House prices in the Nethterlands have been declining since the end of 2008. The total decline has been 20.6% since the top according to CBS.
In nominal terms house prices are now at 2002 levels.
Thanks to @mathijsbouman I now have a chart that shows that the average price for a house adjusted for inflation in the Netherlands is now at a level last seen in october 1999. A little calculation that I made based on this chart comes out at a decline of 28% from the top.
Interesting about this is that a few years ago the tax on buying a home has been reduced from 6% to 2% so one could argue that prices of houses are even lower than 1999 levels.
The decline has wiped up all the gains that were made in the housing market by using special constructions to finance mortgages such as interest-only mortgages. A product that became popular after 2000 and which helped home prices to increase. Now only mortgages are available where people have to pay of the loan.
Thanks to the decline of house prices the percentage an average household has to spend every month for their house has dropped from 30% of net income to 20% of net income.
Before 1999 home prices rose mainly because many households went from buying a house on one income to buying a house on two incomes. People would buy houses based on 6-7 yearly income instead of 4. It will be interesting to see if that trend will change.