I bought a one bedroom duplex on one of Amsterdam’s canals 10 years ago, when I was still an investment banker. I’ve never sold the place as it is like an anchor in my life, the one place in the world which I can call my own. But with the credit crisis, the high Euro, and my desire to shoot roots in New York, I thought that selling Amsterdam and buying in the US would be a smart move.
I decided to spend three weeks there this summer to decompress from the New York craziness and do up the place, making it ready for sale. But as soon as I walked through the door of the apartment, I knew I could not sell it, even if market conditions were very favorable. I would make a profit off the exchange rate, and gains in value. The Amsterdam real estate market had surely also reached its peak, and is bound to plummet like the other western markets in the stream of the US credit crunch. But I just love the apartment too much: it’s bright, it’s centrally located on the Prinsengracht, the terrace facing church spires is perfect for entertaining, and bathtub on little lions feet is pure luxury.
So no, I didn’t sell, but had the floor replaced and the walls painted. It is now rented out again, and I’m keeping my fingers crossed on the housing market and Euro.Â
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