The residential property market in Belgium experienced a slowdown last year, with a notable 15% decrease in sales compared to the previous year, as revealed by the real estate barometer of
the Federation of Notaries (Fednot) on Tuesday. Flanders witnessed the most significant decline in the number of sales (-16.9%) compared to 2022, while both Brussels and Wallonia recorded a decline of just over 12%. The cooling effect is attributed to the rise in interest rates and the overall economic situation, according to Notaris.be spokesman Bart van Opstal.
However, Fednot's comprehensive analysis of all real estate transactions indicated that overall real estate activity remained relatively stable (-1.1%) compared to 2022. Flanders experienced a decline in property activity (-2.4%), while Brussels (+0.4%) and Wallonia (+0.9%) showed slight increases.
Despite the decrease in sales, the average price of residential properties in Belgium was 322,780 euros last year, reflecting a modest price increase of 1.1% compared to 2022. However, this price growth remained below the level of general inflation. Flanders saw the average price of a house rise by 3% to 358,677 euros, while Brussels experienced a decline (-2.4%) to 562,489 euros. In Wallonia, the average house price was 240,649 euros, marking a 2% increase.
The average price of a flat in Belgium reached 264,792 euros, showing a 1.6% increase. In Flanders, the average flat price rose by 3.3% to 276,450 euros.
The housing market is increasingly influenced by energy efficiency, with a growing proportion of energy-efficient dwellings across the country. The introduction of mandatory renovation in Flanders from the beginning of 2023 has led to energy-guzzling houses being offered at lower prices. Flemish houses with the best energy labels (A or B) were 4.1% more expensive at the end of the third quarter than at the end of 2022. Conversely, energy-guzzling houses with labels E or F were 1.2% and 2.1% cheaper, respectively, as reported by financial newspaper De Tijd in October last year.