Housing slump hits Holland
Residential property prices across Holland are the latest casualty of the Eurozone crisis according to recent news reports.
Housing markets across Europe have been decimated in the wake of the global financial crisis and while the demise of the Spanish property market has dominated the headlines now fears for the future of the Dutch real estate market are beginning to gain momentum.
Residential real estate prices have dropped by 15 per cent in the last four years and experts suggest they are likely to fall by another 5 per cent during the remainder of 2012. Building permits for new home construction are at the lowest levels for nearly 60 years.
The economic crisis affecting the Netherlands has seen household debt levels rise to more than 245 per cent of income and official figures suggest the amount of unsold housing stock has doubled since the market peaked in 2008.