Property prices fall in Belgium

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The latest figures from the Federation of Belgian Notaries, which keeps detailed records of the real estate market in Belgium, show that the biggest fall relates to the price of flats in Brussels, which are now 9 percent cheaper than three months ago.

In the first three months of this year, average prices for houses dropped 2.3 percent compared to the last three months of last year, 222,434 euros compared to 227.691. The decrease applies to Flanders, Brussels and Wallonia alike.

Prices for flats fell even more. On average, buyers would have to pay 198,372 euros for a flat now, compared to 207.849 euros at the end of last year. That’s a drop of 4.6 percent. Prices went down in Brussels in particular (-8.7 percent), while the drop is less outspoken in Flanders (-2.6 percent) and Wallonia (-1.3).

The number of transactions on the real estate market has remained more or less status-quo, despite the crisis. “The number of transactions remains relatively high, probably due to the low interest rates buyers are enjoying when borrowing money from the bank “, explains notary Bart Van Opstal.

It is not clear whether prices will keep going down in the next months. However, the present drop does not come as a surprise, as prices had been going up for quite some time.