Luxury property transactions selling for over €1 million skyrocketed last year in Belgium, Het Laatste Nieuws reports.
In 2021, 1,247 houses and 446 apartments were sold for more than €1 million, almost 50% more than in the previous record year of 2020.
Most transactions (1,222) took place in Flanders. In the Brussels Region 302 were sold, followed by 169 in Wallonia.
Knokke-Heist, known for its beaches on the coast, is at the top of the municipalities in Belgium with 288 sales.
In total, the turnover in the luxury real estate market reached €2.2 billion in 2021.
Bart Van Delm from the Hillewaere Vastgoed real estate agents that specialize in this upper segment, explains the boom is a result of low banking interest rates, cheap mortgage loans and high inflation.
In addition, more luxury properties have entered the market, and new constructions are becoming increasingly popular.
