The price of existing property fell by an average of 2.8% last year, with the CBS and land registry office (kadaster) saying they had recorded the first full year drop in 10 years.

The reduction was strongest – 4.8% – in the province of Utrecht while in Noord-Holland the decline was 4.7%. In Limburg, however, the decline in property prices was less than 1%. In Utrecht itself, house prices fell by almost 7% while in Amsterdam they were down 5%.

In total, the number of transactions fell by 5.5%, the third year in a row that fewer houses have changed hands.

Last week, the NVM estate agents association published its annual figures, indicating the median price for homes sold by its agents rose by 5.3% year-on-year to €434,000. The CBS figures are based on completed transactions recorded by the Kadaster and so lag the NVM by several months.

The CBS’ Dutch house price index reached its highest ever level in 2022 but prices fell steadily from August that year. They began rising again in June 2023.

In December, the CBS recorded a 1.6% price rise when compared with the year earlier period. This was the agency’s first recorded annual increase since January 2023.