The energy crisis and increasing interest rates have resulted in the property market in Belgium cooling down. While the rise in prices has slowed down, the discernible effect on the cost of flats and houses in the country has yet to materialise.
Nationally, the median price of detached houses this year increased by around 8% compared to the first half of 2021, according to figures published by Statbel, the Belgian statistics office, on Monday.
In Brussels, which remains the most expensive region, the median price of a detached house has increased to €1.15 million.
The price for these houses increased by €240,000 (a 27.9% rise) from 2020 to 2021 and has now increased by another €50,000. In comparison, the median price for such properties in Belgium is €357,000.
Meanwhile, the cost for semi-detached and terraced houses in Brussels increased by 12% to €486,000, some €230,000 more compared to the Belgian median price for such properties.
Regional differences
The median price for a flat in the region is €250,000, €20,000 more than in Flanders and almost €70,000 more than in Wallonia, the cheapest region for all property types.
In Flanders and Wallonia, Flemish Brabant and Walloon Brabant are the most expensive provinces, most likely due to their proximity to the Brussels-Capital Region. A previous report already showed that the skyrocketing property prices in Brussels were driving residents to Flanders.
The cheapest Flemish province is Limburg, the cheapest Walloon province is Hainaut.
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Nationally, the most expensive municipalities are Knokke-Heist on the Belgian coast and Ixelles in Brussels (both with a median price of €750,000), while the cheapest homes can be found in Hastière in Wallonia (the cheapest house costs €73,500).
The municipality with the lowest median price for property in Brussels was Anderlecht, where the median price is still as high as €322,500.
