Real estate prices in Flanders have increased by an average of 2.3 percent compared to 2022, despite a 5 percent decrease in transactions, according to the latest Notary Barometer.

When inflation is not taken into account, housing market prices are on the rise. On average, a house in Flanders now costs 355,941 euros, which is about 8,000 euros more than last year. An apartment, on the other hand, has an average price of 277,775 euros, reflecting a price increase of over 10,000 euros or 3.9 percent compared to 2022.

Transaction rates in Flanders declined by 5 percent in the first nine months of the year, with further declines of 3.1 percent in the third quarter and 7.4 percent in August. In contrast, Brussels and Wallonia are experiencing a 2.5 percent increase in their real estate markets.

Nevertheless, the real estate market is showing signs of improvement post-pandemic. According to notaries in Flanders, there were 8.2 percent more sales than in the first nine months of 2019. On a national level, this represents an overall increase of over 10 percent.

In the third quarter, the number of houses sold in Belgium decreased compared to the previous year (-4.7 percent). However, there was a slight increase in the apartment market by 0.8 percent. The number of plots sold also increased by 2.8 percent, and garages purchased increased by 4.6 percent.

New-build apartments are losing market share, accounting for 17 percent of total apartment transactions in Flanders during the first nine months. This marks a decline from almost a quarter of all transactions five years ago.

The share of young buyers aged 30 or younger is also on the decline. Their current share stands at 30.3 percent in Flanders, with East Flanders having the highest proportion of young buyers at 32.8 percent, while Flemish Brabant has the lowest share at 25.7 percent.