Dutch property valuations wrong – Arcadis
Netherlands based engineering consultant Arcadis has warned that values of Dutch commercial property should be written down by another €37bn, local media reports.
As reported in Trouw, Arcadis believes that the combined market value of Dutch commercial property – offices, schools, retail centres and hospitals – is about €253.7bn, but that this is some €46bn less than official valuations. The difference is estimated by looking at data in appeals against local property taxes.
Despite existing writedowns of the value of holdings, Arcadis believes that property owners need to cut another €37bn off the value of property on their books.