7.3

Housing Market Indicator

overall score, actual per Q3 2021

Housing Market Indicator

The Housing Market Indicator of Q3 2021 increases to 7.3, from 7.2 in Q1 2021. The increase of the HMI is mainly caused by the economic drivers: GDP-growth increased significantly, inflation has risen to 2.7% and the unemployment rate is very low at 3.2%. However, given the large spread in scores between the quadrants, these developments come at a price.

On the economic side we observe a growth that is very high compared to the decline in Q2 2020 (the first quarter of the pandemic) together with low unemployment numbers and an increasing (but still moderate) inflation. The housing market is still booming with a sharp increase in house prices and a very low market liquidity.

But the sustainability-quadrant scores a fairly poor 5.6 which is mainly caused by the sharp increase of CO2-emissions. It should be noted that the latest data is not yet available. The positive news in this quadrant comes from the Dutch institutional investors who saw their GRESB-score increase to 9.0. 

Furthermore, the consumer side is also under pressure. The consumer confidence is still negative, at -5 in September, and the affordability of housing continues to decline. Customer satisfaction is fairly stable at 6.9.