The trend continues…average housing prices in Amsterdam have reached an astronomical amount.

That amount? Over €500,000 on average. €507,475 being the true number. This number came at the end of 2019 Q3 and was the first time the average cost was half a million euros or more. From 2019 Q2 to Q3, average housing prices in Amsterdam rose by €35,000

Nationwide, Statistics Nederland reports, that the average house price is €314,000. According to Rabobank economist Nic Vrieselaar, there are many reasons that explain the rising costs from population growth to investors capitalizing on the scarcity of the housing market to low-interest-rate mortgages on offer. Of course, the main reason is that there just is not enough housing to meet the demand in Amsterdam. Only 30% of Amsterdam’s housing is resale property, compared to 57% around the country. By 2024, the Amsterdam municipality has pledged 52,000 new homes split amongst social, middle income, and luxury properties in an effort to curb the trend.