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2019 was a record year for property sales in Belgium

© Belga

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.

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, according to the internet portal. 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.

Still, according to the Immoweb survey, 75% of Belgians who sold their property over the last year have done so using professional services, principally estate agents or lawyers, in order to get an estimate of their property’s value.

The Brussels Times