Fewer people were buying property on the Belgian coast but prices have soared all the same. The cost of a flat directly on the sea has increased by as much as €50,000 in one year.
The coastal property market delivered a mixed report in 2023. Total sales fell by almost 20% compared to 2022 figures – slightly more than in Flanders (-17%), the Coastal Barometer from the Federation of Notaries (Fednot) showed.
"In the Covid-19 years, there was a rush on coastal real estate," Fednot spokesperson Bart Van Opstal noted. "The market is now cooling in terms of sales. In 2023, there were 1,467 fewer sales than in 2022." On the other hand, prices did rise at a rate considerably higher than in the national housing market.
The appeal of living on the coast can be seen in price increases – compared to five years ago the cost of an apartment on the Flemish coast rose by 22%, costing an average of €318,446 last year (+7.1% since 2022). Flats located at the coast are also on average 20.3% more expensive than a flat elsewhere in Belgium.
Properties on the seafront saw the sharpest price rise, becoming 14% more expensive in one year. They now cost an average of €397,080 – around €50,000 more than in 2022, when there was still a price decrease of 5.2%. In the period 2019-2023, the price of a seafront flat increased by 26.7% or €83,701.
Location, location, location
Prices differ considerably between costal municipalities. "The coastal real estate market was very heterogeneous in 2023: the average price of a coastal flat ranged from €171,883 in Westende to €773,582 in Knokke." This seaside town has repeatedly been named the municipality with the highest price per square metre (m²), the average price went above the €700,000 mark for the first time.
A flat on the dike in Knokke rose by a whopping 50% in 2023. Those looking to buy a flat here on the seafront now have to fork out an average of €1.436 million. In five years, the price rose by 75.5%.
Knokke beach in Belgium. Credit: Belga / Eric Lalmand
In nearby Heist, the average price of a seafront flat went above €600,000 for the first time, while 2023 marked the first time that prices surpassed €300,000 in Oostduinkerke. Elsewhere, however, prices are quite a bit lower. Middelkerke (€234,291) and De Panne (€234,526) were the cheapest after prices dropped here.
The difference in price between a one-bedroom coastal flat and one with three bedrooms was also significant in 2023: €193,203 versus €596,498. A 2-bedroom coastal flat cost €340,486 last year.
