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Buy to let curse hits Amsterdam property market
| Published: | 19 Jul at 6 PM |
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Along with a number of other global cities, Amsterdam is asking the UN to help with the issue of investor purchases of local properties.
With the Dutch housing market at its highest level ever and demand exceeding supply, the Amsterdam authorities, together with New York, London, Barcelona and Paris, is begging the UN to help deal with the worsening situation. The problems are being caused by ever-increasing numbers of international investors buying up real estate in order to flip or rent at high prices unaffordable either by locals or expat incomers.
Amsterdam’s problems aren’t just the number of homes being bought up for investment, as the city’s real estate market has far too few properties to satisfy the demand for affordable homes by expatriates as well as citizens looking to either buy or rent. In this year’s second quarter, house prices soared from an already high level by a further 19 per cent compared to the same period in 2017. Average prices now stand at 288,000 euros, with rentals also soaring above affordable levels.
The Dutch authorities are urging the UN to come to their aid and protect the housing market from greedy speculators, mass tourism and buy-to-let investors, as the issue has created a total exclusion from the city for lower income groups. The initiative began with the mayor of Barcelona, with cities taking part hoping against hope the UN will pressurise national authorities to create strict laws preventing runaway speculation in the property market. The Dutch government as well as the UN, say the city fathers, needs to realise Amsterdam’s problems are not localised but are the result of an EU-wide attack on the housing markets in many cities.
With the Dutch housing market at its highest level ever and demand exceeding supply, the Amsterdam authorities, together with New York, London, Barcelona and Paris, is begging the UN to help deal with the worsening situation. The problems are being caused by ever-increasing numbers of international investors buying up real estate in order to flip or rent at high prices unaffordable either by locals or expat incomers.
Amsterdam’s problems aren’t just the number of homes being bought up for investment, as the city’s real estate market has far too few properties to satisfy the demand for affordable homes by expatriates as well as citizens looking to either buy or rent. In this year’s second quarter, house prices soared from an already high level by a further 19 per cent compared to the same period in 2017. Average prices now stand at 288,000 euros, with rentals also soaring above affordable levels.
The Dutch authorities are urging the UN to come to their aid and protect the housing market from greedy speculators, mass tourism and buy-to-let investors, as the issue has created a total exclusion from the city for lower income groups. The initiative began with the mayor of Barcelona, with cities taking part hoping against hope the UN will pressurise national authorities to create strict laws preventing runaway speculation in the property market. The Dutch government as well as the UN, say the city fathers, needs to realise Amsterdam’s problems are not localised but are the result of an EU-wide attack on the housing markets in many cities.
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