Belgium's property market cools: 15 per cent drop in house and flat sales

The residential property market in Belgium cooled down last year. There were 15 per cent fewer sales than in the previous year, the real estate barometer of the Federation of Notaries (Fednot) showed on Tuesday. However, house and apartment prices remained relatively stable.

In Flanders, the number of sales fell the most (16.9 per cent) compared to 2022. Brussels and Wallonia both recorded a decline of just over 12 per cent. "The rise in interest rates and the general economic situation have clearly caused the market to cool down," said notary Bart van Opstal, spokesperson for

However, Fednot's analysis of all real estate transactions showed that global real estate activity remained virtually stable (-1.1 per cent) compared to 2022. In Flanders, property activity fell by 2.4 per cent. A slight increase was recorded in Brussels (0.4 per cent) and Wallonia (0.9 per cent).

Below inflation

Residential property in Belgium sold for an average price of 322,780 euros last year, a slight price increase of 1.1 per cent compared to 2022. However, according to Fednot's calculations, increases remained below the level of general inflation.

In Flanders, the average price of a house rose by 3 per cent to 358,677 euros. The average price of a house in Brussels fell by 2.4 per cent to 562,489 euros. In Wallonia, the average price of a house was 240,649 euros (+2 per cent).

The national average price of a flat was 264,792 euros, up 1.6 per cent. In Flanders, the average price of a flat rose by 3.3 per cent to 276,450 euros.

Mandatory renovations

Energy efficiency is becoming an increasingly important factor in the housing market. The proportion of energy-efficient dwellings is increasing throughout the country. Since the introduction of mandatory renovation in Flanders at the beginning of 2023, energy-inefficient houses are being offered for sale at lower prices, financial newspaper De Tijd reported in October.

Flemish houses with the best energy labels, A or B, were 4.1 per cent more expensive at the end of the third quarter than at the end of 2022. This contrasts sharply with the price trend for energy-inefficient houses with labels E or F, which were 1.2 and 2.1 per cent cheaper respectively.



Related news

Website preview
Energy-guzzling houses face price decrease on Flemish property market
The energy label of a house is increasingly determining its value on the property market. Since the introduction of mandatory renovation in Flanders at the beginning of this year, energy-guzzling houses are being offered for sale at lower prices, financial newspaper De Tijd reported on Saturday.
Website preview
Flanders real estate prices rise even as transactions decrease
Real estate prices in Flanders have become, on average, 2.3 per cent more expensive than in 2022, even though transactions have dropped by 5 per cent, according to the latest Notary Barometer.

Get updates in your mailbox

By clicking "Subscribe" I confirm I have read and agree to the Privacy Policy.


Belga News Agency delivers dependable, rapid and high-quality information 24 hours a day, 7 days a week, from Belgium and abroad to all Belgian media. The information covers all sectors, from politics, economics and finance to social affairs, sports and culture, not to mention entertainment and lifestyle.

Every day, our journalists and press photographers produce hundreds of photos and news stories, dozens of online information items, plus audio and video bulletins, all in both national languages. Since the end of March 2022 English has been added as a language.

For public institutions, businesses and various organisations that need reliable information, Belga News Agency also offers a comprehensive range of corporate services to meet all their communication needs.


Arduinkaai 29 1000 Brussels