foto Peter Hilz (C)

Property prices soared in 2020

New figures from Belgian notaries show house prices rose 5.7% on average last year – the biggest increase in a decade.  An average house will now set you back 276,000 euros – up 15,000 euros on the year.  Fewer properties are changing hands – a result of the corona crisis.

The average flat was sold for 244,000 euros last year – up 6.8% on the year or 16,000 euros.

The number of property sales was down 2.7% last year.  Sales dipped in the spring only to rebound in the summer, but not sufficiently to make good lost ground.

Bart Opstal of the Belgian notaries notes: “Despite fewer sales, prices rose sharply.  There was strong demand for properties during the second half of the year and stiff competition among home buyers.  There was little leeway to negotiate a more advantageous price.”

Routinely 10% could be knocked of the asking price, but last year home buyers only managed to reduce the price by 4% on average.

“Secondly, homebuyers are eager to purchase a corona safe property with a garden, a balcony or extra space.  That takes you into a higher price range” says Bart Van Opstal.

House prices rose in all Flemish provinces last year.  The biggest rise was recorded in Antwerp Province: up 7.6% to 327,000 euros on average.  Prices rose 7.4% in Limburg with East Flanders recording the lowest increase.

The price of a flat increased across all Flemish provinces too.  Antwerp Province saw prices rise 7.4% on average with the average flat going for 230,000 euros.  In Limburg the rise was 6.9% with East Flanders recording the lowest increase: 3.5%.

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