In the third quarter of this year, almost 6 percent more houses and flats were sold in Flanders than in the same period last year, according to the Notary Barometer. Due to the cooling down of the real estate market, houses became a little cheaper in places, but in the meantime, prices are again on the rise.
The Federation of Notaries says the property market was in good shape in the third quarter of this year. What is particularly striking is the strong rebound in the number of transactions in the months of July, August and September.
The heavy drop in the number of houses and flats sold that we saw in the property market at the beginning of the year has now been reversed somewhat. ‘In Flanders, you see that the number of transactions increased by 5.9 per cent in the third quarter compared to the same quarter a year earlier,’ says notary Bart Van Opstal. Nationally, too, he sees a similar trend.
Young buyers are re-engaging with the market
It is also noticeable that young buyers (aged 30 or younger) are once again daring to enter the property market for the first time in quite a while. In the third quarter, young people represented over 30 per cent of buyers, up from 27 per cent at the beginning of the year.
Mr Van Opstal cites two reasons that caused young people to become more active on the market this year. ‘On the one hand, of course, you have the fall in mortgage interest rates. On the other hand, the initial cooling down of the housing market made real estate more interesting for young people once again.’
Houses yet more expensive
As a result of more young people buying again and more houses being sold it means they are becoming more expensive once again. ‘Because of this renewed interest and the fall in interest rates, you are unlikely to see prices drop now,’ says Mr Van Opstal.
The average house price rose 2.1 per cent to 329,468 euros over the past nine months. A flat cost an average of 268,709 euros, representing a 1.5 per cent price increase compared to the 2023 annual average.
Limburg more expensive, more transactions in East Flanders
Although Limburg Province is always the cheapest province to buy a house, the price there is now also rising considerably. There you now pay 323,089 euros for a house on average. That is still the lowest price in Flanders but represents a price increase of 4.9 per cent.
‘That has to do with the attractiveness of Limburg,’ explains Van Opstal. ‘As far as price-quality is concerned houses in Limburg remain the cheapest. That makes them attractive, especially among young people. It is precisely those buyers who have become more active in recent months. And the greater the interest, the faster prices rise.’
East Flanders saw the fastest rise in the number of house sales. This too has to do with the buyer's profile. The province traditionally scores best among young people and it is precisely under 30s who have become more active in recent months.
Average house prices across Flanders
Fewer and fewer new-build apartments
In the first nine months of 2024, some 10 per cent of the flats sold were newly constructed flats. This represents a fall for the second year in a row. It is to be understood because prices for new-build flats are higher than for existing ones.
Average flat prices across Flanders