Belgian house and flat prices rocket
Belgian house prices have risen again. The abolition of mortgage relief on 1 January meant many people tried to clinch a deal before the end of the year triggering a surge in property sales in October, but even before then prices were rocketing.
The latest figures from Belgian notaries show higher prices in July, August and September and a 43% jump in transactions in October. July, August, September 2019 was the busiest period since 2007. Home-buying is in because of low mortgage rates. Often a property is seen as an investment and an opportunity to buy to let. In July, August, September sales were up 7% in Flanders, 6% in Brussels and 5% in Wallonia. The increases are seen as significant.
In October notaries witnessed a 43% jump in transactions as the Flemish government axed mortgage relief on your first home. The peak is not expected to last long as the change in the law kicks in on 1 January 2020.
Price rises were felt ahead of the announcement on the axing of mortgage relief.
Today the average Flemish home costs 285,000 euros, up 2.8% compared with a year ago. Flemish Brabant, near Brussels, is the most expensive part. The average Flemish flat now goes for 232,000 euros, up 3.7%. Find the most expensive flats on the coast where the pull of the Flemish coast plays a role. House prices have been rising for some time, flat prices have now joined the trend.
House prices rose an extra 3% in October due to the rush to secure a sale and enjoy mortgage relief.