Method

Think of a bond: every location pays a spread over the Dutch state bond, set by its own credit rating. The base is the 10-year Dutch state bond plus 2.5%, rounded to a quarter point: 3.72% on 28 September 2026, so 6.25%. Each step down in town size or away from the main street adds 0.5%. Shrinking regions add 0.5%. Flats above shops are housing and get the base rate.

The base resets every quarter, in public.

1. Shop and flat are valued separately at their own rate and added up.
2. Transfer tax 10.4% on the shop, 8% on a flat bought by an investor, plus 2% other costs.
3. Ten-year hold. At the sale the property is valued as let; the exit yield is the location rate minus that class's long-run rent growth, plus 0.25% because the building is ten years older. Selling costs 1.5%.
4. A unit empty on sale day is priced as let, and the seller pays the buyer a rental guarantee until the expected letting date.
5. At each lease end: even odds that the tenant stays at market rent. If not: 12 empty months, then a new tenant with one month rent-free and a 15% letting fee.
6. Market rent growth: 2.5% a year in Amsterdam, Eindhoven and Utrecht, 2.0% in the rest of the top 20, 1.5% in other towns over 30,000, 1.0% in smaller towns, 0.5% less in shrinking regions, and never more than the market prices in for that city.

Five-year swap (3.63% on 25 September 2026) plus a bank margin by loan-to-value: 1.5% up to 50%, 1.6% at 55%, 1.9% at 60%, 2.5% at 65%, 3.2% at 70%. Banks lend on their own valuation, so the margin is priced on the loan against the works-at price, not against your bid. Repayment 2.5% a year; arrangement fee 1% plus €3,000.

No site visits. Floor areas are taken from the brochure, because public registers are unreliable for them. Leases are often not seen; the card says so. Every card lists what to check before you bid.