Property prices have risen 11.8% per square metre since start of pandemic

Property prices have risen 11.8% per square metre since start of pandemic
Photo by Helen Lyons/The Brussels Times.

Property prices have risen by 11.8% per square metre in Belgium since the start of the health crisis in March 2020, according to data published on Thursday by the website Immoweb.

Belgium has the second highest price growth in Europe behind Germany (+23.5%), Belga News Agency Reports.

The average price of a square metre in Belgium is currently €2,169, which represents an increase of almost 6.3% in one year.

“This price dynamic is driven by Brussels, with €3,329/m2, followed by the Flemish Region with €2,263/m2, and Wallonia with €1,638/m2,” Immoweb explained.

Similar increases seen across Western Europe

At the European level, the Belgian average remains below that of the United Kingdom (€3,638/m2), which is the most expensive country, followed by Germany and France, which each have an average price of €3,006/m2.

Italy (€1,684/m2), Spain (€1,824/m2) and, despite a significant increase, Belgium (€2,169/m2) have the lowest property prices in Europe.

The attractiveness of urban areas also seems to be declining, according to the property website.

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“With the health crisis, teleworking has become more widespread, forcing companies to review their work policies,” Immoweb Managing Director Piet Derriks said.

“At the same time, successive lockdowns have created new expectations among European households. As a result, more and more Europeans have turned to cheaper real estate in suburban areas.”

Immoweb points out, however, that the purchasing power of a two-person household is on average 66 m2 in Brussels, which makes it one of the most accessible European capitals, ahead of Lisbon, Berlin, Madrid, Paris, London and Rome.

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