Increase in quality of flats sold in Brussels in 2016
Tuesday, 04 April 2017
Amongst other vital data, the UGEB's report (released yesterday) shows that the values of investment properties have remained relatively unchanged, despite marked differences between communes and persistent property-based offences being noted.
Flats sold by private treaty in 2016 were of higher quality than the previous year. The Brussels Union of Chartered Surveyors (known as “the UGEB”) has noted this. The value of buy-to-let flats and houses has seen a steady growth.
This emerges from its report on the development of the property market in 2016, presented yesterday (Monday).
The Property Market Committee, which is part of the UGEB, aims to follow the development of Brussels property market values.
To gather data in this respect, chartered surveyors visit the majority of properties sold by public auction and a proportion of those sold by private treaty. The surveyors quantify not only the surface area, but also facilities included (for example heating, toilets and kitchen provision) to establish the intrinsic value of the property. They then establish a coefficient which translates the quality-price relationship of the particular flat.
In 2016, chartered surveyors took account of around a thousand properties in their report.
Flats sold by private treaty saw a slight improvement in their coefficient. This reveals an increase in both quality and equipment present on the premises. Auction flat values have remained relatively stable.
In relation to single-family homes, intrinsic property values have remained constant between 2015 and 2016. This is as true for properties sold by auction as by private treaty. Chartered surveyors are still noting a major disparity in values between the south-east and the north-west parts of Brussels.
The value of investment properties has also remained stable compared to 2015. In addition, in this respect marked differences persist between communes. Moreover, surveyors are frequently noting urban offences within blocks of flats, particularly regarding the number of permitted flats per block.