Reducing registration fees keeps the middle class in Brussels, concludes a report by the Brussels Institute of Statistics (IBSA). The results come as a victory for Brussels Finance Minister Sven Gatz who in May had proposed a bill to lower registration fees when purchasing a home that serves as the buyer's main residence.
"With the reduction of registration fees, we can strengthen social cohesion in the neighbourhoods of our metropolis; increase the share of a young middle class in our population, and also strengthen the income side of the regional budget," said Gatz.
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The goal in reducing fees is to maintain a reasonably large number of young middle-class families who invest in their own home in Brussels. IBSA believes that this policy is working.
Strengthening social cohesion
More than 7,000 families – or just over half the home buyers in Brussels – benefit from a tax allowance when buying homes. 90% of these people already live in Brussels and 62% are younger than 36.
Half of those who buy a home in Brussels are first-time buyers. Buyers in Brussels are more often single and younger on average than in the rest of the country. Moreover, buyers who make use of the discount in tax allowance have a lower income on average than buyers without a discount.
"This report from the IBSA confirms that we are in line with the objectives of the new ordinance that should make buying a home in Brussels less expensive," said Gatz.
