During the second quarter of this year houses in Belgium sold for an average of 260,145 euro, 3.7% more than in the second quarter of 2018. This is a considerable rise that is well above the rate of inflation.
The new Notary Barometer also reports that never before have Belgian notaries worked on as many residential real estate transactions as they did during the second quarter of this year. The number of such transactions during the second quarter of 2019 was up 7.5% on the same period last year.
Flemish Brabant is Flanders’ most expensive province
Average house prices vary greatly between the regions. In Flanders a house costs an average of 281,954 euro, which in Wallonia this is 194,531 euro. Average house prices in Brussels are by far the highest. A house in the capital will set you back an average of 469,597 euro.
There are also big differences within the regions. For example in Flanders’ most expensive province for real estate Flemish Brabant the average house price is 41,000 euro higher than the average for Flanders as a whole. Meanwhile, in Limburg and West average house prices are below the regional average.
The price of flats is also the increase
The average price paid for a flat has also gone up by more than 10,000 euro during the past year. According to figures from Notaris.be a flat in Belgium now costs an average of 229,820 euro, 4.8% more than a year ago.
Once again Brussels is the most expensive region. During the second quarter of this year a flat in the capital costs an average of 249,071 euro. In Flanders this is 231,386, while in Wallonia a flat costs an average of just under 175,000 euro
In Flanders prices rose quickest in West Flanders, which at least in part is linked to sale of flats as second homes or holiday lets at the coast. For the first time the average price of a flat in West Flanders has risen above 260,000 euro. Meanwhile, Limburg is the cheapest Flemish province. There a flat costs an average of just under 200,000 euro. Furthermore, the average price of a flat in Limburg hardly rose during the past year.
Looking at the evolution of residential real estate prices over the past 5 years we see a 13% in the average amount paid for both houses and flats.