Property prices in Belgium have risen by almost 35% in the past decade, with price rises most pronounced in border areas, according to data from Immoweb.
The property website analysed house and apartment advertisements between September 2014 and September 2024 to track how prices have evolved across 581 towns and cities in Belgium.
Overall, Immoweb says that the property market has seen an average price increase of 34.7% in the past ten years, differing only slightly for houses (+34.6%) and apartments (+34.9%).
The report notes that property price inflation accelerated between January 2016 and June 2022, a period marked by historically low interest rates and a spike in activity following the first Covid-19 lockdown.
Prices have risen the most in Flanders, up 37% in ten years, while property prices have increased by 33.1% in the Brussels-Capital Region and by 30.6% in Wallonia. The biggest price spike over the past decade was in Antwerp, where property prices have increased by as much as 51%.
Immoweb said it was "striking" that the rest of the top ten hottest property markets were smaller municipalities, with Hechtel-Eksel in Limburg province (+49.4%) and Borsbeek in Antwerp province (+49.2%) in second and third place.
Antwerp also saw the highest price rises as a province, with an average increase of 41.6%, followed by the provinces of Luxembourg (+39.2%) and Limburg (+38.3%).
On the other end of the scale, prices rose least in the Hainaut municipality of Honelles, going up by just 12.7% in the past decade. Provinces such as West Flanders and Hainaut saw more moderate increases – 29% and 25.2% respectively.
Biggest spikes in border areas
Immoweb property economist Jonathan Frisch noted that price increases are greatest in the border municipalities.
In the province of Luxembourg, municipalities close to the neighbouring country of the same name have seen prices soar the highest, increasing by 44.5% in Gouvy and by 44.1% in Bastogne.
Meanwhile in the Limburg province, the biggest increases were for municipalities on the Dutch border, including Hechtel-Eksel (+49.4%), Hamont-Achel (+48%), Lanaken (+45.7%) and Maasmechelen (+45.7%). In comparison, the city of Hasselt, further away from the border, recorded a more moderate rise of +26.8%.
In Liège, municipalities near the German border have seen stand-out price increases in the past ten years, including Büllingen (+47.8%), Burg-Reuland (+47.5%) and Bütgenbach (+46.6%).
In West Flanders, property prices have increased by 29% on average in the past decade, but as the only coastal province in Belgium prices have risen by as much as 46.1% in seaside municipalities like Knokke-Heist.
Averages were calculated by Immoweb using advertised prices, rather than the final sale price.
