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.

Without factoring in inflation, house prices are rising. On average, a house in Flanders now costs 355,941 euros, or about 8,000 euros more than last year. An apartment costs an average of 277,775 euros, an increase of more than 10,000 euros, or 3.9 per cent, compared to 2022.

Transaction rates in Flanders dropped 5 per cent in the first nine months of the year, and there was a further decline of 3.1 per cent in the third quarter and 7.4 per cent in August. Meanwhile, Brussels and Wallonia are seeing increases in their real estate markets by 2.5 per cent.

Nevertheless, post-pandemic, the real estate market is improving. According to notaries in Flanders, there were 8.2 per cent more sales than in the first nine months of 2019. For Belgium, that is an overall increase of more than 10 per cent.

In the third quarter, fewer houses were sold in Belgium than last year (-4.7 per cent). There was a slight increase in the apartment market of 0.8 per cent. The number of plots sold also increased (+2.8 per cent), and the number of garages sold increased by 4.6 per cent.

New-build apartments are losing ground: their share in Flanders in the total number of apartments sold falls to 17 per cent over the first nine months. Five years ago, they ​ accounted for almost a quarter of all transactions.

The share of buyers aged 30 or younger is also declining. Their share now amounts to 30.3 per cent in Flanders, with East Flanders ​ the "youngest" province (32.8 per cent) and Flemish Brabant having the fewest young buyers (25.7 per cent).

#FlandersNewsService | © PHOTO PETER HILZ ANP

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