The Netherlands’ 2024 in Structured Finance So Far: The Road to Recovery

All eyes are on the Dutch housing market as it looks to recover from last year. After experiencing one of the largest increases in Europe, Dutch house prices dropped for the first time in a decade during H1 2023. We expect prices to tick up again in 2024 because of the country’s chronic housing supply shortage, historically low unemployment level, and developed mortgage market. Indeed, in April Dutch house prices rose 7.5% on a year-on-year basis. Dutch RMBS new issuance continues in 2024, so there is ongoing appetite for this—by now rare—type of securitisation from the Netherlands. However, the total new issuance volume this year remains very low at only EUR 1.9 billion, though we do expect more to come. Issuance to date includes not only RMBS but also ABS.