Real Estate Transactions and Prices in Belgium: A Look at 2023

During the period from January to September 2023, there were -3.1% fewer real estate transactions in our country compared to the same period in 2022. It is especially in January and February 2023 that the Belgian real estate market has been less active: -10.5% and -10.4% compared to 2022. The month of June saw an increase of +5.5%, while the month of July was +5.4%. In August and September, real estate activity fell again compared to last year: by -4.3% and -2.9%.

“The market has been stabilizing for several months now. The number of transactions is decreasing and properties are selling noticeably less quickly. The uncertainty surrounding mortgage interest rates is certainly the main cause of this market cooling,” noted Notary Renaud Grégoire, spokesperson for Notaire.be

During the first nine months of 2023, the number of real estate transactions in Wallonia remained almost stable: +0.1% while it fell by 5% in Flanders compared to the same period in 2022. In Brussels, the The decline was limited to 1.7%. “The drop in activity was more marked in Flanders than in the south of the country. No doubt this is a return of things after a year 2022 with more rhythmic transactions in the north of the country.”

Highlight: in August, real estate activity in Flanders fell by -7.4% compared to August 2022. In Brussels and Wallonia, on the other hand, activity increased: +2.2% and +0.2 %. In September, activity fell in all regions: -4.4% in Flanders, -1.3% in Brussels and -0.3% in Wallonia.

Average price of a house in Belgium: 321,993 euros (+0.9%)

In the first nine months of 2023, a house in our country cost on average 321,993 euros. Compared to the annual average for 2022, the price remained almost stable: +0.9%. In Wallonia, the average price increased to 238,104 euros during the first nine months of 2023 compared to 2022. (+1.1% compared to 2022). All provinces are experiencing a slight increase in prices. Starting with Liège (+2.7%), followed by Hainaut (+1.2%), Luxembourg (1.1%) and Namur (+0.5%). Only Walloon Brabant recorded a decrease again (-1.5%), but remains the most expensive province in Wallonia (411,724 euros). At the level of the kingdom, it arrives after Brussels (556,081 euros) and Flemish Brabant (417,079 euros). In the Walloon region, the second most expensive province is Luxembourg (269,255 euros), followed by Namur (239,063 euros), Liège (229,909 euros) and Hainaut (193,563 euros). “In terms of prices, even if all segments do not react in the same way, we have not yet noticed a spectacular drop. At present, it is more of a readjustment,” explains Renaud Grégoire.

In Flanders, buyers paid an average of 355,941 euros for a house during the first nine months of the year. Compared to the annual average for 2022, this is an increase of +2.3% without taking into account inflation. In Brussels, we observe for the first time a drop in prices over a 5-year horizon: -3.6%. This drop slightly offsets the strong increases recorded in previous years, with increases of 5% per year since 2018.

Average price of an apartment in Belgium: 267,848 euros (+2.9%)

An apartment in our country cost on average 267,848 euros during the first nine months of 2023. This is a price increase of +2.9% compared to the annual average for 2022. Taking into account the inflation, the price increase was +1%. In real terms, buyers had to pay 3,000 euros more for an apartment compared to 2022.

At the regional level, Brussels remains at the top of the list with an average price of 285,338 euros, an increase of +1.5% compared to the annual average for 2022, without taking inflation into account. Flanders comes in 2nd position with an average price of 277,775 euros (+3.9%) and Wallonia closes this ranking with an average price of 203,535 euros (+2.3%).

Decrease in the proportion of young buyers compared to 2022

During the first nine months of 2023, buyers were 39.9 years old on average. The share of buyers aged 30 or under has decreased compared to 2022. Their share now stands at 29%, compared to 30.3% in 2022.

In Flanders, the share of young buyers was highest in the first nine months of 2023: 30.3%. It was in Brussels that it was lowest: 22.2%. In Wallonia young buyers represented 28.2%.