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André Geis and Ms. Oana Luca
Soaring real estate prices and valuations despite the economic downturn brought by the pandemic have focussed the attention of Dutch policymakers on potential macro-financial and socio-economic implications. In this context, our paper reviews the salient features of Dutch commercial and residential real estate markets with an eye to identify pertinent risks and challenges. While we find that the Dutch authorities have made considerable strides to strengthen real estate-related policies in recent years, some, and partly long-standing, issues remain, requiring additional efforts to bolster financial stability, address housing supply shortages and manage secular changes affecting property markets.
André Geis and Ms. Oana Luca

in CRE prices with residential properties witnessing steep increases while the value of office and industrial premises has climbed after troughing in the mid-2010s. Remarkably, the recession of 2020 appears to have had little impact on CRE prices so far, apart from retail where the crisis seems to have accelerated a pre-existing downward trend. CRE Investment Cycle and Price Developments in the Netherlands As a result of ongoing price rises, valuations have become more stretched, particularly in the context of a pick-up in vacancies and depressed yields