Official press release
October 12, 2023
Discover our Real Estate Barometer
In the first nine months of this year it was less busy on our real estate market. Especially in Flanders, with -5% fewer transactions compared to the same period in 2022. This is evident from the Real Estate Barometer of the Federation of Notaries (Fednot). The average price of a house remained virtually stable compared to 2022: +0.9% without taking inflation into account. The price of an apartment increased by +2.9%. The share of young buyers, aged 30 or younger, decreased compared to 2022.
The price evolutions of all municipalities are available at Notaris.be/vastgoedprijs.
Real estate activity in Belgium: -3.1%
In the period January to September 2023, there were -3.1% fewer real estate transactions in our country compared to the same period in 2022.
The Belgian real estate market was less busy, especially in January and February 2023: -10.5% and
-10.4% compared to 2022. In June there was an increase of +5.5%, in July it was +5.4%. In August and September, real estate activity fell again compared to last year: by -4.3% and -2.9%.
Notary Bart van Opstal, spokesperson for Notaris.be: “Despite the cooling of the real estate market, we are well above the level of the pre-corona period: compared to the first nine months of 2019, there were +10.7% more real estate transactions in our country this year.”
Fewer transactions in the 3the trimester
Compared to the 2the quarter 2023, real estate activity decreased in the previous quarter
by -4.5%. Not surprising, because in the summer months it is usually a bit quieter on the real estate market. Compared to the 3the In the quarter of 2022, the decline was also limited: -0.9%.
In the past quarter, fewer houses were sold in our country compared to 3the quarter 2022: -4.7%. There was a slight increase in the apartment market: +0.8%. The number of plots sold increased: +2.8%. The number of garages sold increased by +4.6%.
Real estate activity in the regions: largest decline in Flanders (-5%)
In the first nine months of 2023, the number of real estate transactions in Flanders decreased by -5% compared to the same period in 2022. In Brussels the decrease was -1.7%. In Wallonia, real estate activity remained virtually stable: +0.1%.
Notary Bart van Opstal: “There were also more transactions in the regions than in the first nine months of 2019: +4.8% in Brussels, +8.2% in Flanders and no less than +16.8% in Wallonia.”
In the 3the There were fewer transactions in Flanders in the 2023 quarter: -3.1% compared to the 3the quarter 2022. In Brussels and Wallonia, activity increased: +2.5%.
Striking: in August, real estate activity in Flanders fell by -7.4% compared to August 2022. In Brussels and Wallonia, activity increased: +2.2% and +0.2%. In September, activity fell in all regions: -4.4% in Flanders, -1.3% in Brussels and -0.3% in Wallonia.
Real estate activity in the Flemish provinces
In the first nine months of 2023, real estate activity decreased in all Flemish provinces compared to the same period in 2022. In Limburg the decrease was minimal (-0.1%), in West Flanders the decrease was largest (-8.1). %). In the province of Antwerp the decline was -5.5%, in East Flanders -5.9% and in Flemish Brabant -3%.
Average price of a house in Belgium: 321,993 euros (+0.9%)
In the first nine months of 2023, a house in our country cost an average of 321,993 euros. Compared to the annual average of 2022, the price remained virtually stable: +0.9%.
Notary Bart van Opstal: “The price of a house has hardly increased. Compared to the annual average of 2022, a house became 2,870 euros more expensive.”
Houses in the regions
In Flanders, buyers paid an average of 355,941 euros for a house in the first nine months of the year. Compared to the annual average of 2022, this was an increase of +2.3% without taking inflation into account.
In Wallonia, the average price rose to 238,104 euros (+1.1% compared to 2022). In Brussels there was a price drop: -3.6%, to an average price of 556,081 euros.
Houses in the Flemish provinces
Without taking inflation into account, the price of a house increased in all Flemish provinces: from +0.8% in Antwerp, with an average price of 380,564 euros, to +3.9% in Flemish Brabant, with an average price of 417,079 euros.
Average price of an apartment in Belgium: 267,848 euros (+2.9%)
An apartment in our country cost an average of 267,848 euros in the first nine months of 2023. This was a price increase of +2.9% compared to the annual average of 2022. Taking inflation into account, the price increase was +1%. In real terms, buyers had to pay 3,000 euros more for an apartment compared to 2022.
Apartments in the regions
In Flanders, the average price of an apartment amounted to 277,775 euros. The price increased by +3.9% compared to the 2022 annual average, without taking inflation into account.
In Wallonia, the price rose by +2.3%, to an average price of 203,535 euros.
In Brussels, an apartment cost an average of 285,338 euros, an increase of +1.5% compared to the 2022 annual average.
Apartments in the Flemish provinces
In the first nine months of 2023, the average price of an apartment increased in all Flemish provinces: from +0.7% in Flemish Brabant to +6.2% in West Flanders. Despite a price increase of +5.1%, Limburg remained the cheapest province, with an average price of 246,177 euros. West Flanders was the most expensive Flemish province to buy an apartment, with an average price of 301,496 euros.
New-build apartments versus existing apartments
Of all apartments sold in Belgium in the first nine months of 2023, 14.3% were new-build apartments. Immediately good for the smallest share of the last five years. In 2018, their share was still 22.7%.
A new-build apartment in our country cost an average of 324,176 euros. Compared to the annual average of 2022, this was a price increase of +5.3%.
An existing apartment cost an average of 258,504 euros: +3.3% compared to 2022.
Of the 100 new-build apartments sold, 76 were sold in Flanders, 20 in Wallonia and 4 in Brussels.
Of all apartments sold in Flanders in the first nine months of 2023, 17% were new-build apartments. In 2018, their share was 24.4%.
In Flanders, a new-build apartment cost an average of 339,719 euros (+6.2% compared to 2022). In Brussels the average price was 342,577 euros. In Wallonia the amount was 263,458 euros.
Share of young buyers somewhat smaller than in 2022
In the first nine months of 2023, a buyer was on average 39.5 years old.
The share of buyers aged 30 or younger became smaller compared to 2022. Their share now amounted to 29%, in 2022 it was 30.3%.
In Flanders, the share of young buyers was the largest in the first nine months of 2023: 30.3%. The smallest in Brussels: 22.2%.
East Flanders was the province with the largest share of young buyers: 32.8%. Immediately followed by Limburg (31.8%) and Antwerp (31.6%). Their share was smallest in Flemish Brabant (25.7) and Walloon Brabant (18%).
Source: Fednot
