First signs of a Dutch housing crack-up are showing.
The Netherlands is one of the last countries left where mortgage intrest is deductable from income tax. Mortgages where available up to 110%, all family incomes where fully included, etc. The result was an enormous bubble.
A house bought in 98 for Eu 125.000 is doing now Eu 400000. A comparable house in Germany however did Eu 130.000 in 98 and is doing now 150.000. Why the difference.

The first reason I can think of is that German mortgages always where up to only approx 75%. Most mortgages only up to 60%. Second reason, Germans saw there houses never as an asset but always as a consumer good. So much for the average German good sense. Too bad various German state banks had to gamble in the US housing casino which left the average taxpayer with a big problem. Until now no signs of big Dutch losses in this area.

In The Netherlands this mortgage intrest deductability must come to an end as it is paid for by Gas findings which will last only 20 more years.
However no politician wants to touch this item so as always the problem is postponed until the country rolls of the cliff (or in this case into the sea).
Wonder what the Dutch will do in 20 years as 90% of central heating is with Gas and only 10% (no chimneys) has the possibility of firing wood in their homes.
Guess these 10 % will gain value in the future. Too bad the country is that crowded that all the trees in Holland will only keep warm a very limited number of people.

Meanwhile at the last summit of G7 Dutch finance minister Bos said IMF findings concerning overvaluation of Dutch housing were highly exagerated.