Rising Real Estate Prices: New Apartments and Houses in 2023

“Although it is premature to speak of a rupture, the stabilization of prices of new goods is clearly not a surprise,” they indicate. Nothing is more normal after the storm that the new construction sector has had to face in recent years: pandemic, confinement, increase in demand far exceeding supply, inflation in construction costs, energy crisis… “So many factors which have driven the price of new energy-efficient construction upwards.” Very significantly since between the start of 2017 and mid-2023, new property prices increased by 32.5% (apartments) and 39.7% (houses). This while the existing figure has only increased, comparatively, by around 20%.

Price of new apartments in 2023 ©IPM GraphicsReal estate: these Walloon municipalities on the rise (FILE)

Quarterly increases of less than 1%

The first signs of stabilization in construction costs were felt during the 2nd quarter of 2023, following various interventions on rates and inflation. But we had to wait until the fourth quarter to see the impact on sales prices. The price changes noted in the latest quarterly barometer are in fact “minimal”, notes its authors: +0.97% for apartments compared to the previous quarter and +0.04% for houses.

On an annual basis, prices increased by 5.07% for a new apartment

On an annual basis, prices increased by 5.07% and 3.11% respectively to nearly 300,000 euros for a new 95 m² apartment (2 bedrooms and 1 bathroom) and 380,000 euros for a three-bedroom house. new facades of 160 m² with garden (3 bedrooms and 1 bathroom).

From 325,000 to 409,000 euros for a new house

This price stabilization is found almost identically on a regional scale, varying between -0.18 and +2.09% depending on the type of property and its location. In Flanders, prices reach almost 409,000 euros for a new 3-storey apartment and 318,000 euros for a new 2-bedroom apartment.

Wallonia displays lower prices, mainly linked to the impact of land

Wallonia displays lower prices mainly linked to the impact of land, namely, 325,000 and 265,500 euros respectively. The supply of new houses in Brussels being almost zero, the authors of the barometer did not look into it, they who point to a price slightly higher than 380,000 euros for a new 2-bedroom apartment.

Prices of new houses in 2023 ©IPM Graphics
2024-01-02 17:22:13
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