Real estate market in Belgium sets new milestone, thanks to low rent
The latest quarterly report issued by the federation of notaries public in Belgium shows another record in the number of real estate transactions. However, despite the hot market, the average house price has dropped slightly.
The number of transactions was 7 percent up compared to the previous mark from 2017. A new milestone was thus set for the first quarter, with the number of transactions going up in all three regions, Brussels, Flanders and Wallonia. "The rent remains low, creating excellent conditions for those wanting to acquire a new property", specialists point out. The rent remains almost at a historic low, with banks generally granting between 1 and 2 percent. This should continue for a while, though there are signs this could change by the end of the year.
House prices have not gone up, on the contrary, they have dropped by 0.5 percent compared to the previous quarter. The average house price in Belgium is now at 253,904 euros, but regional differences exist. House prices in cities like Ghent, Antwerp, Leuven and certain parts of Brussels are generally higher. The Ghent housing market is especially hot, triggering major price hikes, pundits confirm.
The average apartment price went up by almost two percent to reach 226,641 euros. The most expensive province in Flanders to buy a house is Flemish Brabant, while Limburg remains the cheapest province.