theme image. — © Jurgen Remmerie
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The economic situation is leading to more and more nervousness in the Belgian real estate sector. Many developers have seen the sale of new-build homes slow down in recent weeks. This was revealed on Tuesday from a survey by De Tijd among several large real estate players.
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Bron: BELGIAN
Today at 06:27–
“We have been feeling uncertainty in the market for a month and a half,” says Adel Yahia, director of the promoter Immobel Belgium. “Investors are still buying homes to rent out because real estate remains a safe haven. But with private individuals, the sales process takes longer. People take more time to decide.”
“We had an excellent month in May due to several project launches,” says Davy Demuynck, co-CEO of the West Flemish real estate developer ION. “But the general trend points to cooling. There is the economic uncertainty. Some developers have projects on hold resulting in fewer homes coming onto the market. And rising interest rates are deterring some individual buyers.”
Inflation and rising mortgage rates, which are making the purchase of real estate considerably more expensive, explain the hesitant attitude of potential buyers. Moreover, the prices of new construction have risen sharply in the past year. This was initially driven by the enormous demand for new-build homes from investors looking for energy-efficient real estate. The war in Ukraine and rising energy costs caused the prices of building materials to explode.
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