Price of flats in Brussels increased despite a slowdown in the housing market during 2023

This year for the first time ERA’s annual national price barometer also took a close look at the evolution in flat prices in Brussels. The Brussels property market is different from elsewhere in Belgium with flats accounting for some two-thirds of the market in the Brussels-Capital Region.

Flat prices in Brussels rose by an average of 2% last year compared with 2022. This is in line with price evolution of flats in Flanders. Prices are still rising despite rising interest rates.

Inflation worries and geopolitical issues sowed uncertainty, which in turn slowed down the market. This was felt in Brussels like it was elsewhere and properties were taking for weeks and sometimes months longer than before to sell. Despite the slowdown prices did still rise, albeit at just half the rate of inflation. 

ERA notes that the price of flats in Brussels varies greatly according to location. Recent figures from the Federal Statistics Bureau Statbel show that Sint-Pieters-Woluwe has the most expensive flats with an average price of 352,500 euros. The lowest prices can be found in Anderlecht (200,000 euro), Ganshoren and Sint-Jans-Molenbeek.

Old, poorly insulated flats sell significantly cheaper than move-in ready properties that meet modern energy efficiency requirements. This is because high renovation costs deter many prospective buyers. You don't have this with new-builds, of course, but in the price of newly built flats is still soaring.

Another price indicator, the property developer Matexi and the real estate data platform Real’s New Construction Barometer, shows that the price of a standard new-build flat (95m² with 2 bedrooms) in Brussels rose by 8% last year to 381,685 euros.The 8% rise is much sharper that the rise in the price of new-build flats in Flanders and Wallonia.

Outside space, be it a garden or just a terrace, yard or balcony is a factor that can serve to significantly increase the price of a property.