Brussels (The Brussels Morning Newspaper): Brussels is Belgium’s priciest housing market, with average house prices at €1.1 million. Despite a previous drop, prices surged 21.9% in early 2024.
Statbel shared data on Wednesday, indicating that Brussels is the most expensive place in Belgium to purchase a house in the first half of the year. In Brussels, a regular house costs €1.1 million, and a connected one is around €485,000—way more than the country’s average. Last year, the fanciest houses in Brussels got cheaper by over 20%, dropping below €1 million for the first time in years. This price drop happened mainly because interest rates went up.
How Are Rising Interest Rates Affecting Brussels Housing?
The European Central Bank increased its deposit interest rate ten times from 0% to a high of 4% to fight rising prices in the eurozone. When interest rates increase, people must pay more monthly for their loans, especially if they have expensive homes. Even though interest rates increased and are now coming down, house prices in Brussels have increased by 21.9% in the first half of this year.
Even though smaller homes in Brussels are getting more expensive, the price changes are not as well-built. Terraced and semi-detached houses increased by 2.1% to €485,000, and apartments increased by 2% to €260,000 in the first half of 2024 compared to last year. Among the different areas in Brussels, Ixelles has the highest median house price at €692,500, while Anderlecht has the lowest average house price at €349,000. Anderlecht has an affordable average apartment price of €197,000, while Woluwe-Saint-Pierre is the most expensive area to buy an apartment with an average price of €352,500.
