The Netherlands' 2025 in Structured Finance So Far: Home Prices Bounce Back

The Netherlands has seen a quicker recovery in house prices than other European markets after its drop during H1 2023, thanks to wage growth outpacing inflation and very low supply. We expect these two trends to continue this year, which will keep pushing Dutch house prices up. Residential mortgage-backed securities (RMBS) have been a major share of Dutch new issuance for the past few years, and this year is no different. About 88% of Dutch new issuance volume this year is in RMBS, though asset-backed securities (ABS) have yet to show up. Historically, ABS has been a small but steady source of the country's new issuance volume. Instead, one new commercial mortgage-backed securities (CMBS) deal has arrived this year, the first new Dutch CMBS transaction since 2022.