Statbel, the Belgian statistical office, recently published the house prices for the first semester of 2023 in Belgium, based on the deeds of sale registered by the FPS Finances. These are the main findings
The median price for an attached or semi-detached house amounted to 259,500 euros in the first semester of 2023. A buyer had to pay 365,000 euros for a detached house. Apartments cost 237,000 euros:
Compared to the first semester of 2022, the median price of attached or semi-detached houses increased by 3.3% at national level. The median price for detached houses increased by 2.5%. Apartments became 5.3% more expensive.
Fewer transactions were registered compared to the same period last year: 23% fewer transactions for attached or semi-detached houses, 24.3% fewer transactions for detached houses and 16.4% fewer transactions for apartments.
Clear regional differences can be noted:
There are clear regional differences with the Walloon Region being the cheapest. In the first semester of 2023, attached and semi-detached houses have registered, with a median price of 175,000 euros, a price increase of 5,000 euros (2.9%) compared to the same period last
The report in full serves as a great launch pad to help understand the current trends in the Belgian housing market. However, to fully grasp the dynamics of Belgium's real estate market, an extended analysis is required. This series of articles aims to delve into the market trends spanning from 1977 to 2017. This 40-year period, marked by various economic, policy, and demographic shifts, provides a vital context for understanding the evolution and current state of the market. The historical perspective gained from this analysis will be instrumental in interpreting the recent trends reported by Statbel and in anticipating future market developments. Such an understanding is pivotal for investors, policymakers, and scholars interested in the trajectory of the Belgian real estate market
This four-decade span revealed a consistent and clear upward trajectory in property prices, underscoring a resilient and stable market environment. Remarkably, the growth in median prices was characterized by a steady progression, devoid of any abrupt spikes or dramatic fluctuations on a year-over-year basis. This pattern of gradual increase suggests a market that has managed to maintain its equilibrium and adapt to various economic shifts over the years.
This steady ascent in property values could be attributed to a confluence of factors. Economic growth, evolving housing policies, demographic changes, and possibly shifts in buyer preferences have all played a role in shaping the market's landscape. The absence of sharp price jumps indicates a market that is less susceptible to volatile economic shocks or speculative bubbles, pointing to a certain maturity in the Belgian real estate sector. Such stability is a positive sign for both long-term investors and homeowners, indicating a market that grows reliably over time, offering a sense of security and predictability in investments.
The for a comprehensive view of the trends described you can use the dashboard below: