Immo on the coast: "Ostend is a strong brand" - Immo

Immo on the coast: “Ostend is a strong brand” – Immo

The attractiveness of the queen of beaches is not weakening. However, after the year 2021 of all records, the new building market is experiencing a certain lull.

Not easy to do so well after an exceptional vintage. The 2021 financial year was a record year for the Ostend land market. Prices have soared on all fronts. Homes rose by 13.5% to settle at the median price of 261,000 euros. The median price of apartments increased by 13.8%, to 218,500 euros. On the dyke, the notaries note an increase of 12%, i.e. a median price of 309,000 euros. The growth in activity is even more surprising than the evolution of prices: compared to 2020, the number of property sales in Ostend has swelled by some 23.8%, a rise significantly higher than…

Not easy to do so well after an exceptional vintage. The 2021 financial year was a record year for the Ostend land market. Prices have soared on all fronts. Homes rose by 13.5% to settle at the median price of 261,000 euros. The median price of apartments increased by 13.8%, to 218,500 euros. On the dyke, the notaries note an increase of 12%, i.e. a median price of 309,000 euros. The growth in activity is even more surprising than the evolution of prices: compared to 2020, the number of real estate sales has swelled by some 23.8% in Ostend, a rise significantly higher than that of the entire coastal market ( +13.4%). Has the rush for Ostend land run out of steam since then? “Not really, reacts Nicolaas Sissau, agent at Dermul Vastgoed. 2022 got off to a flying start. Our sales figures exceed those of 2021 every month. At this rate, 2022 should be even better than 2021, already exceptional.” The notary Bart Van Opstal, meanwhile, is more measured. “Ostend is always on the rise, it’s true, he says. But the enormous demand of the past two years has pushed prices up, especially those of new buildings. And the cost of construction has risen soaring. All these price increases are starting to weigh on the market.” David Degroote, from Vastgoedgroep Degroote, also says he is confident: the Ostend land market will easily recover after a possible downturn. “Ostend is the most mature real estate market on the coast, he adds. The town has already overtaken Knokke, both in terms of the number of transactions and turnover. Just look at the actors present in Ostend: Immobel, Burco, Versluys, us,… all big names active at national level.” Our interlocutors unanimously point to positive developments over the past decade. Ostend is positioning itself today more and more as a trendy city which ideally combines culture and beach. “Ostend is a strong brand, assures Nicolaas Sissau. There is always something going on in the seaside town, all year round.” This increased attractiveness is also linked to urban renewal and numerous real estate projects. “These projects are a real blessing for the Ostend land market, says Filip Dermul, of Dermul Vastgoed. They have the effect of cleaning up run-down neighborhoods and expanding supply. New buildings are essential to meet the strong .” Confirmation by David Degroote: the queen of seaside towns is attracting a new audience. “Not a month goes by without us selling an apartment for over a million euros in Ostend. Unimaginable 10 years ago.” On the Ostend new building market, the trend is clearly upwards. According to the Crombrugghe & Partners research office, the asking price for Ostend apartments has risen by 12.8% on an annual basis, the strongest increase of all the coastal municipalities. The new average price is 3,975 euros/m2, or 318,000 euros for an 80 m2 apartment.

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