Buying first property will be cheaper in Flanders, but second more expensive

Buying first property will be cheaper in Flanders, but second more expensive
Credit: Belga

The registration duty rates on real estate in Flanders will be adjusted, making it cheaper for people to buy a flat or house to live in, but more expensive for those buying an additional property.

The one-off costs people pay for buying a house or flat to live in will decrease from 6% to 3%, meaning the fee to be paid for a house worth €300,000 will be halved from €18,000 to €9,000.

Meanwhile, buying a second or third property will become more expensive as the registration duty rates will increase from 10% to 12%, resulting in the fees for a property of the same price increasing from €30,000 to €36,000.

As of 1 January 2020, this fee was reduced to 5% for people who, when buying a first property, make a commitment to carry out thorough renovations to make the property more energy-efficient.

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In recent years, the price of these duties has been reformed several times in Flanders, as in June 2018 they were decreased from 10% to 7% for a first property purchase.

The Flemish government is changing the rates as part of its September declaration, which will be made by Flemish Minister-President Jan Jambon on Monday afternoon, and details the plans of the government for the coming working year and the main points of the budget for 2022.

As part of the changes that will be made, it has already been revealed that meal vouchers will not become more expensive for employers and that a job discount will be introduced for low wages will be introduced, whilst child benefit payments will increase at a slower pace.

The rules for real estate registration duties are different in the Brussels Capital Region and Wallonia.

The Brussels Times

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