BUILD HOUSE PRICES HAVE CEASED TO DROP MORE HOMES WERE LET OUT IN 2013
In 2013, new-build property prices ceased
to drop. Existing property levels, however,
did reveal a tiny fall, but for 2014 prices
are expected to stabilise in this market as
well. Studying the 2013 price movements
in detail, we know that in the rst three
quarters of the year, the price of new-build
property sold was hardly any lower than
that of 2012, while prices are expected to
clearly exceed the levels of a year earlier.
The number of homes available for
rent has tripled from 2006 to 2012, for
different reasons. For instance, more and
more people have temporarily offered their
homes for rent, including those failing to
sell their homes, while in between they
have already moved into new property.
Also, supply levels climbed to meet the
rising demand for rented houses. As the
owner-occupied housing market picked
up in 2013, in fact fewer owners decided
to offer their homes for rent, pushing
supply levels down by 3% last year. The
number of residential premises let out
did rise though, by no less than 18% in
one year. Two-thirds of rented houses
are apartments. Perhaps needless to
say that these do not belong to housing
corporations, but rather they are private
premises offered by brokers for rent.
Huurprijzen dalen niet verder
De ontwikkeling van de huurprijzen volgt in grote
lijnen de ontwikkeling van de prijzen op de koopwon-
ingmarkt, namelijk stijgende prijzen voor het begin
van de kredietcrisis, gevolgd door een flinke dip in
2009. Maar sinds 2011 doet zich een nieuwe situatie
voor. Waar de prijzen op de koopwoningmarkt een
verdere daling te zien geven, blijven de huurprijzen
zich op ongeveer hetzelfde niveau bewegen. Het
aantrekken van de huurmarkt vormt de belangrijk-
ste reden. Ook in 2013 zijn de huurprijzen zo goed als
stabiel gebleven. Het huurprijsniveau ligt rond de
8,80 per vierkante meter per maand.
Huurprijzen zijn gebaseerd op door makelaars
verhuurde woningen, exclusief servicekosten, waarbij
gestoffeerde/gemeubileerde huurwoningen niet zijn
meegenomen.
Rents are based on houses let out by NVM brokers, exclusive of service charges,
whereby (fully)furnished rented houses are not included in the calculation of prices
8.0
8.5
9.0
9.5
10.0
RENTS HAVE CEASED TO DROP
Square meter prices of rented homes
In 2009 rents dropped partly
as more houses were let out at
the bottom end of the market.
Rent levels
by region in 2013
Amsterdam
Het Gooi
Utrecht
The Hague
Groningen
Den Bosch
Eindhoven
Rotterdam
Arnhem
Nijmegen
Hengelo/Enschede
Zuid-Limburg
Median prices
of rented houses
1,330
1,060
950
1,020
760
900
830
720
730
770
720
730
Median m
2
-prices
of rented houses
13.60
11.00
10.20
9.90
8.90
8.60
8.50
8.40
8.30
8.00
7.10
7.10
06 07 08 09 10 11 12 13
RENTS HAVE CEASED TO DROP
HOMEOWNERSHIP INCREASINGLY INTERESTING,
RENTING PROPERTY MORE EXPENSIVE
80
90
100
110
120
Kopen goedkoper, huren steeds duurder
De prijzen van koopwoningen zijn de afgelopen jaren
scherp gedaald. Tegelijkertijd zijn de prijzen van
sociale huurwoningen fors gestegen. Dat betekent dat
de woonlasten in de koopsector vergelijkbaar zijn aan
de woonlasten in de sociale huursector. In sommige
regio's zijn de woonlasten van koopwoningen zelfs
lager dan die van sociale huurwoningen. Kopen
wordt dus steeds aantrekkelijker.
RENT
PURCHASE
PURCHASE PRICES DOWN, RENTS UP
Indexed price movements of the social housing market and owner-occupied housing market
06 07 08 09 10 11 12 13 14*
*estimate
Source: Ministry of the Interior and Kingdom Relations, NVM
On the whole, the development of rents
follows that of prices in the owner-
occupied housing market: climbing prices
prior to the outbreak of the nancial
crisis, followed by a serious fall back
in 2009. Since 2011, however, a new
situation has presented itself. Whereas
prices in the owner-occupied market
continued to drop, rents remained at
almost the same levels. One of the main
reasons has been the letting markets
recovery. In 2013 rents were once again
steady, as rent levels reached 8.80 per
square metre per month.
The prices of owner-occupied homes have
fallen signicantly in recent years. But
at the same time, prices paid for social
housing have increased impressively.
Hence, homeowners monthly housing
costs are becoming quite similar to those
renting homes. In fact, in some regions
home owners housing costs are even
lower. Purchasing a home is becoming
increasingly interesting.
50,000 100,000 150,000 200,000 250,000
... maar leencapaciteit verslechterd
Elk jaar stelt het Nibud nieuwe hypotheeknormen
vast. Die geven aan welk percentage van het
inkomen kan worden besteed aan woonlasten. Door
daling van de koopkracht zijn de percentages de
afgelopen jaren steeds naar beneden bijgesteld.
Inmiddels is de maximale hypotheek voor een koper
met een modaal inkomen circa 8% lager dan in 2010.
Voor andere inkomensgroepen ligt dit percentage
tussen 8 en 15%.
BORROWING CAPACITY BY INCOME GROUP
Borrowing capacity calculated for single earners
based on a 100% annuity mortgage loan
DIFFERENCE
Borrowing capacity difference
between 2010 and 2014
25,000
-11%
-11%
-14%
-15%
-8%
-8%
-8%
2010
2014
30,000
35,000
40,000
45,000
50,000
55,000
Source: Nibud (National Institute for Family Finance Information), processed by NVM
Betaalbaarheid woonlasten verbeterd...
Iemand die in 2013 een tussenwoning heeft gekocht,
betaalt per maand gemiddeld 136 euro minder aan
netto hypotheeklasten dan wanneer hetzelfde huis in
* Assuming a 100% annuity repayment mortgage. The
latter is obligatory as of 2013, but it was not yet
common in 2011. If for the year 2011 a 50% interest-
only mortgage is assumed, the net monthly housing costs
would still be similar to those in 2013. The main
difference is that in 2013 the house will have been paid
for entirely after 30 years.
2011 was gekocht*. Dit komt niet alleen door de
lagere woningprijzen, maar ook door de sterk
gedaalde hypotheekrente.
VcrE_o_e iEeresE
Grcss icc~e
Av, hcuse grice
VcrE_o_e require
HeE ~cEhI_
hcusi_ ccsEs
,}
5,OOO
2O2,OOO
222,2OO
22
,1}
5,OOO
1,OOO
192,2OO
L9?
-O,?}
O
- 1,OOO
- 29,OOO
- 125
-1,2}
O,O}
-,9}
-12,1}
-1L,2}
2O11 2O12 Di]]erece i}
CHECKBOOK TERRACED HOUSE
Source: Ministry of the Interior and Kingdom Relations, NVM
YET THE MAXIMUM BORROWING CAPACITY IS LESS HOUSING COSTS ARE MUCH MORE AFFORDABLE
For those who bought a terraced house in
2013, housing expenses will be an average
of EUR 135 less every month compared to
the same house bought in 2011.* It is not
only because house prices have dropped,
but also due to lower mortgage interest
rates.
Every single year, Nibud (National
Institute for Family Finance Information)
lays down new mortgage standards,
indicating which income percentage
may be spent on housing expenses. As
purchasing power diminished, these
percentages were adjusted downwards in
recent years. Now the maximum mortgage
for modal income groups is approximately
8% lower than in 2010. As for other
income groups, percentages are anywhere
between 8 and 15%.
Sales transactions
in 2013
110,090
333
6,980
870
1,650
260
620
450
270
450
1,490
570
350
530
Corporaties stoten woningbezit af
Van alle in 2013 gerealiseerde particulier verkopen
had 11% betrekking op door corporaties verkochte
huurwoningen (uitpondingen). En op de vijf
huurwoningen is verkocht aan de zittende huurder.
Het percentage uitpondingen verschilt sterk per
gemeente. In Zuidplas en Amsterdam is rond 30%
van de verkochte woningen aan particulieren een
uitponding, terwijl in Rotterdam dit percentage
slechts rond 11% ligt. Daar wordt echter veel
corporatiebezit aan beleggers verkocht. Het zijn met
name corporaties die in financile problemen zijn
gekomen, die hun bezit verkopen. In woonwijken met
relatief veel uitpondingen kunnen de vaak hoge
kortingen die worden gegeven tot grote problemen
leiden. Particuliere woningbezitters die hun huis
willen verkopen, zijn vaak genoodzaakt hun
vraagprijs fors te laten zakken.
