According to figures from the latest Notary Barometer, the price of real estate in Flanders continues to rise. However, the general economic climate and a rise in mortgage interest rates has meant that during the past year far fewer houses and flats were sold in our region.
Real estate prices continue to rise, but there are big regional differences in the price of a house or flat
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Notary Bart Van Opstal says that “the rush on real estate that began post-corona has reached its end.”
At 16.9% the fall in the number of real estate transactions was most pronounced in Flanders. Meanwhile, in Brussels and Wallonia the number of real estate transactions was down 12%.
Last year the number of houses and flats sold in West Flanders fell by 18.4%. The fall in the number of real estate transactions was 17.5% in East Flanders, 16.6% in Antwerp Province and 16.8% in Limburg. Flemish Brabant saw the smallest fall in the number of houses and flats sold. There the number of real estate transactions in 2023 was down 14.6% on the figures for 2022.
House prices up in all 5 Flemish provinces
The average price of a house rose in all 5 Flemish provinces in 2023. Leuven is the most expensive provincial capital for those wishing to buy a house. Flemish Brabant (of which Leuven is the capital) is also the most expensive province. Last year the average price of a house in Flemish Brabant was 420,129 euro, a rise of 4.6% on 2022.
The cheapest houses are to be found in the east of the province, in Zoutleeuw, Geetbets, Tienen, Landen and Linter. The highest average house prices are to be found in Overijse, Wezembeek-Oppem, Tervuren and Keerbergen.
In 2023 Hasselt was the provincial capital with the lowest average house price. Nevertheless, average house prices in Limburg as a whole rose by 3.9%. In 2023 a house in Limburg province cost an average of 307.935 euro. Tongeren, Gingelom, Sint-Truiden, Heers en Dilsen-Stokkem are the Limburg municipalities with the lowest average house prices. The most espensive houses are to be found in Diepenbeek, Lummen, Alken, Hasselt Hamont-Achel.
Last year the average price of a house in East Flanders was 342,717 euro, a rise of 2.4% on 2022. The cheapest houses are to be found in Ronse, Zelzate, Geraardsbergen, Eeklo and Lierde The most expnsive East Flemish municipalities when it comes to houses are Nazareth, Destelbergen, Lochristi, De Pinte and Sint-Martens-Latem.
House prices in West Flanders rose by an average of 2.2% in 2023. On average a house in west Flanders costs 322,070 euro. Menen, Wervik, Poperinge, Izegem and Staden are the cheapest municipalities when it comes to house prices. De Haan, Damme, Jabbeke, Koksijde and Knokke-Heist are the most expensive.
In Antwerp Province the average price of a house rose by 1.8% in 2023. A house in Antwerp Province costs an average of 384,921 euro Niel, Meerhout, Boom, Turnhout and Mol are the cheapest places in the province when it comes to house prices. Kalmthout, Zoersel, Brasschaat, Hove and Schilde are the most expensive places in the province for those wishing to buy a house.
Flat prices up everywhere except Flemish Brabant
Ghent is the most expensive provincial capital for those wishing to buy a flat. In Ghent a flat costs an average of 310,624 euro. This is more or less (-0.1%) the same as it was a year ago. In East Flanders as a whole the average price of a flat rose by 3.8% to 278,218 euro last year.
At 4.9% Limburg is the province that has seen the sharpest rise in average flat prices. In 2023 buyers paid an average of 245,922 euro for a flat in Limburg province. Hasselt is the cheapest provincial capital for flat buyers. A flat in Hasselt costs 256,537 euro, down 1.8% on a year ago.
In West Flanders a flat costs an average of 296,989 euro, a rise of 4.5% on a year ago. The cheapest flats are to be found in Kuurne, Torhout, Middelkerke, Wervik and Wingene. Oudenburg, Zedelgem, Jabbeke, Oostkamp and Knokke-Heist are the municipalities with the highest average prices for a flat.
In Antwerp Province average flat prices rose by 3% last year to 265.596 euro. Duffel, Wuustwezel, Stabroek, Retie and Borsbeek are the municipalities with the lowest average prices, while Schilde, Zandhoven, Boechout, Brecht and Hove are the places where the average price of a flat is highest.
The only province in Flanders where average flat prices fell in 2023 is Flemish Brabant. The average price of a flat in the province fell by 1% to 284,885. Striking is the 6.8% fall in the average price of a flat in the provincial capital Leuven.