Europe– Homes in Belgium are overvalued by about 8.73 percent, as per to a recent study by Belfius. It further warned that this overvaluation is expected to increase further, given the rise in house prices in the previous year.
The researchers discovered that Belgian homes are 8.73 percent too expensive. An overvaluation of the housing market is most noticeable in the provinces of Antwerp and Walloon Brabant, but also in the east Limburg, on the coast, the region about Liège and the Brussels-Capital Region.
Aside from location, other housing characteristics also push the price of properties up further. As per the study, an extra indoor parking space can push up the asking price by 11.8 percent, while a house with an extra bathroom can increase the price by 11.64 percent.
Moreover, the energy of house efficiency has the most significant impact on the price. In Flats, the presence of a terrae results in the largest.
A house’s energy efficiency has the greatest impact on the price. In flats, the presence of a terrace results in the largest price increase (17.45% more expensive than one without a terrace). However, the presence of a garden does not push up the price of a house, according to the study.
Apart from buying property, the building or renovation of a house or flat is also becoming more expensive.
The ABEX index, which reflects the price of labor and building materials, has soared by 9.2 percent this year all alone as a result of supply issues that have been caused by the COVID-19 measures in China as well as the invasion of war-torn Ukraine and fu