The average cost of a house in Brussels rises to €478,603

The average cost of a house in Brussels rises to €478,603
Credit: U.S. Air Force photo by Staff Sgt. Teresa J. Cleveland

The real estate market has never been as active as in 2019 in Belgium, according to new information from the Federation of Belgian Notaries (Fednot).

Among the country’s three regions, Brussels saw the highest average house price (€478,603, +5.5%), ahead of Wallonia (€196,335, +3.7%) and Flanders (€287,353, +3.6%).

Brussels was also the Region with the highest average price for apartments (€253,540, +5.7%), followed by Flanders (€232,630, +3.8%) and a far distance from Wallonia (€177,799, +2%)

The property market has been very buoyant in Belgium since the summer and is breaking records in terms of property transactions, the internet site Immoweb stated on Monday.

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According to a survey of 2,000 people, the number of Belgians who wish to sell or are thinking about selling their property over the next twelve months has grown by 44% in comparison to previous months, which augurs well for the sector in 2020.

The property market boom in Belgium over the last few months has resulted in certain behavioural trends. Accordingly, 13% of Belgians intend to sell their homes in the next twelve months, as against 9% during the previous year, which is an increase of 44%. Immoweb has, for example, observed a 26% increase in property ads on its site.

This boom in the market can be explained in several ways. The primary factor is the abolition of the mortgage credit deduction in Flanders (the ‘woonbonus’) that has led the Flemish population to think ahead, particularly during the last quarter. In Brussels, extremely low mortgage rates over the last few months have also had an influence.

Brussels has recorded a 6.3% increase in real estate activity, less than Flanders (+10.8%) but more than Wallonia (+6%).

Jules Johnston
The Brussels Times

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