Property market in Namur: “Good time to invest”

Property market in Namur: “Good time to invest”

After a downturn in 2013, property transactions in the region of Namur increased by 11.8% in 2014, which fits in with the national indicator for property transactions (107.6), according to solicitors Valentine Demblon and Philippe Laurent who presented “Trends in the Property market in the Namur region in 2014” on Wednesday morning. “From a short-term perspective, now is a good time to buy: interest rates are low, prices fair and sellers sensible,” they estimate, highlighting however a “general sluggishness”. “Baby-boomers are leaving their detached houses for new flats. Luxury apartments are being built, especially in communities along the Meuse, whereas in the centre of the city it is hard to find a new flat,” explains Ms. Demblon. The average price for a flat in the Namur region is 161,755 euros (-1.5%). 60s and 70s detached houses are often badly insulated and too large to sell, and their price has gone down by 15% (to 306,793 euros in Wallonia).

“Families are smaller and aren’t constantly on the hunt for more square footage; they focus on energy performance and want to live close to major roads,” she adds. Although prices for detached houses are falling in poorer Wallonia, in Brussels, where they are hard to find and demand is strong house prices are rising. The north of the region, close to Walloon-Brabant, remains the most expensive area.

The chamber of notaries in Namur represents 1,500 solicitors, 900,000 deeds per year, and 3 billion euros in registration fees.

(Source: Belga)

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