House prices in Flanders fall, apartment prices remain stable
The average price of a house in Flanders fell in the final months of 2024, while the price of apartments stagnated. Prices in the rest of the country also fell in most cases, figures from the Belgian statistical office Statbel showed on Wednesday.
The average price of a house in a closed or semi-open development in Flanders fell to 300,000 euros in the fourth quarter of 2024, from 306,000 euros in the third quarter. The price of a detached house declined from 420 000 euros to 414 750 euros. The median price of an apartment remained unchanged, at 250,000 euros.
Slow rise
On Wednesday, Statbel also published the median prices for 2024 as a whole. Although prices fell in the last quarter, houses still cost more overall than the year before. But the price increase is much lower than in 2023.
For example, the median price of a house in a closed or semi-open estate in Flanders rose by 0.5 per cent to 300,000 euros last year, compared to a 4.7 per cent increase in 2023. A detached house, meanwhile, became 1.2 per cent more expensive, and an apartment 2 per cent more expensive.
The most expensive Flemish municipality for a house last year was Knokke-Heist, with an average price of 807,500 euros. The cheapest municipality was Menen with an average price of 192,500 euros. These municipalities are also at the top and bottom of the list for apartment prices, with average prices of 560,000 euros and 157,500 euros respectively.
Despite the decline, Belgian houses are expected to continue to increase in value. A report published by ING at the end of last year predicts that house prices in Belgium will rise by an average of 3 per cent this year and 3.8 per cent in 2026. Even taking inflation into account, prices would still rise by 0.9 and 1.8 percent respectively.
#FlandersNewsService | © BELGA PHOTO BENOIT DOPPAGNE
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