Amsterdam - Prices of Dutch residential real estate dropped by 1.8 per cent in 2008, the association of Dutch real estate brokers NVM said in its annual report published on Thursday.
An average Dutch home now costs 233,000 euros (306,930 dollars) compared with 246,000 euros (324,055 dollars) in the third quarter of 2008.
It is the first year since 1990 that the price of Dutch homes have dropped.
The NVM said prices fell by 2.5 per cent in the fourth quarter compared with the previous quarter.
The fall of Dutch home prices began in the third quarter (down 0.7 per cent compared with the second quarter).