According to figures published earlier this month by Federation of Belgian Notaries, the number of residential properties sold in Flanders was down 4% during the first half of 2024 compared with the first 6 months of last year. The Federation’s Real Estate Barometer also says that although real estate prices in Belgium have increased by almost 25% during the past 5 years, the pace at which prices are increasing has started to slow.
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4% fewer homes sold in Flanders during the first half of the year
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During the first half of the year 4.2% fewer properties were sold in Flanders than in during the first 6 months of 2023. Although the number of real estate transactions fell in all five Flemish provinces, the fall was most pronounced in West Flanders and smallest in East Flanders.
The number of real estate transaction in our region has been falling for the past two years. However, up until recently this was not having an impact on property prices. In Flanders prices continued to rise. Now it seems that the big increases in the price of property in our region are a thing of the past.
Prices fall slightly in Wallonia and Brussels
Meanwhile, in Wallonia and the Brussels-Capital Region the price of property has fallen slightly. In Flanders prices have remained stable with a house costing an average of 362,000 euro and a flat costing an average of 278,000 euro.
Notary Bart van Opstal told VRT News that "During the first half of the year the average price of a house in Flanders rose by 1.1%. However, taking into account inflation this is a fall of 1.4%”.
Taking into account inflation, house prices fell in every Flemish province except Limburg during the first 6 months of the year. Nevertheless, Limburg remains the cheapest province in Flanders.
Meanwhile, the price paid for flats in Flanders remained stable. The average price of a flat in our region increased by 0.7% during the first 6 months of 2004. However, taking into account inflation this was a 1.8% drop in real terms.