Prices in the whole country
During the year up to the 3rd quarter of 2023, the national housing price index in the country increased by only 1.15% after an increase of 1.73% compared to the same period last year in the 2nd quarter of 2023, 4.36% in the 1st quarter of 2023, 4.77% in the 4th quarter.in the 1st quarter of 2022 and 5.35% in the 3rd quarter of 2022. These are the data from the Statistical Office of Belgium. This was the lowest year-on-year price increase since the first quarter of 2015. Adjusted for inflation, prices fell by 2.26% in the year to the 3rd quarter.
On a quarterly basis, the overall housing price index increased by 1.8% (0.71% in real terms) in the 3rd quarter of 2023.
Prices on the secondary market were more or less stable in the 3rd quarter of 2023 compared to a year earlier (but adjusted for inflation fell by 3.4%). Prices for new housing increased by 5.05% (1.51% in real terms).
Sales in the whole country
Demand is falling rapidly. In the first three quarters of 2023, the total number of residential real estate transactions in Belgium fell by an impressive 17.5% to 92,741 units compared to a year earlier. At the same time, in 2022 there was an increase of 5.1% year-on-year, and in 2021-by 17%.
Housing prices by region
Belgium is divided into three regions:
- The Flemish region, which occupies the northern half of the country with Dutch-speaking communities;
- The Walloon region, which occupies the southern half and consists mainly of French-speaking communities, with a small German-speaking community in the southeast;
- Brussels, the administrative capital of the region, is officially a trilingual city in the Flemish region.
Real estate prices in the three regions of Belgium are moving in the same price cycle, but the capital has previously seen the highest growth.
In the 3rd quarter of 2023 in the metropolitan region the average price of individual houses fell by 20.9% compared to the same period last year to 850,000 euros, while the price of townhouses increased by 1.5% to 505,000 euros, and for apartments It remained unchanged and amounted to 260,000 euros.
In the Flemish region (Flanders)Average prices for detached and semi-detached houses increased by 2.5% to 410,000 euros and by 1.7% to 300,000 euros, respectively. Apartment prices increased by 3.8% compared to the same period last year to 249,000 euros.
In the Walloon region (Wallonia) the average prices for both detached and semi-detached houses remained unchanged and amounted to 295,000 euros and 180,000 euros, respectively. The average price of apartments increased by 4.6% compared to the same period last year to 183,000 euros.
Source: Global Property Guide
