Dutch housing prices rise first time in 3 years

Dutch housing prices increased in the first quarter of 2014 by 1.2 percent compared to one year ago, said the Dutch Association of Real Estate Brokers (NVM) on Thursday. It is the first price increase in more than three years. The average selling price increased to 209,000 euros (about 290,000 U.S. dollars) in the first quarter. The last time Dutch housing price increase was in the third quarter of 2010. In the fourth quarter of 2013 the value of homes fell by 0.8 percent. Compared to the last three months of last year, housing prices rose by 0.3 percent in the first quarter of 2014. The figures were no surprise to NVM chairman Ger Hukker. "Because prices in recent quarters decreased less harsh, the end of the fall in prices was already predicted," he said in a statement, adding "Price recovery has now started, but there are still regional differences." According to the NVM chairman, the recovery on the housing market was mainly driven by increased consumer confidence, better economic prospects and low mortgage rates. However, especially in the northeastern side of the country housing prices continued to drop in the first quarter of 2014.