The Ardennes region in the south of Belgium remains sought after among those looking to buy a second home in the country, especially among Flemish buyers.
An analysis of real estate activity and prices in some 20 Ardennes municipalities that are particularly sought after by second-home buyers by the Federation of Notaries (Fednot) showed that the region remains popular, as the number of transactions rose by just under 3% compared to the same period in 2022. This is remarkable, as the trend was different across the country: nationally, the number of transactions fell by 4.2% in the first half of the year.
"Our region clearly remains popular with property buyers. This year we are back to a 'normal' rhythm in terms of activity, after two particularly busy pandemic years," said Frédéric Dumoulin, notary in Durbuy, one of the villages in the region.
Heterogeneous market
The Ardennes municipalities accounted for an 8.9% market share of transactions in the Walloon Region, up from 6.6% one year earlier.
However, the Ardennes real estate market is very heterogeneous, which is reflected in the figures on real estate activity per municipality. In some municipalities (Manhay, Rendeux, Saint-Hubert), the number of transactions fell sharply; in others (Bièvre, Durbuy and Beauraing) there was spectacular growth in the first half of this year.
La-Roche-en-Ardenne in the Walloon Ardennes. Credit: Canva
The Ardennes are widely known to be especially popular among Flemish buyers due to its vast woods and open spaces, as well as its mountainous landscape.
In the first half of 2023, they were most active in Rendeux (61.5%), Manhay (53.6%), La Roche-en-Ardenne (44%) and Bièvre (38.5%). Durbuy, like last year, accounted for 32.4% of Flemish buyers.
Stable prices
The Fednot analysis showed that the median price remained stable in the Ardennes, at €190,000. This is much lower than the price for property in the rest of the country: In Belgium, the median price of a house was €285,000 in the first six months of 2023.
Taking into account a 1.7% inflation differential, the real price of a house in the Ardennes fell by some €3,230 compared to 2022. However, when looking at the long-term trends, the fact that many people from outside the region have been investing in this particular market has had an effect on prices.
"For instance, the median price of a house rose by 26.7% over the past five years. During that period, the value of a house increased by around €40,000. Taking into account inflation of 17.8%, this was a real increase of 8.9%," Fednot noted.
Between the Ardennes municipalities, the price differences were large: from €90,000 in Hastière to €286,500 in Manhay.
