A property that remains on the market in Belgium for more than six months can see up to 12% shaved off the final asking price, according to analysis by Dewaele Vastgoed.
The property group shared that one in six homes remain unsold after six months, and on average one in 20 are still on the market after a year, Het Laatste Nieuws reports. Large properties, those with poor energy ratings, or those in bad areas struggle most to sell.
"Buyers have become more selective, especially when a property requires major energy renovations," Kristophe Thijs, a spokesperson for the Confederation of Real Estate Professionals (CIB), told The Brussels Times.
"The fact that one in six is not sold within six months also means that five in six are (in three months most of the time). We therefore see this mainly as evidence of a more selective and price-sensitive market, rather than as a sign that the property market has come to a standstill," he said.
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He explained that the renovation obligation to improve the energy efficiency of buildings in Flanders "has made buyers more conscious of the additional costs involved. If the asking price does not sufficiently reflect those costs, a property can remain on the market for longer."
The Flanders renovation obligation requires buyers to upgrade a property's efficiency within five years of purchase if it does not meet at least a D grade Energy Performance Certificate.
While houses sold within the first three months are on average sold just 4% below asking price, those that remain on the market longer see the asking price decline the longer the property remains unsold, becoming stuck on the market, according to Dewaele.
"We are also seeing changing housing preferences. More people are looking for a smaller, energy-efficient, and easy-to-maintain home, often in a central location. Larger or outdated properties that do not match those preferences may consequently take longer to sell," noted Thijs.
