The price of an apartment in Brussels will have increased by an average of around 2 percent in 2023. This is evident from the ERA Barometer. But that average hides major differences.
The annual national price barometer of ERA, the largest real estate agent network in Belgium, also examined the evolution of apartments in Brussels for the first time. The Brussels real estate market is structured differently than elsewhere. Apartments account for around two-thirds of the market in the Region, compared to houses for a third. In Flanders and Wallonia, on the other hand, houses carry the most weight by far.
The prices of apartments in Brussels rose by an average of 2 percent last year compared to 2022, ERA takes stock. This is in line with price evolution of apartments in Flanders.
Prices therefore continue to rise, despite the major headwinds for the real estate market in the past year. Mortgage interest rates rose sharply due to the European Central Bank’s interest rate policy, which was bad news for prospective buyers. Many families continued to face inflation concerns, as they did in 2022, and the geopolitical unrest is sowing uncertainty.
All this also led to a slower real estate market in Brussels, with properties remaining for sale for weeks and sometimes months longer than before. But that slower pace did not lead to generalized price declines, to the disillusionment of prospective buyers. Some consolation: apartment prices increased by half as much as general inflation (approximately 4 percent in 2023).
Mutual differences
Brussels apartments do differ greatly in price, ERA notes. The location obviously plays a role. Recent figures from statistics agency Statbel show that Sint-Pieters-Woluwe is the most expensive Brussels municipality for apartments, with an average price of 352,500 euros. Ixelles and Uccle follow. The lowest prices can be found in Anderlecht (200,000 euros), Ganshoren and Sint-Jans-Molenbeek.
Old, poorly insulated apartments are significantly less popular on the market than ready-to-use properties that meet modern energy efficiency requirements. The high renovation costs deter many prospective buyers. You obviously don’t have to incur such costs with new construction, but in that segment prices are skyrocketing. Another price indicator, the New Construction Barometer from neighborhood developer Matexi and real estate data platform Real, shows that the price of a standard new-build apartment (95 square meters, 2 bedrooms) in Brussels has risen by 8 percent in one year, to 381,685 euros. This means that new construction prices in Brussels are rising much faster than in Flanders and Wallonia.
An outdoor space is sought after. “During the corona pandemic, a terrace and garden gained in value among apartment owners. This is also reflected in the price,” says ERA.
Another distinguishing criterion: the number of bedrooms. Sellers who can offer more than 2 bedrooms have the prospect of a nice additional price, because that is what many prospective buyers are looking for.
2024-01-05 16:57:17
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