Belgium (The Brussels morning newspaper): From the low interest rates to the post-COVID market activity, the real estate prices in Belgium increased by 34. The largest growth was in Flanders at 37. With Antwerp experiencing a shocking 51% growth, a sign of a real estate boom.
The real estate site examined the price of houses and apartments in 581 towns and cities in Belgium between the months of September 2014 and September 2024 to demonstrate the change in prices over the course of a decade. According to Immoweb, the average price of a home in Belgium has risen 34%. Whereas house prices went up by 34.6%, apartments saw a slightly higher increase of 34.9%. According to the report, from January 2016-June 2022, because of low interest rates, and a frantic make-up for lost time buying and selling after the first Covid lockdown.
What factors contributed to Belgium’s property price surge?
Over the past ten years, prices have increased by 37% in Flanders while they rose by 33.1% in the Brussels-Capital Region and 30.6% in Wallonia, making Antwerp the biggest riser with property prices soared by 51% within the last decade. Small towns dominated the remaining part of the top ten most popular markets across the country according to Immoweb. Borsbeek, located in the province of Antwerp experienced a progress of 49.2% whereas Hechtel-Eksel, situated in the province of Limburg encountered losses of 49.4%. second place goes to Antwerp which is noted for having recorded the highest price increases among provinces as it increased average price by 41.6%. The province of Luxembourg is second with a rise of 39.2% while Limburg takes third place with a hike of 38.3%.
In contrast, prices increased the least in the Hainaut municipality of Honelles, rising only by 12.7% in the last ten years. Provinces like West Flanders and Hainaut had more moderate increases, with 29% and 25.2% respectively. Jonathan Frisch from Immoweb said that prices have gone up the most in towns near the border. In Luxembourg province, areas close to the country with the same name have seen big price increases. Prices went up by 44.5% in Gouvy and by 44.1% in Bastogne. In Limburg, towns near the Dutch border had the biggest price jumps. For example, Hechtel-Eksel went up by 49.4%, Hamont-Achel by 48%, Lanaken by 45.7%, and Maasmechelen by 45.7%. Meanwhile, the city of Hasselt, further from the border, had a smaller increase of 26.8%.
