2023 was a turning point in the Belgian real estate market. The sharply increased interest rates then led to an abrupt decline in the number of sales. Last year, 15 percent fewer homes were sold and 26 percent fewer mortgage loans were granted.
That trend has continued in the first quarter of 2024. There were 7.3 percent fewer sales from January to March compared to the first quarter of 2023. In Flanders the decline was -8.8 percent. Only in Brussels did the number of sales remain more or less stable.
Effect of inflation
The average price of a house and an apartment has increased slightly compared to the annual average in 2023: +1.7% and +1.3% respectively. But if inflation is taken into account, there are actually slight decreases: -0.6 percent for a house and -1 percent for an apartment.
This price drop mainly occurs in Brussels and Wallonia. Even without taking inflation into account, a house in Wallonia became -0.3% cheaper on average. The average price there is 239,886 euros. In Brussels the price fell to 545,210 (-3.1%). Brussels therefore remains the most expensive place to buy a house.
In Flanders, the absolute house price continued to rise in all provinces. The average purchase price increased by 2.4% to 367,120 euros. Taking inflation into account, this represents a stabilization (+0.1%). The most expensive provinces are Antwerp and East Flanders. However, the highest price increases occurred in West Flanders (+3.8%), and Flemish Brabant and Limburg (+3.1%).
Buyers are getting older
The price of an apartment also shows no major movement. On average, the price for the country increased by 1.3 percent compared to the 2023 annual average, to 268,256 euros. But taking inflation into account, the price fell by -1%.
In Flanders, an apartment now costs an average of 279,811 euros, in Wallonia 192,265 euros and in Brussels 288,878 euros. That average of course hides the gap between a new and an existing apartment. In Flanders, a new-build apartment today costs an average of 342,675 euros, for an existing apartment it is 270,433.
Another trend that continues is the increasing age of buyers. The average age is now 39.6 years. The share of young buyers continues to decline. In the past quarter, 27.1 percent of buyers in our country were 30 years or younger. In 2023 their share was 29.3 percent.
