The Netherlands saw their housing bubble burst. For years the country's
banks have granted mortgages without sufficient guarantees coupled with
tax breaks from the government. The German newspaper Der Spiegel
highlights the weaknesses of the Dutch economy, rising unemployment,
reduced consumption and GDP that was stalled. Der Spiegel believes that
these are the consequences of the bursting of the housing bubble in
Netherlands. In addition, institutions financed more than 100% of the
value of the property and tax breaks could go up to 52% of mortgage
interest paid. The chart below are the property price increase:
