Real estate prices in Flanders keep rising. This comes as a small surprise amidst higher mortgage rates, and it goes against trends we are seeing in neighbouring countries. "The housing market in Flanders is a stable one", says notary public Bart Van Opstal.
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Real estate prices in Flanders keep going up - contrary to trends in Germany and the Netherlands
Michaël Torfs
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The average house price in Flanders now stands at 355,941 euros. This is 2.3 percent or 8,000 euros up on the year. Flemish Brabant remains the most expensive province by far, with an average price of 417,000 euros, followed by Antwerp province (380,000) and East Flanders (339,000). This being said, Brussels still "rules" with an average price tag of 556,000.
Purchasing an apartment in Flanders will set you back 277,775 euros on average. This is even 3.9 percent up on the year. This price hike can be explained by the many newly-built apartments. "If you look at older apartments, you will see a price drop", explains notary public Bart Van Opstal.
The above-mentioned prices apply to Flanders. Looking at Belgium, house and apartment prices only climbed 0.9 and 2.3 percent respectively, but this is still a price rise that is in contrast with neighbouring countries.
House prices in the various Belgian provinces and Brussels: use mouse-over to see prices.
The main conclusion may be that housing prices in Belgium are not going down. "They remain at a relatively high level. This is despite prices hikes of around 6 percent over each of the past 5 years, totalling 28 percent over the 5 years", underlines Bart Van Opstal.
Price drops of 5 to 10 percent in the Netherlands or Germany, but Belgium did not follow this trend
The trend does not follow predictions released by economists and high-street banks. They expected a price drop of 2 to 3 percent, due to higher mortgage rates and amidst the energy crisis.
Belgium is in fact a particular player in this matter. In the Netherlands, house prices dropped by 4.8 percent on the year. In Germany, this was even 9.9 percent in the second quarter of this year. In Luxembourg, house buyers welcomed a price drop of 8.3 percent. "If you look at the Belgian housing market, you will always see one characteristic that comes back: stability. There are changes, but not so outspoken as abroad", says Van Opstal.
The high mortgage rates do have an impact in Belgium: the number of transactions dropped by 5 percent in Flanders. This may have an impact on prices in the longer run.