Belgian real estate assets reach 334% of national GDP
Tuesday, 20 March 2018
Belgium’s real estate assets were valued at 1.412 trillion euros in 2016, or 334% of Belgian’s gross domestic product (GDP), the National Accounts Institute (NIC) said on Tuesday. This was the first time that the NIC has done such a calculation.
This massive amount, which represents more than three times the Belgian GDP, is divided into 863 billion euro of land and 549 billion euro of housing.
Residential buildings represent the vast majority (74.2% in 2016) of land held by individuals, followed by buildings and civil engineering works (6.3%), construction land (5.0%) and agricultural land (4.5%). The real estate assets of Belgians exceed their net financial wealth, which amounted to 1.066 trillion euro (252% of GDP) at the end of 2016.
At the end of 2005, the total property wealth of households totalled 866 billion euro (278% of GDP) while their net financial wealth amounted to 729 billion euro (234% of GDP).