Article provided by MVA Certified Expat Brokers, an IN Amsterdam partner.
How’s the property market doing?
Amsterdam’s property market hasn’t changed very much since the intelligent lockdown was launched to help control the coronavirus (COVID-19) outbreak. Though consumer confidence has fallen, the market hasn’t been seriously impacted and home sales are increasing.
The housing supply in the city has risen slightly compared to last year, and the average asking price has climbed 6.5% to €607,000. Homes are selling in an average of 28 days, representing an 18.5% drop over 2019, when they were on the market for an average of 35 days. New-builds are proving popular, and though sales of higher-priced homes fell briefly, they quickly recovered.
Should I buy a home now?
Buying a home, under any circumstances, requires a lot of thought and planning. Don’t rush the process. If you have a steady job and were already hoping to purchase a place, you may wish to continue down that path. Other people might benefit from waiting to see if – and how – the market changes over the next few months. It all depends on your situation and comfort level.
What are open houses like at the moment?
Due to the virus, open houses have changed to keep people safe. The days of wandering through an apartment packed with potential buyers are over for now, but video and virtual tours are surging in popularity. When done right, they can make it feel like you’re actually experiencing the home in-person, minus the risks, of course!
Most brokers are welcoming a limited number of visitors into properties, but require everyone to stay 1.5 metres apart to prevent spreading the virus. If you do visit a place, you might be asked not to touch things like light switches and taps, and to avoid handshakes. Be sure to cancel any viewings if you have any of the coronavirus symptoms listed by the National Institute for Public Health and Environment (RIVM). Remember the situation can change quickly, so always look online for the latest info.
Are there any new rules I should know about?
Recently, the City of Amsterdam approved a law that limits the purchase of new-build homes to people who will live in them. However, there will be some exceptions. You can still rent out a place that hasn’t yet been built (or converted into residences) to a partner, child or parent, or during a temporary stay in another country. The home can also be rented out as social housing or as a mid-priced property, with a maximum cost of €1,027 a month, though this amount could rise as time goes by. For more information, check with your real estate broker.