In the first half of 2023, the average price of a house in Belgium, excluding inflation, has seen a decline of 0.3% compared to the previous year, marking the first decrease since 2013. However,
in Flanders, house prices are still on the rise. According to the Royal Federation of Belgian Notaries (Fednot), apartment prices have also increased by 1.7%.
During the first half of 2023, the average cost of a house in Belgium was 320,937 euros, a noteworthy development considering the consistent upward trend in house prices in recent years. The average selling price of an apartment rose to 255,882 euros, representing a 1.7% increase.
In Flanders, house prices continued to rise, showing an average increase of 1.7%, with houses now averaging 358,863 euros. On the other hand, Wallonia and Brussels experienced declines of 1.4% and 4.1%, respectively. The average cost of a house in Wallonia is now 236,148 euros, while in Brussels, it stands at 536,712 euros.
The property market in Belgium has also been relatively calmer in the first six months of 2023 compared to the same period last year, with Flanders witnessing a significant 5.9% drop in property transactions. Overall, property activity across Belgium declined by 4.2%.
Notary Bart van Opstal attributes the decline in transactions to the impact of the COVID-19 pandemic. Despite the drop in transactions compared to the first half of 2022, it should be viewed in comparison to pre-COVID-19 times, with the current six-month period even surpassing transaction levels in 2019, which was considered a robust year.
Van Opstal predicts that Flanders will not experience significant price drops in the coming months, citing the abundance of high-quality homes in desirable locations still available for sale. Although property transactions may decrease, the presence of quality supply is expected to prevent an immediate decline in house prices.