Fears of rising interest rates prompted Belgians to rush to buy real estate during the first few months of this year. And not without reason: yesterday the interest rate on fixed-rate mortgages rose to its highest level since 2014. “Young people want to realise their housing plans while they still can,” says Bart Van Opstal, spokesperson for Notaris.be, the website of Belgium's notaries. Apartments, in particular, are in high demand, also among investors.
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“Youngsters and investors want to beat rising interest rates”: Fears of rate hikes driving up flat sales
Colin Clapson
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Despite the turbulent geopolitical climate, the number of sales on the real estate market continues to rise. “It wasn't expected,” says notary Bart Van Opstal.
In the first quarter of this year, the number of real estate transactions (for houses and apartments) in Belgium rose by more than 3 percent compared to the same period a year earlier. This is clear from the latest real estate barometer provided by the Federation of Notaries (Fednot).
Apartments are particularly in demand, with an 8 percent increase in sales. The rise is actually “due” to geopolitical uncertainty. “Young people and investors want to stay ahead of rising interest rates,” says Van Opstal.
And those young people are more often opting for an apartment. House sales are trailing behind, with a 2 percent increase.
The Pull Effect of 'Affordable' West Flanders
Within Flanders, there are clear regional differences in the property sale figures.
West Flanders is the fastest-growing region, with a 6 percent increase and a notable spike in apartment sales (+16 percent). “Last year, the province was still the cheapest, which attracted additional buyers,” explains Van Opstal.
This year, Limburg Province has taken over as the cheapest province. So far, the number of property sales there has remained virtually stable. The number of houses sold has even fallen, by 2 percent compared to 2025.
In Brussels, on the other hand, 6 percent more properties were sold, while Wallonia, like Flanders, recorded a 3 percent increase.
Young buyers and stressed-out investors
The average homebuyer today is 41 years old, but younger groups are also making a significant impact on the real estate market.
People aged 26 to 30 are particularly active: they account for 21 percent of single-family properties purchased and 14 percent of apartments. About 6.5 percent of homebuyers are 25 years old or younger.
According to Van Opstal, young buyers have sensed that borrowing will become more expensive and therefore brought forward their decision.
Investors, too, have been spurred on by unpredictable economic times. “The fluctuations in the stock markets are causing uncertainty,” says Van Opstal. “In response, many investors are looking for a safe haven. Belgian real estate, and certainly apartments, remains a logical choice.”
Mortgage rates at their highest level since 2014
People who wanted to get ahead of rising interest rates were proven right. Just yesterday, the interest rate on a fixed-rate mortgage rose above 4 percent—for the first time since 2014.
The average interest rate on a 25-year fixed-rate mortgage is now 4.02 percent. For 20-year mortgages, it’s 3.81 percent. People who opt for a 25-year adjustable-rate mortgage now pay an average of 3.55 percent interest.
So, this isn’t good news for anyone looking to borrow to buy a home today. Or is it still a good idea to sign up for a loan quickly, before interest rates rise even further? The answer is nuanced, according to Van Opstal.
"It is difficult to predict how geopolitics—and thus interest rates—will evolve. But if you currently can manage on your budget with your current loan offer, you shouldn’t delay unnecessarily. Because then you run the risk of soon being faced with even steeper rises in interest rates."
Prices continue to rise, but at a slower pace
Not only are interest rates rising, but real estate prices are also continuing to climb, although the pace is clearly more moderate than last year. “Both houses and apartments have seen price increases of around 2 percent,” says Van Opstal. "That price increase follows current inflation and is therefore significantly less pronounced than the increase we recorded last year."
An average house in Belgium currently costs around 360,000 euros, about 3 percent more than last year. This slight increase of a few percentage points is clear in all Flemish provinces. The highest price for a house is currently paid in Flemish Brabant: an average of 448,000 euros.
This is followed by Antwerp, with prices just above 430,000 euros. Limburg was the cheapest place to buy a property during the first quarter of this year, with an average of 350,000 euros.
Prices in Brussels are significantly higher (an average of 607,000 euros) and have nevertheless risen even further (by 4 percent). “Brussels’ real estate market is performing remarkably well; perhaps the political stability is benefiting the region,” says Van Opstal. He is referring to the Brussels government, which was installed after 600 days of talks between coalition partners.
The price of a flat in Belgium rose about 2 percent last year. Prices rose most in Limburg, by 6 percent, to an average of 288,000 euros. “Limburg has clearly caught up in terms of prices,” says Van Opstal. “Homes there used to be significantly cheaper than in the surrounding provinces. But that difference is getting smaller and smaller.”
In Antwerp, however, apartment prices remained virtually stable.
The figures from Fednot’s Real Estate Barometer are based on all real estate sales in Belgium. They are collected digitally when a sales agreement is signed and later supplemented with additional data from the deed.