MAJOR REGIONAL DIFFERENCES
Sold off in individual units
by municipality in %
0% - 1%
1% - 5%
5% - 20%
20% - 40%
> 40%
Source: land registry, private transactions only
Municipality
Nederland
Zuidplas
Amsterdam
Zoetermeer
Eindhoven
Huizen
Deventer
Velsen
Hollands Kroon
Den Helder
Groningen
Purmerend
Noordoostpolder
Hengelo
Sold off in
individual units
11%
31%
29%
27%
24%
20%
20%
19%
19%
18%
18%
17%
17%
17%
Of which to
sitting tenants
20%
50%
10%
36%
12%
6%
52%
31%
27%
33%
12%
17%
30%
29%
HOUSING CORPORATIONS SELLING PROPERTY
0
500
1,000
1,500
2,000
0%
5%
10%
15%
20%
25%
30%
35%
20,000
40,000
60,000
80,000
100,000
1 2
4 3
Probleemgroepen op de hypotheekmarkt
Naast het feit dat er minder kan worden geleend,
heeft een steeds groter wordende groep consumenten
veel moeite om een hypotheek te krijgen. Het gaat
dan om een toenemend aantal huishoudens zonder
vast arbeidscontract (1). De hypotheekadviseur moet
met goede argumenten komen om toestemming te
krijgen om middels een explain-hypotheek van de
hypotheeknormen af te wijken (2). Daarnaast zijn er
steeds meer huishoudens met een restschuld, dat wil
zeggen een woning die minder waard is dan de
hypotheek. Het aantal huishoudens met een
restschuld is gestegen van 500.000 in 2011 naar rond
1 miljoen in 2013. Bij jonge huishoudens is dit
probleem het grootst (3). Tot slot kampen steeds meer
huishoudens met betalingsachterstanden op hun
hypotheek en zit een verhuizing er voorlopig niet
in (4).
NUMBER OF INDEPENDENT
PROFESSIONALS UP BY ONE-THIRD
YOUNG PEOPLE HAVE DEBTS
06
up to 35 years 36-45 years
... actively in search of a house
... with an outstanding debt
46-60 years > 60 years
07 08 09 10 11 12 13
06 07 08 09 10 11 12 13*
*Estimate
Independent professionals
and exible contracts x1,000
INDEPENDENT PROFESSIONAL
FLEXIBLE CONTRACT
Source: AFM, Amweb, Volkskrant, processed by NVM Source: Statistics Netherlands
Source: Woon 2012, ASRE Source: BKR (Credit Registration Ofce) Mortgage Barometer
EXPLAIN SHARE MUCH LOWER
Explain mortgages granted in %
Population group percentage ...
MORE ARREARS IN PAYMENT
Households with mortgage arrears
06 07 08 09 10 11 12 13
639 819
599
780
57
29
12 3
34
21
11
7
PROBLEM GROUPS IN THE MORTGAGE MARKET
In addition to less borrowing capacity, a
growing group of consumers are having
difculty taking out a mortgage. These
households are lacking permanent
employment contracts (1). The mortgage
advisor needs to come up with some very
strong arguments in order to deviate from
the mortgage standards, using a so-called
explain mortgage (2). In addition, more
and more households have outstanding
debts, which means their houses are
worth less than the mortgage loan itself.
This number has gone up from 500,000
back in 2011 to about 1 million in 2013. It
is a serious problem particularly among
young households (3). Also, increasingly
more households are in arrears but for
now they are unable to move house (4).
Of all private transactions concluded in
2013, 11% involved rented houses sold by
housing corporations (sold off in individ-
ual units). One in ve rented houses was
sold to the sitting tenant. The number of
houses sold individually strongly depends
on the municipality involved. In Zuidplas
and Amsterdam, about 30% of all houses
were sold off in individual units, compared
to 11% in the city of Rotterdam. Although
in this city, many housing corporation
homes are sold to investors. These are
mainly corporations facing nancial dif-
culty. In residential areas with relatively
many houses sold off individually, the
usually high discounts offered can cause
major problems. Private homeowners who
wish to sell their property, are often forced
to lower their asking prices considerably.
THE DUTCH PROPERTY MARKET IN FOCUS FACTS AND FIGURES 2013 | BUSINESS | 35 34 | HOUSING | THE DUTCH PROPERTY MARKET IN FOCUS FACTS AND FIGURES 2013
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36 | BUSINESS | THE DUTCH PROPERTY MARKET IN FOCUS FACTS AND FIGURES 2013 THE DUTCH PROPERTY MARKET IN FOCUS FACTS AND FIGURES 2013 | BUSINESS | 37
Te veel aanbod en te weinig vraag
Ondanks het feit dat de belangrijkste segmenten van
de markt voor commercieel vastgoed (kantoren,
bedrijfsruimten en winkels) qua structuur en omvang
sterk uiteenlopen, hebben zij gemeen dat sinds het
uitbreken van de kredietcrisis de vraag- en aanbod-
verhoudingen steeds verder uit balans zijn geraakt.
Zo is het aanbod van kantoren bijna negen keer
groter dan het aantal vierkante meters dat in 2013
werd verhuurd en verkocht. Bij bedrijfsruimten en
winkels is de verhouding wat gunstiger.
Stock, supply and
take-up in 2013
in million
square metres
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9
HIGH SUPPLY LEVELS POOREST DEMAND MORE PROPERTY AVAILABLE
Even though the main segments of the
commercial property market (ofces,
industrial spaces and retail property)
are quite different in terms of structure
and size, they are alike in the sense that
since the outbreak of the nancial crisis,
demand and supply ratios have been off
balance more and more. For instance,
supply of ofces is almost nine times as
high as the number of square metres let
out or sold in 2013. Ratio is slightly more
favourable as far as industrial spaces and
retail property are involved.
Aantal aangeboden objecten toegenomen
De markt moest in 2013 toezien hoe het aantal
aangeboden objecten verder toenam. De toename van
het aantal objecten was echter kleiner dan in 2012,
zowel absoluut als procentueel. Hoewel in alle
deelmarkten het aantal objecten vorig jaar omhoog
ging, was de stijging het sterkst bij de winkels. Voor
een groot aantal objecten kon vorig jaar geen nieuwe
gebruiker worden gevonden. Meer dan de helft van
de objecten die eind 2012 werd aangeboden stond
eind 2013 nog te huur of te koop, vrijwel evenveel als
in de periode 2011-2012.
OFFICE SPACE
PROPERTY FLOWS IN FOCUS
INDUSTRIAL SPACE
RETAIL SPACE
New supply
in 2013
Withdrawn
in 2013
7,660
12,916
607
2,874 297 1,697
14,130
8,048
146 825
8,101
12,162
2,597
676 357 1,006
13,070
7,008
706 1,851
5,349
6,587
1,442
406 84 963
7,376
3,480
177 1,488
New
Old
Sold
in 2013
Let out
in 2013
Unaltered
Unaltered
Supply at
year-end 2013
Supply at
year-end 2012
Unaltered
In 2013, the commercial property market
saw the number of premises being offered
rise even further. Although last year this
number went up in all submarkets, it
did climb most strongly as far as retail
property is involved. Many premises did
not welcome new users as more than half
the premises available at year-end 2012
were still offered for rent or sale towards
the end of 2013. This is almost as many as
in the 2011-2012 period.
Verhuurkans verbeterd
INDUSTRIAL SPACE
RETAIL SPACE
11.7%
13.9%
7.8%
6.2%
39.6% (2012: 36.4%)
45.9% (2012: 45.6%)
3.4%
3.9%
2.8%
4.4%
Van het aanbod dat in het laatste kwartaal van 2012
op de markt kwam, werd een groter deel binnen een
jaar verhuurd dan in dezelfde periode een jaar
eerder. Anders gezegd: de verhuurkansen van
commercieel vastgoed zijn in 2013 enigszins
verbeterd. Niettemin ondervond de afzet van
leegstaande kantoorruimten veel problemen. Slechts
een kwart van de kantoorobjecten die in het vierde
kwartaal van 2012 op de markt kwam, werd in 2013
verhuurd. De winkelmarkt deed het echter een stuk
beter. Vorig jaar werd bijna 40% van het nieuwe
aanbod verhuurd of verkocht, 6% meer dan in 2012.
