Real estate prices are generally high in Liege and will continue to rise, the province’s notaries said on Friday. However, given the current high inflation, a certain stability, or even a slight increase, can be observed on the market, the provincial chapter of the Royal Federation of Notaries, Fednot, noted.
Each year, Fednot takes stock of the evolution of the real estate market on the occasion of Real Estate Week. Where 2022 is concerned, the federation found that there was an overall increase in the prices of new houses in Liège Province, with record-breaking median prices, especially in Huy and Verviers.
Generally speaking, the lowest prices are to be found in rural areas or in former industrial basins, which are often characterised by small, relatively old, working-class homes.
Axis of prosperity along the E42
“The highest increase is in the district of Huy,” Simon Gérard, a notary in Huy, said. “The E42 motorway is becoming an axis of prosperity with communes such as Héron, Burdinne, Upper Wanze, Villers-le-Bouillet and Verlaine. Moreover, the environment is quite rural.”
“The increases are quite spectacular in Villers-le-Bouillet and Verlaine. In fact, in Verlaine, the €300,000 mark has been exceeded for the first time,” he added. “On the other hand, on the outskirts of La Meuse, we find communes where it’s cheaper, like Amay or Huy, because the real estate there is quite old.”
In the Liège area, where the median price varies from €150,000 to €300,000, the commune of Dalhem stands out from the rest, with a 32.6% increase in the median price of houses.
Waremme has the highest median price in the province
In Verviers, prices remain high in communes such as Jalhay, Aubel and Herve.
“Waimes is experiencing an increase for the third consecutive year with a median price of €315,000,” noted Renaud Chauvin, a notary public in Verviers. “This is doubtless because it is an attractive area from a geographical point of view, given its proximity to Hautes Fagnes, and also due to a certain quality of construction.”
Waremme has the highest median price in the province of Liège.
The notaries’ report also seems to indicate that the floods that occurred in July 2021 have had an impact on the real estate market in affected areas.
Rising interest rates and falling buying power
“After managing the aftermath of the floods and following-up insurance, we can see, during the last quarter, that houses have been sold again and at low prices because some were put up for sale as is, without any work,” the report noted.
This is particularly the case in communes such as Hamoir, Trooz, Pepinster, Esneux, Chaudfontaine, and Liège (Angleur, Chênée), it said.
Where flats are concerned, prices in Liège are among the lowest, after Hainaut, with a median of €177,000, although increases can be observed in communes where new projects are being implemented, such as Jalhay or Malmedy.
For 2023, although the year seems to have gotten off to a good start in terms of real estate transactions, notaries in the province are cautious because of the rise in mortgage rates and the fall in purchasing power.
