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Property prices continue to rise in Brussels despite Covid-19

Property prices continue to rise in Brussels despite Covid-19

As well as being the capital of Belgium, Brussels is also the capital of Europe. Powerful decision-making institutions and international organisations, such as the European Commission and the European Parliament can be found here, along with the headquarters of NATO. Buyers are drawn by the economic and political stability the city offers, as well as the high quality of life and linguistic diversity.

François Faure, Managing Director of Engel & Völkers Brussels Sablon:

“Property prices in Brussels are relatively moderate compared to other European cities such as London or Paris. The current average price per square metre is around 20 to 30 percent lower here. We are expecting this to change in the next three to five years however. So now is a good time to invest.”

Premium freehold apartments on sale for 2.5 million euros in prime locations

Ranking among the most sought-after residential areas in Brussels are the Sablon district, Avenue Louise and so-called Leopold Quarter. These areas are particularly noteworthy for their historical heritage, their high-quality living space, set amid abundant greenery, good transport links, and a large number of restaurants. Prices ranged between 1.6 and 2.5 million euros for top-end freehold apartments in these premium locations in 2020. Detached and semi-detached properties with large plots fetched between 2.8 and 6.5 million euros in the same locations. Prospective buyers here are also looking for contemporary, high-quality penthouse apartments, as well as first-class mansions offering the seclusion of large plots. The Vivier d’Oie Diesdelle, Prince d’Orange and Brugmann districts are also highly sought after and many affluent French citizens are keen to acquire exclusive homes here.

Lively buying activity from national and international clients

Brussels attracts a high number of wealthy buyers. The share of international prospective buyers in Brussels is usually between 10 and 20 percent. In highly desirable districts in the south of the city, this figure can sometimes exceed 50 percent however. The majority of international searching clients come from Europe, and from France in particular.

Sophie de Surgères, Managing Director of Engel & Völkers Brussels Place Dumon:

“Since many of our clients own other properties in different countries and travel there regularly, the geographical location of a property is one of the most important criteria when purchasing. So a great deal of importance is placed on living near a train station or airport.”

Premium real estate to remain sound investment with high value retention

Demand for real estate in the city has remained consistently high, despite Covid-19 and Engel & Völkers expects the residential property market to continue to see positive development in the coming years. During the coronavirus pandemic, they are seeing an increased demand for exclusive properties set on substantial land plots.

Muriel Dhanis, Shop manager of Engel & Völkers Brussels Montgomery:

“Since the outbreak of the pandemic, there has been a continuous rise in interest among our clients for houses in rural areas and for properties in central locations with balconies, terraces or gardens. Prices for such properties have risen significantly in recent months as a result.”

Credit: Engel & Völkers Fort Jaco

For 3.9 million euros, this 565-square-meter villa is for sale in Sint-Genesius-Rode, near Waterloo.

Credit: Engel & Völkers Fort Jaco

The luxurious property features six bedrooms, six bathrooms, a gourmet kitchen, several living and dining rooms with fireplaces, a home theater, and a climate-controlled wine cellar.

The 3,000-square-meter property is located on the site of a former golf course and includes a pool with built-in jacuzzi and a janitor's cottage

Credit: Engel & Völkers Pavillon d'Ixelles

Ixelles is located in the heart of Brussels and is known for its excellent restaurants, exquisite shopping and popular cafés.

Credit: Engel & Völkers Pavillon d'Ixelles

Engel & Völkers is marketing an exclusive townhouse here for just under 2.5 million euros. The property, built in 1890, has been extensively modernised and has a living area of 509 square metres with six bedrooms, five bathrooms, two kitchens, several living and dining areas and a lift. The exterior includes several balconies and a garden with a terrace.

Outside, but close to Brussels

On the north side of Brussels, a nice and green countryside area is rising in prices as well, and in the region of the Brabantse Kouters, better known as the "Green Belt of Brussels", lies the Engel & Völkers shop of Wemmel, Meise, Grimbergen and Zemst. 

Ann Vanden Haesevelde, Licence Partner of Engel & Völkers Wemmel says:

"In Wemmel there is Bouchout and the area around. There is the area around the Market and the area around the lake, Meise, with its well known “Garden”, which has lots of green, and good proximity to nice shops and restaurants. Grimbergen has lots to give, it has very nice areas with mansions as cultural possibilities. Hamme and Merchtem are also amazing places to live. They are so close to the city but so rural”.

Leuven, on the east side of Brussels, is the capital of Flemish Brabant. It is known for its catholic university and student life, standing out for its beautiful green areas, its international companies and also for its easy access to Brussels and Limburg. Whether you are attracted by the energy of the urban center of Leuven, or by the calm of its green periphery (Herent, Wilsele, Wijgmaal, Bertem or Leefdaal), this region has many assets, according to Lies Vandenberghe, Real Estate Agent at Engel & Völkers Leuven.

Finally, for those who want to live in the southern countryside and the French speaking part of Brussels, Waterloo is a green and beautiful area with a lot of history.

Marick Schippers, Managing Director of Engel & Völkers Waterloo, says:

"A lot of expats were living in our area before the lockdown with big international companies permanently looking for accomodation in the area. With people searching for more green open spaces demand rose by people leaving the city center to relocate to the nice outsides of Brussels."

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