1
st
2
nd
3
rd
4
th
2
nd
1
st
3
rd
4
th
Let out within 4 quarters
Still available after 4 quarters
New supply Q4 2012 let out in quarter
New supply Q4 2012 let out in quarter
Withdrawn/sold
Withdrawn/sold
OFFICE SPACE
8.0%
8.8%
4.6%
4.1%
25.4% (2012: 24.9%)
54.6% (2012: 54.9%)
4.5%
4.5%
4.2%
6.8%
1
st
2
nd
3
rd
4
th
New supply Q4 2012 let out in quarter Withdrawn/sold
12.4%
10.7%
6.0%
5.1%
34.3% (2012: 30.7%)
49.5% (2012: 49.7%)
3.6%
4.0%
3.1%
5.4%
GREATER LETTING OPPORTUNITIES
Of all the premises that joined the market
in the last quarter of 2012, more were
let out in one year compared to the same
period a year before. In other words:
the letting opportunities of commercial
property were slightly more promising in
2013. Nonetheless, selling vacant ofce
spaces presented quite a few challenges.
Only one quarter of ofce buildings that
were put on the market in the fourth
quarter of 2012 were actually let out in
2013. The retail market did a lot better as
almost 40% of the new supply was let out
or sold last year.
5.3%
5.0%
4.2%
2.8%
17.3% (2012: 16.3%)
59.2% (2012: 61.2%)
5.4%
6.7%
5.4%
6.1%
7.0%
3.0%
3.5%
3.0%
16.5% (2012: 13.4%)
59.6% (2012: 61.8%)
4.3%
4.3%
7.4%
7.8%
Ook kans op verkoop iets beter
De verkoop van commercieel vastgoed verliep in 2013
duidelijk stroever dan de verhuur. Toch gaat het ook
op de koopmarkt beter dan in 2012, zij het dat de
verbetering klein is. Net als in het huursegment is
ook in het koopsegment de kantorenmarkt
hekkensluiter.
1
st
2
nd
3
rd
4
th
1
st
2
nd
3
rd
4
th
Sold within 4 quarters
INDUSTRIAL SPACE
RETAIL SPACE
New supply 4Q 2012 sold in quarter Withdrawn/let out
6.8%
4.5%
3.7%
1.1%
16.1% (2012: 12.2%)
59.9% (2012: 57.3%)
7.1%
4.5%
5.1%
7.3%
1
st
2
nd
3
rd
4
th
OFFICE SPACE
SALES OPPORTUNITIES SLIGHTLY BETTER
In 2013, selling commercial property was
clearly more of a challe nge compared
to the letting market. Nevertheless, the
purchasing market too has been doing
better than in 2012. As in the rented
segment, the ofce market is also the last
on the list in the purchasing segment.
Looptijd en transactieduur
Sinds het uitbreken van de crisis duurt het steeds
langer voordat het commerciele vastgoedaanbod door
de markt wordt opgenomen.
Daarnaast staat het aanbod steeds langer te huur of
te koop.
Van de drie deelmarkten presteert de kantorenmarkt
het slechtste en doet de winkelmarkt het het best.
3
6
5
d
a
y
s
,
1
y
e
a
r
Supply term
in days

Time required to
sell in days
Time required to
let out in days
Supply term
in days

Time required to
sell in days
Time required to
let out in days
Supply term
in days

Time required to
sell in days
Time required to
let out in days
INDUSTRIAL SPACE
OFFICE SPACE
RETAIL SPACE
13 12 11 10 09
13 12 11 10 09
13 12 11 10 09
389
464
498
541
591
192
234
254
246
257
187
233
242
224
239
458
543
586
630
678
195
236
284
276
252
182
246
252
258
262
365
429
433
479
514
202
203
217
263
263
173
210
200
205
206
The supply term is the average number
of days premises are ofered that have
not yet been sold or let out.
The time required to sell or let out property
is the average number of days premises are
ofered before these are sold or let out.
0
1
2
3
4
5
6
7
8
9
10
11
12
13
Aanbod van kantoren neemt nog steeds toe
Ondanks het feit dat in 2013 nauwelijks kantoren in
aanbouw werden genomen, werd de markt opnieuw
geconfronteerd met een verruiming van het aanbod,
dat wil zeggen een toename van het aantal vierkante
meters kantoorruimte dat direct beschikbaar is voor
de verhuur of verkoop. De toename werd voor een
belangrijk deel veroorzaakt door een vermindering
van het ruimtegebruik, zowel bij bedrijven als bij
instellingen. Daarbij speelden behalve Het Nieuwe
Werken ook kostenbesparingen een belangrijke rol.
OFFICE SPACE BY PROVINCE
Stock
Supply
09 13 09 13 09 13 09 13 09 13 09 13 09 13 09 13 09 13 09 13 09 13 09 13
Zuid-Holland
Gelderland
Noord-Holland
Overijssel
Utrecht
Limburg
Flevoland
Friesland
Drenthe
Groningen
Zeeland
Noord-Brabant
Ofce space in m
2
x million
LONGER SUPPLY TERM, TRANSACTION PERIODS
ARE STEADY
Due to poorer demand for commercial
property, letting out/selling ofces, retail
outlets or industrial spaces is taking
longer. Transaction periods, however,
seem to have stabilised. In 2012 and 2013
it took an average of 8 months from the
moment a property was offered for rent or
sale, to the day on which transaction took
place. Prior to the nancial crisis, this
period was 2.5 months shorter, however
supply includes many premises that have
been on the market for quite some time,
pushing supply terms even further in
2013. Ofce space in particular is usually
available for a long period of time.
THE NUMBER OF AVAILABLE OFFICES CONTINUES
TO RISE
Even though hardly any ofces were
under construction in 2013, once again the
market met up with rising supply levels,
which means more ofce square metres
were immediately available for rent or
sale. Rise to a great extent followed from
less use of space, in companies as well as
organisations. In addition to the new way
of working, cuts mattered as well.
Municipalities with
high vacancy rates
Winterswijk
Heemstede
Lochem
Nieuwegein
Ouder-Amstel
Kerkrade
Gilze en Rijen
Stichtse Vecht
Capelle a/d IJssel
Amstelveen
Rijswijk
Almere
Gouda
Best
Hoogezand-Sappemeer
Emmen
Spijkenisse
Helmond
Weesp
Veenendaal
Municipalities with
low vacancy rates
Veendam
Wageningen
Hardenberg
Utrechtse Heuvelrug
Moerdijk
Terneuzen
Maassluis
Noordoostpolder
Duiven
Goes
Vacancy
levels, in %
0.9
1.1
1.6
1.6
1.7
2.3
2.3
2.8
2.9
3.1
Valkenswaard
Vlissingen
Harderwijk
Rijssen-Holten
De Ronde Venen
Oud-Beijerland
Gorinchem
Vught
Katwijk
Boxtel
4.1
4.6
4.7
4.9
4.9
5.1
5.2
5.6
5.7
6.1
Regionaal grote verschillen leegstand
Naast gemeenten met buitensporig veel aanbod van
leegstaande en nog te verhuren kantoren zijn er
gelukkig ook gemeenten die nauwelijks last hebben
van leegstand. Het is dus niet overal kommer en
kwel. Gemeenten in ons land met veel kantorenaan-
bod zijn vooral te vinden in de Randstad.
Daar is in het verleden ook het meest gebouwd. De
hier vermelde percentages geven de verhouding
weer tussen het direct beschikbare aanbod en de
totale voorraad. Eind 2013 omvatte de kantorenvoor-
raad in ons land 49 miljoen m2. Daarvan stond 16%
leeg.
Vacancy
levels, in %
39.3
34.6
34.5
32.0
31.9
31.2
30.4
28.9
28.4
28.0
27.8
27.8
27.4
26.4
24.9
24.4
24.4
23.8
23.4
23.4
MAJOR REGIONAL DIFFERENCES IN VACANCY RATES
0
100
200
300
400
500
600
700
800
Veroudering van kantoren probleem
Het leegstandprobleem in Nederland wordt
verzwaard door het feit dat veel kantoorgebouwen die
te huur of te koop staan, niet meer voldoen aan de
gestelde eisen. Vooral het gegeven dat bijna
tweederde van het totale aanbod van kantoren ouder
is dan 18 jaar, is een complicatie.
