The conversion of offices, shops and other buildings into homes continues to decline. According to new figures from Statistics Netherlands (CBS), only 7,870 homes were delivered through transformation in 2024, a 10% drop compared to the previous year.
Housing market economist Matthijs Korevaar (Erasmus School of Economics) identifies a structural issue. He speaks of a ‘mismatch between supply and demand’: ‘In cities such as Amsterdam and Utrecht, demand for housing is high, but office vacancy rates remain limited. Meanwhile, in areas with greater vacancy, such as along motorways or on old industrial estates, demand for housing is much lower.’
As a result, the government’s ambition to add 15,000 new homes annually through transformation is increasingly out of reach. Amsterdam, in particular, saw a sharp decline: from 1,155 converted properties in 2023 to 210 in 2024. According to Korevaar, there is no guarantee that the number of transformations will rise again soon. ‘The locations where conversion is both feasible and profitable have largely already been used.’
- More information
You can download the article from Het Financieele Dagblad, 4 November 2025, above (In Dutch). For more information, please contact Ronald de Groot, Media & Public Relations Officer at Erasmus School of Economics: rdegroot@ese.eur.nl, mobile: +31 6 53 641 846.
