Property price increases have been higher in Flanders over the last 15 years.
That is the conclusion of a major new housing study, published by Brussels Studies.It says prices vary considerably across Belgium.
In a new working paper, the Institut Bruxellois de Statistique et d’Analyse (IBSA) examines the geography of rents and housing prices from 2010 to 2024. The study – summarised and published by Brussels Studies – highlights the major cities structure the housing market. Brussels, it says, plays a major role, particularly in terms of the rental market. However, the sale prices of houses and flats have risen more in Flanders.
Brussels Studies says, “Housing prices in Belgium vary from one town to another. In 2024, the median rent for new leases in Brussels was 18 % higher than in Flanders and 31 % higher than in Wallonia. On the property market, the price of a house in the Brussels Region was 53 % higher than in the Flemish Region and 153 % higher than in the Walloon Region.
“These disparities are explained in part by the levels of urbanisation of the regions.
“Taking these levels into account reduces the price differences observed between administrative regions, on both the rental and purchase markets. Thus, even though housing prices vary from region to region, they reflect the urban structure of the country. And Brussels plays a central role in the geography of the Belgian property market,” it goes on.
Rents in Brussels are the highest in the country, says Brussels Studies.“On the scale of urban residential complexes, which include the urban areas, suburbs and residential areas of commuters for each city, rents in Brussels exceed those in all other major Belgian cities. For example, rents in the Brussels urban complex are approximately 8 % higher than in Antwerp and Ghent, and 23 % higher than in Liège.”
It adds, “Furthermore, between 2011 and 2024, rents increased faster than the cost of living in Belgium. They also increased faster within the Brussels-Capital Region than in its surrounding area, reinforcing the central role of the Region in the dynamics of the rental market.
“On the purchase market, the Brussels Region remains the most expensive region in terms of housing prices. In 2024, the median price of a house reached € 505,000, compared with € 330,000 in Flanders and € 200,000 in Wallonia. For flats, it reached € 260,000 in the Brussels Region, € 250,000 in Flanders and € 175,000 in Wallonia.”
The report continues, “However, these differences are less pronounced when prices are compared across urban residential complexes. In Brussels, the median price of a house is € 369,000, comparable to Antwerp and slightly higher than Ghent. However, for flats, Ghent has the highest prices on this scale.”
Brussels Studies said, “The study also highlights another trend on the purchase market: price increases have been higher in Flanders over the last 15 years. The purchase price of a house during this period rose by 25 % in Ghent, 19 % in Antwerp and 9 % in Brussels, on the scale of urban residential complexes. For flats, prices rose the most in Antwerp (+24 %, on the scale of urban residential complexes). This was followed by Ghent (+20 %) and Brussels (+15 %).
“Brussels therefore remains the dominant centre of the rental market and one of the major centres of the purchase market for housing in Belgium, despite the increased growth in purchase prices in Flanders over the last 15 years.”
- This article first appeared on Brussels Studies, the jounal for academic research on Brussels