Voor kantoorgebruikers die op zoek zijn naar een
modern onderkomen wordt het echter steeds
moeilijker om een geschikte plek te vinden. Er wordt
immers door projectontwikkelaars minder nieuw-
bouw gerealiseerd.
Veel gemeenten hebben een rem op nieuwbouw gezet,
terwijl ook financiers en beleggers een afwachtende
houding hebben aangenomen.
2013
07 08 09 10 11 12 13
2005 2000 1995
2010
3-7 year
0-2 year
8-12 year 13-17 year 18+ year
6 7.5 20.5 65.5
06
NEW-BUILD OFFICES
Construction volume for the open market x1,000 m
2
Supply by age, in %
Year of construction
OLD OFFICES
0.5
AGING OFFICES ARE PRESENTING A PROBLEM
In addition to municipalities with many
vacant ofces and ofces for rent,
vacancy was hardly an issue in some
municipalities. Sorrow and grief did
not hit the entire country. Most Dutch
municipalities with high ofce supply
levels can be found in the Randstad area.
It is where most premises were built in
the past. The percentages shown illustrate
the ratio between the immediately
available supply and total stock. At year-
end 2013, approximately 16.7% of ofce
stock was available for rent or sale in
the Netherlands.
Vacancy in the Netherlands is even more
challenging as many ofce buildings
offered for rent or sale are no longer
meeting todays requirements. Especially
the fact that almost two-thirds of the total
ofce supply is at least 18 years old, is a
complication.
For ofce users in search of modern
premises, nding a suitable place is
becoming increasingly difcult. It is
because property developers are building
fewer premises. Many municipalities have
put restraints on new development, while
nanciers and investors too have adopted
a wait-and-see attitude.
Balans zoek
De vraag naar kantoorruimte, ofwel het volume van
huur- en kooptransacties op de vrije markt, maakt al
enige tijd een glijvlucht omlaag. Ook in 2013 ging de
opname van kantoormeters opnieuw naar beneden.
Daardoor raakte de verhouding tussen vraag en
aanbod verder uit balans. Hoewel alle delen van ons
land hiermee worden geconfronteerd, is de kloof het
grootst in Drenthe, Flevoland en Friesland.
Er zijn verschillende oorzaken van de tegenvallende
vraag naar kantoren, zoals de haperende economie
en de noodzaak om efficient en kostenbesparend te
werken. Daarnaast speelt een rol dat de overheid
veel minder kantoorruimte huurt dan enkele jaren
geleden, toen zij nog goed was voor een aandeel van
bijna 20% in de vraag naar kantoren
REGIONAL DIFFERENCES
Ofce supply and demand
in m x1,000
12
5
5
44
45
139
11
255
190
3
107
18
139
131
94
384
646
1,107
197
2,117
2,422
30
765
256
Noord-Brabant
Zuid-Holland
Supply
Demand
Gelderland
Noord-Holland
Overijssel
Utrecht
Limburg
Flevoland
Friesland
Drenthe
Groningen
Zeeland
THE BALANCE LOST
Vraag verschilt per sector en per jaar
Er zijn verschillende oorzaken van de tegenvallende
vraag naar kantoren, zoals de haperende economie
en de noodzaak om efficient en kostenbesparend te
werken. Daarnaast speelt een rol dat de overheid
veel minder kantoorruimte huurt dan enkele jaren
geleden, toen zij nog goed was voor een aandeel van
bijna 20% in de vraag naar kantoren
2006
2013
Demand for ofces,
in %
Demand for ofces,
in %
15
11
10
9
4
4
4
4
2
2
24
11
19
10
10
9
7
6
4
3
3
1
19
9
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DIFFERENT DEMAND IN EACH SECTOR AND
EVERY YEAR
Demand for ofce space, or rather the
lease and sales transaction volumes in
the open market, has been gliding down
for quite some time now. In 2013, once
again fewer ofce square metres were
taken up, pushing supply and demand
ratios off balance even more. Although
the entire country was dealing with the
same problem, the gap was greatest
in the provinces of Drenthe, Flevoland
and Friesland.
There are various causes of the disap-
pointing demand for ofces. These include
the faltering economy and also the urge
to proceed efciently and economically.
In addition, the authorities have been
using considerably less ofce space
compared to previous years. Back then
they represented a share of almost 20% in
demand for ofces.
10
15
20
25
10
15
20
25
10
15
20
25
10
15
20
25
G4 zelfde problemen kantorenmarkt
Net als in de rest van Nederland hebben ook de vier
grote steden te maken met veel leegstand en een
aarzeling in de vraagontwikkeling. Vooral Rotterdam
heeft in 2013 de vraag naar kantoren flink zien
teruglopen. Amsterdam moest eveneens toezien hoe
de belangstelling van huurders en kopers vermind-
erde. Maar de teruggang bleef binnen de perken.
Opvallend is dat Utrecht erin slaagde om het
transactievolume te handhaven. Bovendien ging daar
ook het aanbod omlaag.
Amsterdam
Rotterdam
Take-up in m
2
x1,000 Supply in m
2
x1,000 Vacancy levels, in %
The Hague
Utrecht
11
11
12 13
12 13
11 12 13
11 12 13
11 12 13
11 12 13
11 12 13
12 13
11 12 13
11 12 13
11 11 12 13
11 12 13
203 214 188
1,038 1,038
1,108
45 73 67
462
522
592
117
66 46
574
639
724
65 73
70
330
407 401
G4 FACING THE SAME PROBLEMS IN THE
OFFICE MARKET
100
120
140
160
180
200
Huurprijzen verder onder druk
De problemen op de kantorenmarkt beginnen nu ook
duidelijk zichtbaar te worden in de huurprijzen. De
daling, die in 2008 is begonnen, heeft het afgelopen
jaar versterkt doorgezet. Niet alleen bestaande
kantoren moesten een veer laten, ook in het
nieuwbouwsegment stond de huurprijs onder druk.
Overigens geven de cijfers nog geen compleet beeld,
aangezien bij de berekening ervan geen rekening is
gehouden met incentives, zoals huurvrije perioden
en andere tegemoetkomingen.
EXISTING PROPERTY
NEW PROPERTY
Median ofce rents in per m
2
per annum
RENTS MUCH LOWER IN PREVIOUS YEAR
06 07 08 09 10 11 12 13
163
130
138
113
RENTS ARE UNDER EVEN MORE PRESSURE
Like the rest of the Netherlands, the four
major Dutch cities of Amsterdam, The
Hague, Rotterdam and Utrecht are also
facing high vacancy rates and hesitant
trends in demand. In 2013, the city of
Rotterdam in particular saw demand for
ofces drop alarmingly. In Amsterdam,
lessees and buyers were less interested
although decline was limited in the Dutch
capital. Interestingly enough, Utrecht
did succeed in protecting its transaction
volumes and also, availability levels
dropped in this part of the Netherlands.
Today, the problems facing the ofce
market are also becoming clearly visible
in rents. The decline that set off back in
2008 continued at greater speed. Not only
the existing ofces had to settle for less,
rents were also under pressure in the new
buildings segment. Figures, however, fail
to provide a complete image as incentives
(e.g. rent-free periods and other benets)
have not been taken into consideration.
0 500 1000 1500 2000 2500 3000
Bedrijfsruimtemarkt kampt met veel aanbod
Hoewel het producentenvertrouwen vorig jaar sterk
verbeterde, is het aanbod van bedrijfsruimte voor het
vijfde jaar op rij toegenomen. Net als op de kantoren-
markt heeft ook de bedrijfsruimtemarkt met een
verouderde voorraad te maken. Bovendien is het
lastiger om voor een leegstaand bedrijfspand een
nieuwe gebruiker te vinden. Want anders dan bij
kantoren en winkels, zijn veel bedrijfsgebouwen
gebruikersspecifiek, dat wil zeggen op maat gebouwd.
