Belgian real estate market cooled off in 2022

The Belgian real estate market cooled slightly last year: the number of transactions fell by 2 per cent compared to 2021 and price increases remained below the level of general inflation, revealed the Belgian Federation of Notaries (Fednot) on Thursday. More young buyers bought real estate in 2022 compared to the year before, mainly in East Flanders, Limburg and Antwerp.

The second half of 2022 saw 7.1 per cent fewer transactions compared to the first half of the year. "This drop is due to a cocktail of rising interest rates, hefty energy prices, inflation and the war in Ukraine," explained notary Bart van Opstal, spokesman for Notaris.be.

The price of a house in Belgium rose by 8.2 per cent to an average of 319,123 euros in 2022, the report reads. The average flat cost 260,300 euros in 2022, 3.6 per cent more than in 2021. Taking inflation into account, prices fell by 1.8 per cent and 6.4 per cent respectively.

Young buyers were remarkably active last year. Over 30 per cent of buyers were 30 years or younger. In 2021, their share amounted to 27.9 per cent. "A lot of young people decided to buy in 2022, supported by family or not, because they expect interest rates to rise even more in the coming period," said van Opstal.

^{© BELGA PHOTO BENOIT DOPPAGNE}