Three years on from the devastating floods in Wallonia, which caused 39 deaths and over €2.5 billion in damage, the property market in the affected areas is performing remarkably well.
Tens of thousands of homes were flooded during the disaster, particularly in the Liège province. Many of these homes quickly went up for sale and found immediate buyers. "There are always people looking to take advantage of the situation," says Arnaud Caduta, a Liège-based estate agent.
He notes a rising demand for properties needing renovation and subsequent price increases. Surprisingly to some, these damaged homes sold more readily, picked up cheaply by investors. Meanwhile, the original owners faced no financial losses due to insurance compensation.
There is a resurgence of interest from private buyers, in properties within the flood-hit regions. Despite this, a psychological barrier remained for some potential buyers. "There are people who refuse to buy in these zones," comments Werner Effertz, an estate agent in Chaudfontaine.
Floods in Liege in July 2021. Credit: Belga/ Bruno Fahy
However, surveyed professionals seldom saw such reluctance among clients. Many were banking on this being an exception, a disaster that wouldn’t repeat.
Furthermore, Caduta suggests, people tended to blame human error for the catastrophe and thus saw it as an unlikely recurrence.
Property prices went up in the elevated areas unaffected by the floods, as wealthier buyers moved in. Purchasers of new builds also tended to prioritise areas with no flood risk, according to agents.
In conclusion, Renaud Grégoire, spokesperson for the notary federation Fednot, asserts the floods had no significant impact on the market. He does caveat there was no study conducted to compare prices at neighbourhood or street level within the same municipality.
Overall, property prices continue to rise in Wallonia. A house in Liège currently averages at €237,751, a 2% increase from 2023 and an 11% rise from 2021, according to the federation’s property barometer.\
