Property values in the capital are nearly back to their pre-pandemic levels as the residential real estate market stabilises, according to the annual report from the Real Estate Commission of the Union of Surveyors of Brussels (Ugeb) released on Tuesday.
The significance of energy performance in property value is growing. The values of single-family homes, rental buildings, and apartments either stabilised or decreased last year.
The prices of apartments have dropped for the first time in a decade, falling by 5% for private sales and by 1-2% in public auctions. Factors such as location and construction era remain important, but energy performance is gaining more attention from buyers, especially concerning the cost of improvement works that depend on co-ownership, like roof and façade insulation.
House prices have also declined steadily since 2021. This segment saw a sharp rise from 2018 to 2020 before slowing down. The 2024 index shows a decrease of 5.5% for private sales and 4.5% in public auctions, returning to 2020 levels.
Meanwhile, rental buildings have remained stable. The index increased by 1.3% for private sales and decreased by 2% in public auctions between 2023 and 2024, also comparable to 2020 levels.
Location, property condition, potential urban planning violations, and energy performance are closely examined. The inability to index rents for properties with energy performance certificates graded F and G in 2022, and the restriction to 50% for grade E certificates, highlight the increased focus on energy efficiency.
