Buying a house in the Brussels-Capital Region is set to become cheaper (or should I say, less expensive), as the Parliament recently approved a draft ordinance to lower the regional registration duties.
Under the new scheme, three changes are made to the so-called 'abattement' in French: a discount on registration fees, which is the regional tax the buyer has to pay on top of the purchase price of a property – but only if the property will serve as the buyer's primary residence.
Firstly, the current reduction will be increased from €175,000 to €200,000. Secondly, an extra abattement will be created for a major energy renovation of the house. For each energy class that a building is improved by, a further €25,000 reduction will be added (provided there is an improvement in the energy value of at least two jumps).
As a third and last change, the Capital Region is also raising the ceiling on the sale price of a home to qualify for an abattement from €500,000 to €600,000.
The aim of this scheme, which is essentially a large discount on buying a house in Brussels, is to "maintain a strong middle class of young people in our super-diverse metropolis who want to invest in a home of their own," said Brussels Finance Minister Sven Gatz.
Every year, more than 7,000 families (nearly two-thirds of home buyers in the Capital Region) are already taking advantage of this reduction in registration fees to settle in Brussels for a longer period, or even permanently.
From 1 April 2023, buyers will be able to make use of the scheme, if they take up residence in their bought property within three years (instead of two years).
Thinking of moving to the capital city? Let @Maajtee know.
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