REGIONAL DIFFERENCES
Industrial space in m
2
x1,000 Supply starting at 100 m
2
Take-up starting at 100 m
2
11
12
13
11
12
13
11
12
13
11
12
13
11
12
13
11
12
13
11
12
13
11
12
13
11
12
13
11
12
13
11
12
13
11
12
13
Noord-Brabant
Zuid-Holland
Gelderland
Noord-Holland
Overijssel
Utrecht
Limburg
Flevoland
Friesland
Drenthe
Groningen
Zeeland
MANY INDUSTRIAL PREMISES ARE AVAILABLE
Structureel aanbod opnieuw omhoog
Het structurele aandeel van het aanbod bedrijfs-
ruimten nam in 2013 verder toe. Met name in
Flevoland en Zeeland staat een aanzienlijk deel van
het aanbod al langer dan 3 jaar leeg.
DIFFERENCES ARE LESS SIGNIFICANT
2012
Structural supply share out of total supply
Total industrial space available in
the Netherlands exceeding 750 m
2
2012
12.1
mln
18.1%
> 3 years available
> 5 years available
18.3%
6.4%
5.4%
2013
12.6 mln
2013
32%
21%
17%
14%
17%
23%
18%
22%
16%
20%
15%
11%
29%
27%
24%
21%
20%
20%
19%
18%
17%
15%
14%
12%
10% - 20%
20% - 30%
At least 30%
Same
Up
Down
STRUCTURAL SUPPLY GOES UP AGAIN
Although business condence improved
signicantly last year, the industrial space
availability levels went up for the fth
time in a row. Like the ofce market, the
industrial space market is also suffering
from an aging stock. In addition, nding
new users for vacant premises is not easy
at all. Unlike the case with ofces and
retail outlets, many industrial buildings
are user specic, which means they are
built-to-suit.
Structural industrial supply levels
continued to climb in 2013. Especially in
Flevoland and Zeeland, a serious amount
of space has been available for more than
three years.
Logistiek: niet alles goud wat er blinkt
Het heeft er alle schijn van dat de gebruikersmarkt
voor logistiek vastgoed (distributiecentra en
grootschalige opslagruimten) iets van haar glans
heeft verloren. Aanleiding vormt het oplopend
aanbod van leegstaande ruimten, terwijl daarnaast
de vraag van huurders en kopers behoorlijk is
teruggelopen. Een en ander heeft natuurlijk haar
uitwerking op de huurprijzen niet gemist. Vooral bij
bestaande gebouwen is de prijs flink gedaald. Bij dit
alles moet wel worden aangetekend dat het huidige
aanbod sterk is verouderd en dat er weinig nieuw-
bouw voorhanden is.
Logistics property in million m
2
PRICES CONTINUE TO DROP
RISE NOT ONLY DUE TO NEW PROPERTY
Average rent in per m
2
per annum
New property
Existing property
Total stock
13 12 11 10 09 08 07 06
13 12 11 10 09 08 07 06
Supply
Demand
Supply as
% of stock
2006
7.2%
2013
12.5%
0
5
10
15
20
30
40
50
60
70
80
LOGISTICS PROPERTY: ALL THAT IS GOLD DOES
NOT GLITTER
0
5
2
1
10
15
20
25
30
Meer leegstaande winkels
Door de economische crisis, het lage consumentenver-
trouwen en toenemende verkopen via internet is de
winkelleegstand in 2013 verder opgelopen. In vrijwel
alle provincies nam in 2013 het totaal aantal
aangeboden winkelmeters toe. Alleen Flevoland en
Zuid-Holland hadden ten opzichte van 2012 met een
duidelijke daling van het aanbod te maken. Het
aanbod steeg verhoudingsgewijs het sterkst in de
provincies Limburg, Noord-Brabant en Friesland. In
de provincie Groningen bleef het aanbod nagenoeg
gelijk aan dat van 2012. In de grotere stadscentra
ging het aantal leegstaande winkelpanden vorig jaar
iets omhoog, zowel in de hoofdwinkelstraten (A
locaties) als in de winkelgebieden daarbuiten
(aanloopstraten).
Retail property in m
2
x million
RISING SUPPLY IN THE RETAIL MARKET CHANGES IN SUPPLY 2012-2013
Total stock
13 12 11 10 09 08 07 06
Supply Take-up
291,500
337,000
268,000
280,500
241,500
144,500
129,500
105,500
99,500
105,000
50,000
65,000
338,000
324,500
301,000
290,500
240,500
169,500
148,500
116,000
107,500
104,500
53,500
53,000
10% - 0%
< -10%
0% - +10%
+10% - +15%
> +15%
Noord-Brabant
Zuid-Holland
Noord-Holland
Gelderland
Overijssel
Limburg
Friesland
Drenthe
Utrecht
Groningen
Zeeland
Flevoland
+10%
-18%
+14%
+4%
0%
+17%
+16%
+12%
0%
+8%
+8%
-4%
Retail market
supply in m
2
2012 2013
MORE VACANT RETAIL PROPERTY
It would appear that the logistics occupa-
tional market (distribution centres and
large-scale storage spaces) has become
rather dull. It is because of rising supply
levels, while demand from lessees and
buyers has seriously dropped. Obviously
this had major impact on rents, as
prices fell particularly as far as existing
buildings are involved. Nevertheless, it
should be stated that todays supply is
very outdated and that few new premises
are available.
Because of the nancial crisis, less
consumer condence and increasing
sales on the internet, retail vacancy
rates continued to rise in 2013. The total
number of retail space available increased
in almost each province with the exception
of Flevoland and Zuid-Holland, which saw
supply clearly drop compared to 2012.
Comparatively, supply rose strongest
in the provinces of Limburg, Noord-
Brabant and Friesland. In the province of
Groningen supply was almost the same as
in 2012. In addition, the number of vacant
retail premises slightly went up in larger
city centres, in the main shopping streets
(A locations) but also in other shopping
areas (shopping streets leading to the
main shopping areas).
Ook meer structurele leegstand van winkels
Het structurele aanbod van winkelruimte, het aantal
vierkante meters dat al langer dan 3 jaar wordt
aangeboden, is met name buiten de Randstad groot.
Provincies met veel structurele leegstand zijn
Drenthe, Zeeland en Limburg. In 2013 is het
structurele aanbod verder toegenomen.
STRUCTURAL SUPPLY OF RETAIL SPACE
2012
2013
0% - 5%
5% - 10%
10% - 15%
Same
Up
Down
13%
7%
15%
11%
12%
17%
11%
7%
13%
6%
12%
8%
12%
4%
16%
12%
11%
14%
14%
7%
16%
8%
10%
8%
Amsterdam sterkste winkelmarkt
Van de gemeenten met meer dan 100.000 inwoners
doet heeft Amsterdam verhoudingsgewijs het minste
aanbod winkelruimte. Enschede kent het hoogte
percentage winkelmeters in aanbod.
TEKST VOEGT PROOF TOE Claritas est etiam
processus dynamicus qui sequitur mutationem
consuetudium lectorum mirum. Nibh euismod
tincidunt ut laoreet dolore magna aliquam erat
Amsterdam
Venlo
Den Bosch
Eindhoven
Utrecht
Maastricht
Apeldoorn
The Hague
Dordrecht
Amersfoort
Rotterdam
Zwolle
Ede
Almere
Groningen
Arnhem
Leiden
Zaanstad
Breda
Haarlem
Nijmegen
Emmen
Tilburg
Leeuwarden
Enschede
3.2% 1
Retail space available as a percentage of stock
AMSTERDAM STRONGEST, ENSCHEDE LAST ON THE LIST
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
3.9%
4.0%
4.3%
4.6%
5.3%
5.3%
5.4%
5.4%
5.5%
5.6%
5.6%
6.0%
7.2%
7.6%
8.0%
8.1%
8.3%
8.5%
8.8%
8.8%
9.7%
10.0%
11.0%
17.2%
ALSO MORE STRUCTURAL RETAIL VACANCY AMSTERDAM HAS THE STRONGEST RETAIL MARKET
Structural supply of retail space, the num-
ber of square metres available for more
than three years, is high particularly out-
side Randstad. The provinces of Friesland
and Overijssel are the ones looking at
high structural vacancy rates. Structural
supply levels continued to rise in 2013.
Of all Dutch municipalities with more
than 100,000 citizens, relatively speaking
the city of Amsterdam has the lowest
retail vacancy. It means that the Dutch
capital is the strongest shopping city in
the Netherlands. Enschede, on the other
hand, has the highest amount of retail
space available for rent or sale, also
due to a large supply of large-scale and
peripheral retail outlets (PDV/GDV).
