Belgium experiences boom in luxury property sales

Belgium experiences boom in luxury property sales
Credit: Sotheby's

Luxury property transactions selling for over €1 million skyrocketed last year in Belgium, Het Laatste Nieuws reports.

In 2021, 1,247 houses and 446 apartments were sold for more than €1 million, almost 50% more than in the previous record year of 2020.

Most transactions (1,222) took place in Flanders. In the Brussels Region 302 were sold, followed by 169 in Wallonia.

Knokke-Heist, known for its beaches on the coast, is at the top of the municipalities in Belgium with 288 sales.

In total, the turnover in the luxury real estate market reached €2.2 billion in 2021.

Bart Van Delm from the Hillewaere Vastgoed real estate agents that specialize in this upper segment, explains the boom is a result of low banking interest rates, cheap mortgage loans and high inflation.

In addition, more luxury properties have entered the market, and new constructions are becoming increasingly popular.

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