Belgium property market experiences boom after first lockdown

In Belgium, the property market has experienced a boom in the wake of the first lockdown that sent prices to increase. The global, as well as the economic instability, has seen activity cool down in recent weeks.

According to the figures from the Federation of Notaries (Fednot), in the one-fourth part of 2022, the real estate transactions have risen by 2.2 percent than to a similar period in 2021, with the January month the busiest month, increasing by 8.9 percent.

In the month of February, they observed a little change in the market activity than in the year in the last, but by March, the effects of economic uncertainty that has driven by domestic as well as external factors led to a 1.5 percent reduction.

A spokesperson for Notaris. be named Bart van Opstal, mentioned in a statement, “Consumer confidence took a massive hit in March, and high energy prices are also shrinking the available budget of buyers. Moreover, interest rates are rising.”

The average price of a house in the nation in Belgium resumed to increase in the previous month, the flat prices flatlined. Taking into account inflation, the majority of the costs even dropped.

The average cost of residential property in Belgium is now €315,984, and there is an increase of 7.1 percent to the annual average in 2021 in the Property Market.

Meanwhile, taking into account the inflation rate at the time, in real terms, this was only a 0.6% increase, bringing an average additional cost of €2,000.

In Flander, the average price has remained more or less stable. Van Opstal stated, “On average, buyers had to pay about €1,000 more in absolute terms compared to the annual average in 2021.”

In the Capital Region, the price for a house fell to about €532,885, and there is a decrease of 8.5 percent in the actual terms. This equated to an average of €46,000 less in real terms.

On the other hand, in Wallonia, the expense of a house remained the cheapest at €227,496 – down 4.4% in real terms compared to the annual average in 2021. A home here became approximately €10,000 cheaper.

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