0
50
100
150
200
Huurprijzen naar laagste niveau
Door het ruime aanbod en de afgenomen vraag zijn
de huurprijzen van commercieel vastgoed in 2013
verder gedaald. Als gevolg daarvan liggen de prijzen
op het laagste niveau van de laatste 8 jaar. Het zijn
met name de huurprijzen van kantoren die vorig jaar
een scherpe daling te zien gaven. Maar ook op de
markt voor winkels en bedrijfsruimten daalden de
prijzen sterker dan in voorgaande jaren.
Rents in per m
2
per annum
140
50
46
115
154
164
RENTS CONTINUE TO DROP
RETAIL SPACE
OFFICE SPACE
INDUSTRIAL SPACE
06 07 08 09 10 11 12 13
RENTS AT THE LOWEST LEVEL
Due to high availability levels and poorer
demand, commercial property rents
continued to drop in 2013. As a result,
prices are now at the lowest level since
the past 8 years. Ofce rents in particular
dropped signicantly, yet prices charged
for retail and industrial space also fell
more strongly than in previous years.
Branche-ontwikkeling 2013
LARGER
SMALLER
LESS MORE
Foodstuff
Persoonlijke
Personal
care
W
Department stores
Kleding & Mode
Clothing & fashion
Schoenen & Lede
Shoes & leather items
Living
Source: Locatus
Processed by: NVM
Changing
number in use
Changing oor
area in use
Juwelier & Optiek
Jewellers
& optics
Huishoudelijke- & Luxe Ar
Household & luxurious items
Antiek & Kunst
Antics & art
-8% 4%
8%
-10%
Spo
Sports & game
Hobby
Hobby
Media
Media
Plant & Dier
Plant & animal
Bruin &
White and
brown goods
Auto & Fiets
Cars & bicycles
Doe-Het-Zelf
DIY
W
leegstand
V
Ambacht
Financile Instelling
Pa
Retail sector
Household & luxurious items
Cars & bicycles
DIY
Department stores
Foodstuff
Personal care
Jewellers & optics
Sports & game
Plant & animal
Antics & art
Clothing & fashion
Hobby
Shoes & leather items
Living
White and brown goods
Media
0%
+1%
-2%
+4%
0%
0%
0%
-2%
-2%
-4%
-3%
-2%
-3%
-3%
-2%
-10%
Changes in
oor area
Changes in
numbers
+5%
+2%
+2%
+1%
+1%
+1%
+1%
0%
0%
0%
-1%
-2%
-3%
-3%
-3%
-9%
Bepaalde branches worden extra hard geraakt door
de veranderende marktomstandigheden. Mediawin-
kels (cd's, boeken) bijvoorbeeld hebben het duidelijk
zwaar gehad in 2013, want zowel het aantal winkels
als het totale door deze branche in gebruik zijnde
vloeroppervlak is sterk gedaald. Overigens gebeurde
dit ook in de branches wonen en mode.
Certain retail sectors suffered even more
from changing market conditions. For
instance, media stores (CDs, books) were
having a hard time in 2013, as both the
number of stores and the total oor area
used by this sector dropped signicantly.
The same happened in the living and
fashion sectors.
HOW RETAIL SECTORS DEVELOPED IN 2013
0
2,000
4,000
6,000
8,000
10,000
12,000
Nederlandse beleggers nog terughoudend
Hoewel de prijzen van commercieel vastgoed de
afgelopen jaren zijn gedaald, vinden veel Neder-
landse beleggers het nog te riskant om de markt te
betreden. In 2013 bleven dan ook veel fondsen langs
de zijlijn staan. Kennelijk zagen zij nog te veel
risico's. Toch waren er ook positieve ontwikkelingen.
Zo bleef de vraag van met name buitenlandse
beleggers naar kantoren goed op peil en werd in dit
segment zelfs meer belegd dan in 2012. Dat gebeurde
vooral in Amsterdam. Ook steeg vorig jaar de vraag
naar bedrijfsgebouwen. Dat laatste was te danken
aan de verhoogde afzet van distributiecentra. Dat
het volume van de winkelbeleggingen wat tegenviel,
komt onder meer doordat er ook minder nieuwe
winkelcentra in aanbouw zijn genomen.
SLIGHTLY MORE CONFIDENCE
Commercial property investments in x 1mln.
OFFICE SPACE
INDUSTRIAL SPACE
RETAIL SPACE
5,134
1,460
1,292
537
1,409
521
06 07 08 09 10 11 12 13
DUTCH INVESTORS STILL RETICENT
Although commercial property prices
have dropped in recent years, many
Dutch investors are still reluctant to
access the market. In 2013, many funds
remained on the sideline, apparently
there were still too many risks as far as
they are concerned. Nevertheless, there
have been some positive changes. For
instance, foreign investors demand for
ofces in particular was steady and in
fact, this sector saw investment levels rise
compared to 2012 (mainly in Amsterdam).
Also, last year demand for industrial
buildings intensied thanks to increasing
sales of distribution centres. The slightly
disappointing retail investment volumes
is also due to the fact that fewer new
shopping centres were under construction.
60
70
80
90
100
110
120
130
Prijs commercieel vastgoed sterk gedaald
Uitzonderingen daargelaten staan de verkoopprijzen
van commercieel vastgoed sterk onder druk. Dit komt
onder meer doordat banken de financiering hebben
beperkt. Ook in 2013 gingen de prijzen flink omlaag.
Vooral kantoren zijn in 2013 veel goedkoper
geworden.
Overigens blijkt dat de koopprijzen voor commercieel
onroerend goed harder zijn gedaald dan de huurpri-
jzen. Veel beleggers houden de huurprijzen kunst-
matig hoog. Dat doen zij door het verstrekken van
incentives, zoals huurvrije perioden en inrichtings-
bijdragen.
SELLING PRICES TUMBLE DOWN
Difference in median selling prices compared to last year in %, 2005 = 100
INDUSTRIAL SPACE
-19.5%
-16.3%
-38.8%
OFFICE SPACE
RETAIL SPACE
06 07 08 09 10 11 12 13 05
COMMERCIAL PROPERTY PRICES ARE MUCH LOWER
With some exceptions, commercial
property selling prices are seriously
under pressure. One of the reasons is the
fact that banks have restricted funding.
In 2013, prices went down signicantly
yet again, with ofces in particular
becoming much cheaper. It also turns
out commercial property prices dropped
even faster compared to rents, as many
investors have kept these at articially
high levels. To this end, investors provide
incentives including rent-free periods and
furnishing allowance.
THE DUTCH PROPERTY MARKET IN FOCUS FACTS AND FIGURES 2013 | AGRICULTURAL & RURAL | 59 58 | BUSINESS | THE DUTCH PROPERTY MARKET IN FOCUS FACTS AND FIGURES 2013
AGRICULTURAL
& RURAL
A
G
R
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C
U
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&

R
U
R
A
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THE DUTCH PROPERTY MARKET IN FOCUS FACTS AND FIGURES 2013 | AGRICULTURAL & RURAL | 61 60 | AGRICULTURAL & RURAL | THE DUTCH PROPERTY MARKET IN FOCUS FACTS AND FIGURES 2013
Agrarische vastgoedmarkt stroef in 2013...
POULTRY FARMS
HORSE FARMS AND
HORSE RIDING
ACADEMIES
HORTICULTURAL BUSINESSES
GLASSHOUSE FARMING
08 08
08
08
09 10
10
10
10
11 12
12
12
12
13
08
08
08
08
10
10
10
10
12
12
12
12
09
11
13
09
11
13
09
11
13
20
Source for transactions: NVM, land registry
Source for supply: NVM
20
40
40
60
60
80
80
100
100
120
120
140
140
160
160
180
09
11
13
09
11
13
09
11
13
09
11
13
De agrarische vastgoedmarkt verliep uiterst
moeizaam in 2013: het aanbod nam toe of bleef
nagenoeg stabiel, terwijl het aantal transacties
daalde. Voor zover transacties plaatsvonden, lagen
die qua prijs op een lager niveau. Met name in de
pluimvee- en paardensector waren weinig transacties
te bespeuren. De tuinbouwsector meer in het
bijzonder de glastuinbouw kende wel een toename
in het aantal transacties, zij het dat een groot aantal
hiervan uit gedwongen verkopen bestond. Belangri-
jke redenen voor de stroeve markt zijn het ontbreken
van kopers, de moeizame financiering, de trage
verstrekking van benodigde vergunningen bij koop
en de belemmerende factor van (ongeschikte)
bebouwing op het agrarisch perceel.
