Brussels real estate market stabilised

Brussels real estate market stabilised
A house for sale in Zottegem. Credit: Belga / Century21

The value of real estate sold in the Brussels Region stabilised in 2022, the Union des Géomètres-Experts de Bruxelles (UGEB) said on Tuesday in its annual report: despite a drop in public sales, the market remained stable after three consecutive years of sharp increases.

The report is based on a points system that allows each property to be quantified according to its surface area but also its equipment (heating, sanitary facilities, kitchen…) and its location.

The value of flats sold by mutual agreement stabilised, with the average index falling from 1,624 to 1,458 (-3.4%) and the average price at €2,897/m2. In public sales, after an increase of almost 50% between 2018 and 2022, the average index was down by 7% and the price per m2 reached €2,600.

In Brussels, flats with a terrace or a balcony have been an added value since the COVID-induced lockdowns, the surveyors' union recalled.

Single-family houses have also stabilised, with a slight drop in public sales. Well-located single-family homes, with a garage and garden, are still a master buy and remain in high demand in Brussels, the UGEB points out.

In private sales, the average index for houses has remained stable, with an increase of 1% compared to 2021: the index rose from 1,049 to 1,059. In public sales, the average index fell by 3.3% (from 991 to 958).

The trend is similar for investment properties. Over the counter, the increase is less than 2% after an increase of almost 33% over the last three years.

In public sales, the 50% increase between 2018 and 2021 was followed by a 12% drop in 2022. Investment properties with small units were proportionally more expensive as the ratio was higher.

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