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Real estate in Belgium: the upward trend is slowing down - Immo

Real estate in Belgium: the upward trend is slowing down – Immo

Price increases in the real estate market are slowing down and, in real terms, prices are stabilizing. However, the latest figures show a difference between the market for houses and the market for apartments.

Homes rose 7% in the first six months of the year. Apartment prices have increased by 3% over the same period. This is shown by the latest figures from the Royal Federation of Belgian Notaries. These increases are slightly lower than those of the previous surveys carried out at the end of 2021, but it is then an annual increase. Over one year, price trends are in line with inflation, which is close to 10%. In real terms – taking this inflation into account – property prices are therefore stabilizing.

Homes rose 7% in the first six months of the year. Apartment prices have increased by 3% over the same period. This is shown by the latest figures from the Royal Federation of Belgian Notaries. These increases are slightly lower than those of the previous surveys carried out at the end of 2021, but it is then an annual increase. Over one year, price trends are in line with inflation, which is close to 10%. In real terms – taking this inflation into account – property prices are therefore stabilizing. But while the inflationary surge is a recent phenomenon, real estate prices have been rising steadily for many years. In 2017, the median house price in our country was still 220,000 euros. Five years later, it is 280,000 euros. Regarding apartments, the median price rose from 188,500 to 230,867 euros. The Brussels-Capital Region remains by far the most expensive property market. A 4% increase brings the median price to 480,000 euros. Flanders follows in second place with a median price of 310,000 euros, after an increase of 7%. In Wallonia, houses increased by 5%, reaching a median price of 199,000 euros. On the apartment market, the difference between Brussels and Flanders is negligible. In Brussels, apartment prices stabilized at 240,750 euros, while in Flanders the median price increased by 4% to reach 239,000 euros. Wallonia experienced the highest increase in this segment: + 5% for a median price of 185,000 euros. A look at the map of Belgium shows that the most expensive properties are concentrated in the center of the country. That is to say mainly in the Brussels-Capital Region, but also in the provinces of Flemish Brabant and Walloon Brabant. In these, the median house price is 365,000 euros. They are followed by the province of Antwerp with a median price of 333,000 euros. Hainaut remains the least expensive province despite a 5% increase in prices, which averaged 167,500 euros. In Flanders and Brussels, there is a clear difference between the evolution of the prices of houses and that of apartments. Houses increased by 7% and 4% respectively, while in Flanders the rise in apartment prices was limited to 4% and Brussels apartments recorded a stabilization. Over a period of five years, the rise in the apartment market in the two Regions also lags far behind the house market. Over the last five years, the prices of houses in the Brussels Region have increased by 33%, while those of apartments have only increased by 24%. In Flanders, the difference is more limited: over 29% for houses and over 24% for apartments. In Wallonia, the two segments experienced a similar evolution during the first half (+5%), but the five-year analysis shows a very different landscape. During this period, houses became 24% more expensive and apartments 16%. Nationally, building plot prices increased by 11% to reach 190 euros/m2. Walloon land, in particular, has become much more expensive: it has increased by 15% to reach 85 euros/m2. A (late) corona effect could be at work here: just like on the coast, the market for second homes in the Ardennes has been stimulated by the pandemic.

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