PIGFARMS
DAIRY FARMS
VEAL FARMS
ARABLE FARMS
(excl. glasshouse farming)
A STIFF AGRICULTURAL PROPERTY MARKET
The agricultural property market was
anything but painless in 2013: supply
increased or remained almost steady,
while the number of transactions
dropped. Most transactions that did
take place involved lower price levels.
Especially in the poultry and horse
industry, transactions were scarce. The
horticultural industry more specically
greenhouse farming did see the number
of trans actions climb, even though many
of these transactions involved compulsory
sales. The major reasons for dealing with
a stiff market include the lack of buyers,
difcult funding, obtaining the acquisition
permits required takes ages and the
frustrating factor of (unsuitable) buildings
on agricultural land.
SOME SECTORS DID WELL
Last year some sectors did well, particu-
larly due to good proceeds in these sectors.
In addition, expectations were positive
and sufcient property buyers showed up.
It was mainly readily marketable property
that was sold without too much fuss.
Companies available as at 31 December
Companies sold
Dynamiek markt per sector verschillend
SUPPLY TRENDS ILLUSTRATE PROPERTY DYNAMICS
HORTICULTURAL FARMING
15
49
7
41
3
New
(excl. glasshouse farming)
Old
79
89
23
91
22
New
Old
DAIRY FARMS
Van vier agrarische sectoren is in beeld gebracht hoe
dynamisch de markt van agrarisch vastgoed in 2013
was. Elke sector laat weer een uniek beeld zien. Als
we de melkveehouderijsector onder de loep nemen,
zien we dat het aanbod eind 2012 nagenoeg gelijk is
aan het aanbod eind 2013. Het aantal aanmeldingen
afgelopen jaar was groot, maar daarentegen was ook
het aantal verkopen met 45 vrij fors. Opvallend is dat
het aantal melkveehouderijen dat binnen een jaar
verkocht is ongeveer gelijk is aan het aantal dat
meer dan een jaar te koop staat. Al met al mag je
spreken van een dynamische markt. Een voorbeeld
van een minder dynamische markt is de tuinbou-
wsector.
New supply
2013
Sold
Supply at
year-end 2013
Supply at
year-end 2012
New supply
2013
Sold
Supply at
year-end 2013
Supply at
year-end 2012
Corrections are made at year-end,
which is why numbers do not fully correspond.
21
6
Withdrawn
10
3
Withdrawn
ARABLE FARMING
30
21
5 3
30
2
New
Old
New supply
2013
Withdrawn
11
Sold
Supply at
year-end 2013
Supply at
year-end 2012
Aanbod agrarisch vastgoed per sector
Eind 2013 waren in Nederland ruim 700 agrarische
bedrijven te koop. Bijna een kwart van de aange-
boden bedrijven had betrekking op paardenhouderi-
jen en maneges. Tegenover dit ruime aanbod stond
echter een beperkt aanbod van pluimveebedrijven
(leghennen, vleeskuikens, kalkoenen). Binnen de
sector 'overige bedrijven' vallen onder meer zorgboer-
derijen, hondenkennels, campings en
kaasboerderijen.
SUPPLY BY SECTOR
104
30
91
30
41
79
163
26
141
P I G F A R M S
F
A
R
M
IN
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A
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A
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A
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/
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VEAL CALVES
O
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TOTAL
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AGRICULTURAL PROPERTY SUPPLY BY SECTOR
At year-end 2013, the Netherlands was
home to more than 700 agricultural rms
ready to welcome new owners. Almost one
quarter of these businesses involved horse
farms and horse riding academies. This
ample supply was counterbalanced by a
limited availability of arable farms, veal
and poultry farms (laying hens, broilers,
turkeys). Other companies include care
farms, dog kennels, camping sites and
cheese farms.
DIFFERENT PROPERTY MARKET DYNAMICS IN
EACH SECTOR
The agricultural property market
dynamics depends on the industry
involved. For instance, at year-end 2012
supply in the dairy sector was almost the
same as that towards the end of 2013.
Indeed, the number of registrations was
high, and sales transactions (45) were
quite substantial. One interesting detail
is the fact that the number of dairy farms
sold within one year is almost the same
as the number offered for more than a
year. This conrms we are dealing with
a dynamic market. In the horticultural
sector, however, market was not quite as
dynamic.
0
10
20
30
40
50
06 07 09 08 10 11 12 13
Melkquotum duurder, einde nadert
De prijs van melkquotum - het recht om een bepaalde
hoeveelheid melk te produceren - bereikte in maart
2013 een dieptepunt (7,40 per kg vet). Dit kwam
vooral door achterblijvende vraag, die mogelijk
verband hield met het naderende einde van het
melkquotum per 1 april 2015. Vanaf maart was er
echter weer sprake van een prijsstijging door meer
vraag en een krapper aanbod.
Price per kilogram of milk fat
MILK QUOTA PRICE UP AGAIN
7.40
12.10
MORE EXPENSIVE MILK QUOTAS, THE END IS NEAR
Prices paid for milk quotas the right to
produce a certain amount of milk hit
rock bottom in March 2013 ( 7.40 for each
kilogram of fat). Poor demand was the
main reason, which probably followed from
the approaching end of the milk quotas on
1 April 2015. As of March, however, prices
went up again due to higher demand and
tighter supply levels.
Licht herstel te zien bij woonboerderijen
< 300,000
266
322
362
382
424
414 811
511
527
377
481
287
234
283
319
389
408
371 603
473
504
352
423
296
Average transaction price by province in x1,000
2012
PRICES SLIGHTLY LOWER COMPARED
TO PREVIOUS YEAR
2013
300,000 - 350,000
350,000 - 400,000
400,000 - 450,000
450,000 - 500,000
> 500,000
Niet alleen de woningmarkt lijkt zich te herstellen,
ook op de markt van woonboerderijen was vorig jaar
een verbetering zichtbaar, ware het niet dat de markt
werd geconfronteerd met veel aanbod en maar weinig
kopers. Karakteristieke woonboerderijen met een
gunstige ligging deden het nog redelijk goed. Het
totaal aantal transacties steeg van iets meer dan 460
in het eerste halfjaar naar bijna 630 in de tweede
helft van 2013. Ook de verkooptijd neemt sinds medio
2012 af. De prijzen blijven echter dalen. Werd een
gemiddelde woonboerderij voor het uitbreken van de
kredietcrisis voor meer dan een half miljoen euro
verkocht, in 2013 lag de gerealiseerd prijs op nog
geen 380.000 euro. In de Randstad zijn woonboerderi-
jen doorgaans het duurst.
MODEST RECOVERY IN CONVERTED FARMHOUSES
Not only the housing market seemed to
pick up, the converted farmhouse market
too clearly did better last year, despite
high availability levels and few buyers
showing up. Characteristic farmhouses at
convenient locations did well nevertheless.
The total number of transactions went up
from just over 460 in the rst six months
to almost 630 in the second half of 2013.
Also, since mid-2012 less time is required
to sell a farmhouse. But prices continued
to drop. While prior to the nancial
crisis an average farmhouse was sold at
more than a half million euro, in 2013
the average price paid amounted to no
more than 380,000. The most expensive
converted farmhouses are usually to be
found in Randstad.
Regionale verschillen in prijs grasland
Bouwhoek
en Hogeland
PRICE RANGE OF GRASSLANDS
Bouwhoek
en Hogeland
Centraal
veehouderij-
gebied
Centraal
veehouderij-
gebied
Hollands/
Utrechts
weidegebied
Hollands/
Utrechts
weidegebied
IJsselmeer-
polders
IJsselmeer-
polders
Noordelijk
weidegebied
Noordelijk
weidegebied
Oostelijk
veehouderij-
gebied
Oostelijk
veehouderij-
gebied
Rivierengebied
Rivieren-
gebied
Veenkolonin
en Oldambt
Veenkolonin
en Oldambt
Waterland en
Droogmakerijen
Waterland en
Droogmakerijen
Westelijk
Holland
Westelijk
Holland
Zuidelijk
veehouderijgebied
Zuidelijk
veehouderij-
gebied
Zuidwest-
Brabant
Zuidwest-
Brabant
Zuidwestelijk
akkergebied
Zuidwestelijk
akkergebied
Zuid-Limburg
Zuid-
Limburg
35,000 -
40,000
40,000 -
45,000
45,000 -
50,000
50,000 -
55,000
55,000 -
60,000
60,000 -
65,000
Source: land registry
Processed by: NVM
65,000 -
70,000
70,000 -
75,000
Over het algemeen verliep de grondmarkt in
Nederland goed in 2013. Verkoopprijzen van grasland
waren stabiel tot licht stijgend. Een belangrijke
oorzaak van de toenemende vraag naar grasland is
de duidelijkheid die er nu is over de quotering en
regelgeving vanaf 2015. Met name vanuit de
middelgrote en grote melkveebedrijven was er vraag
naar grasland. Wel zijn de regionale verschillen
groot. In het oosten liggen de prijzen voor grasland
het laagst, in de IJsselmeerpolders het hoogst.
