A new study published in De Tijd by KU Leuven and Steunpunt Wonen, a collective of researchers from across Belgium, reveals that while most homes in Flanders and Brussels are still sold for less than their listed price, a notable share of transactions still exceed expectations.
Based on an analysis of property listings and sales data published online between March 2022 and June 2023, researchers found that one in five houses ultimately sold for more than the asking price. For apartments, this figure was even higher, with nearly one in three transactions closing above the advertised price.
The research linked property listings from Immoweb to transaction records held by the Federal Public Service Finance, excluding new-builds, holiday homes, and listings with explicitly stated bidding systems. Roughly two-thirds of all sold properties could be reliably connected to an original advertisement. Of these, around 65% of houses sold below the asking price, with buyers negotiating an average discount of 7%. A further 16% of houses and 14% of apartments sold exactly at the listed price.
The latest academic study shows that apartments typically fetch the best price on the market, with 31% selling above the original listing compared to 18% of houses. In a comment to the Flemish daily newspaper, researcher Joren Vandenbergh noted that this reflects a high level of demand pressure. In certain regions, such as areas in and around Ghent, as well as between Mechelen and Leuven, sales more frequently surpass the asking price.
Renovate to sell
Beyond price dynamics, the study examined four other indicators of market pressure: the length of time a listing stays online, the proportion of listings that result in a sale, the intensity of user engagement (such as views and bookmarks), and whether the asking price was revised during the listing period. Homes considered too small or too large were found to attract less interest.
Similarly, properties with poor energy ratings or those that are significantly older tended to linger on the market longer and sold below the asking price more often. Renovation loans, which many Belgian households use to bring the energy rating of homes up to modern levels, are becoming increasingly expensive, especially in Brussels. In Flanders, the regional government is cracking down on their abuse, ensuring that they are awarded to lower and middle-income families, rather than property developers. Similar plans in Wallonia have faced opposition from the The National Union of Owners and Co-owners, who decry a recent 60% reduction on base amounts for the grants.
The KU Leuven data suggests that demand pressure is highest in and around major urban centres such as Antwerp, Brussels, Ghent, Mechelen, and Leuven. According to Vandenbergh, this aligns with house price patterns in those areas and could potentially lead to further price increases. Recent figures show that average house prices in Flanders rose to €379,737 in early 2025, while average apartment prices dipped slightly to €279,332.
Last year, according to research from the Federation of Notaries (Fednot), the average price of a house increased by 2.2% to €329,743. When accounting for inflation, prices decreased slightly, falling by 0.8%. In the Brussels-Capital region, the most expensive in the county, the average price rose to €570,110. The experts predicted that in 2025, mortgages will drop further and young people, who currently occupied about 30% of the purchasing market, will increase their share further.
This is already supported by the KU Leuven research, which noted that there had been an increase in activity from younger and single buyers, although they tend to spend less than other groups. A drop in mortgage rates last year resulted in a strong surge in new buyers in the Belgian property market, with the number of mortgage applications rising by 10%, for a combined value of over €31 billion, according to figures from the Professional Association of Credit.
