Belgian property market rebounds after slowdown

The number of property transactions in Belgium rose in the third quarter after several quarters of decline. The market is slowly recovering as buyers become more confident, thanks in part to falling interest rates.

The number of transactions in Belgium rose by 4.2 per cent year-on-year in the third quarter, according to figures from the country's Fédération du notariat. In Flanders, the increase was 5.9 per cent. 

The increase comes after a slowdown in the property market in 2023 and early 2024, which now appears to be over. "It's a significant increase, driven by young buyers," said notary and spokesperson Bart van Opstal. 

Buyers have regained confidence, thanks in part to falling interest rates. Young buyers in particular are venturing back into the property market. Their share has risen to 29 per cent of transactions, up from 27 per cent at the start of the year.

Rising house prices

A drop in house prices is not on the cards, according to Van Opstal. Even during the cooling of the property market, prices did not fall but stabilised. "Those who waited for prices to fall before buying are worse off for their efforts," he said. 

The average price of a house in Belgium rose by 2.1 per cent to 329,468 euros in the first nine months of the year. Prices for apartments rose by 1.5 per cent to an average of 268,709 euros.

^{© BELGA PHOTO NICOLAS MAETERLINCK}