REGIONALLY DIFFERENT PRICES FOR GRASSLANDS
In general, the Dutch land market
did well in 2013. The selling prices of
grasslands were steady or even slightly
higher. One of the main reasons of rising
demand for grasslands are the crystal-
clear quotas and regulations that will
become effective in 2015. Medium-size
and large-scale dairy farms required most
grasslands, although regional differences
are vast. East of the country, prices paid
for grasslands are the lowest, and highest
in the IJsselmeer Polders.
PRICE RANGE OF ARABLE TERRITORIES
Source: land registry
Processed by: NVM
35,000 -
40,000
Bouwhoek
en Hogeland
Centraal
veehouderij-
gebied
Hollands/
Utrechts
weidegebied
IJsselmeer-
polders
Noordelijk
weidegebied
Oostelijk
veehouderij-
gebied
Rivieren-
gebied
Veenkolonin
en Oldambt
Waterland en
Droogmakerijen
Westelijk
Holland
Zuidelijk
veehouderij-
gebied
Zuidwest-
Brabant
Zuidwestelijk
akkergebied
Zuid-
Limburg
40,000 -
45,000
45,000 -
50,000
50,000 -
55,000
55,000 -
60,000
60,000 -
65,000
65,000 -
70,000
70,000 -
75,000
Bouwhoek
Centraal
veehouderij-
gebied
Hollands/
Utrechts
weidegebied
Noordelijk
weidegebied
Oostelijk
veehouderij-
gebied
Rivierengebied
Veenkolonin
en Oldambt
Waterland en
Droogmakerijen
Westelijk
Holland
Zuidelijk
veehouderijgebied
Zuidwest-
Brabant
Zuidwestelijk
akkergebied
Zuid-Limburg
Prijsniveaus akkerbouwland iets hoger
De vraag naar bouwland bestaat voornamelijk uit
grotere kavels. Kleinere, minder courante percelen
zijn moeilijker verkoopbaar, waardoor deze voor
relatief lage prijzen van de hand gaan. Het afgelopen
jaar kwam veel vraag naar bouwland vanuit de
akkerbouw en de melkveehouderij. Er is duidelijk
sprake van schaalvergroting bij de grondgebonden
landbouw. Dit leidt ertoe dat de prijzen stabiel blijven
of zelfs stijgen. Ook bij bouwland worden de hoogste
prijzen per hectare in de IJsselmeerpolders gereali-
seerd.
en Hogeland
IJsselmeer-
polders
PRICE LEVELS SLIGHTLY UP IN FARMLAND
Demand for farmland mainly involves
larger plots. Smaller, not very marketable
lots are more difcult to sell, which is why
they exchange owners at relatively low
prices. Last year arable and dairy farmers
required more farmland, which clearly
indicated increased scale in land-based
agriculture. As a result, prices remained
steady or in fact they went up. For farm-
land too, the highest prices per hectare
were paid in the IJsselmeer Polders.
THE DUTCH PROPERTY MARKET IN FOCUS FACTS AND FIGURES 2013 | 69 68 | THE DUTCH PROPERTY MARKET IN FOCUS FACTS AND FIGURES 2013
OUTLOOK
In 2014, the Dutch property market will face serious challenges
as several factors will make sure the extent to which recovery
presents itself is different in each submarket. According to
expectations, economy will show some modest growth (0.5%) for
the very rst time since 2011. Ination will continue to fall to
1.5% and spending power will rise by an average of 1%. At the
same time, unemployment rates will climb. So far, we do not
know how manufacturers and consumers will continue to have
faith in 2014. But we do know this: banks will have a crucial role
because reluctant nanciers means less recovery in the end.
For 2014, NVM expects the housing market to see some modest
growth. On annual basis, the number of transactions will go up
by approximately 5% and prices will stabilise. The decline in
supply levels that presented itself in 2013 will persevere. The
housing market, which started to pick up in the second half of
2013, will continue to progress. The extent of recovery, however,
will be different in each region. The housing market will benet
from improved affordability due to low interest rates and
lower house prices. But then again, a number of measures will
interfere with the nanceabilty of homes even more. According
to Nibuds adapted standards (since 1 January 2014) consumers
may borrow less money and the National Mortgage Guarantee
scheme will be limited as of 1 July 2014, back to j 265,000.
For specic groups, e.g. independent professionals, customised
mortgage funding is required.
The commercial property market is not expected to see substan-
tial recovery, if any at all. For now, the anticipated economic
growth is insufcient for putting a stop to the rising ofce
vacancy rates and declining demand for ofce space. Hence,
rents will remain seriously under pressure with a rising divide
between rst-class locations and other ofces. The retail property
availability levels will continue to rise in 2014, particularly on
the inner citys shopping streets leading to the main shopping
area, places outside Randstad and also in small towns.
Consumers will remain reluctant to buy items at the stores, while
consumption levels on the internet will continue to rise. Rents
will drop, the more so in small and mid-size cities. Rents paid for
A1 location stores are expected to remain steady. The prospects
for the industrial property market, compared to those for the
ofce and retail market, are slightly more promising due to
rising business condence. Nevertheless, the purchase prices will
still be under pressure because of the limited nanceability of
property. In 2014 the investment market will make a lively sight,
and alternative nancial structures could play a bigger role.
In the agricultural market, long-term trends such as declining
numbers of companies and increase in scale will continue
undiminished. Dairy farms in particular will grow this year,
both in terms of plot size but also where the number of stables is
concerned. Prices charged for agricultural land are expected to
remain steady or slightly go up in 2014. In addition, the market
for converted farmhouses will slightly pick up. In the meantime,
vacancy and landscape cluttering will threaten in agricultural
areas. Therefore, more focus on the conversion of released
agricultural property is required.
O
U
T
L
O
O
K
NVMS PROFILE
NVM is the largest association of real estate brokers and real
estate experts in the Netherlands, actively involved in all market
segments. NVMs ambition is to purposefully support members
and effectively represent their interests towards the authorities
and political circles. NVM has approximately 3900 afliated real
estate agents.
NVM consists of three expert sections: Housing, Business and
Agricultural & Rural Property. They are familiar with all
the changes presenting themselves in their elds. They are
respon sible for observing developments and trends, and also for
providing professional support in the event of market-specic
issues. In addition, NVM is home to departments specialising in
inter alia legal assistance, communications & marketing as well
as advocacy.
The Dutch Association of Real Estate Brokers and Real Estate Experts NVM (hereafter referred to as NVM) expressly reserves all rights
to this document.
Nothing in this publication may be reproduced, stored in a data le or disclosed, in any form or manner, electronically,
mechanically, through photocopying, recordings, or otherwise, without NVMs prior written consent. Third parties shall not use or
disclose any of this information without NVMs prior written consent. Making alterations to the outer appearance of this document is
expressly prohibited.

Despite NVMs unrelenting care and dedication in preparing this document and the information included, NVM does not guarantee
the completeness, correctness or continuous topicality of data.
NVM, in the event of evidenced misuse, shall invoke its rights with the statutorily competent Dutch court.
COLOPHON
Composed by:
Rudolf Bak
Stphanie Brans
Frank Harleman
Matthijs Hofman
Bart Knijff
Guido Raven
Production:
Liesbeth Kramer
Source:
Unless stated otherwise, all gures are based
on NVM data. The housing market gures 2013
are preliminary gures.
Design:
Proof Reputation, Amsterdam
Infographics:
Els Engel and Saro Van Cleynenbreugel,
Amsterdam

Address:
NVM
Fakkelstede 1
3431 HZ Nieuwegein (the Netherlands)
research@nvm.nl
www.nvm.nl
+31 30-6085185

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