Along with Spain and Ireland, the Netherlands suffered a housing collapse in the depths of the Eurozone crisis that also forced down Dutch economic growth. The recession crippled the nation’s major banks and left the country with record unemployment levels and mounting consumer debt.

However, recent data from the country’s Central Bureau of Statistics revealed that while property prices remain around 20% below their 2008 peak, they’ve shown annual increases in every month since April this year.

The 2.2% year-on-year price increase in October is expected to lead to an increase in construction, with office to residential conversions gaining in popularity, as in the UK. The statistics office also reported that house sales increased by almost 40% in the first 10 months of this year compared to the same period in 2013.

The Dutch economy grew 0.2% in the third quarter, after expansion of 0.6% in the previous three months, and it exited a recession in Q1 2013. GDP is forecast to rise by 0.9% this year and 1.4% in 2015, according to forecasts from the European Commission.