After a surge in real estate prices in the previous few years the housing market in the towns and municipalities along the Flemish coast fell back in 2022. During last year the number of real estate transactions was down by 14.3% compared with 2021. The figures come from the notary federation Fednot’s Coastal Property Barometer that was published on Monday.
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Rush on real estate at the Flemish coast appears to be over
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The fall in the number of properties changing hands was reflected by a modest 0.7% fall in the average price paid for a flat at the coast. In 2022 those buying a flat at the seaside paid an average of 295,124 euro.
The number of real estate transactions at the coast fell far more sharply than the average for Flanders as a whole. In the whole of Flanders, the number of real estate transactions was down 2%, compared with a reduction of 14.3% at the coast.
Notary Bart van Opstal says that this can be explained by the fact that the coronavirus pandemic led to a surge in people wishing to by property at the coast in 2020 and 2021.
The decline in the number of properties changing hands at the Flemish coast has continued into this year. During the first quarter of 2023 the number of transactions was down 14% on the first quarter of 2022.
Price of flats relatively stable
The price of flats in the coastal municipalities remained relatively stable (-0.7 percent), after having increased during the previous 5 years. Meanwhile, the price of flats on the seafront fell by 4.9%.
While existing properties fell in price (-1%) the price of new-build properties increased by 1.8%, Bart van Opstal said.