How did the Belgian property market fare in 2021?

The Federation of Belgian Notaries (Fednot) reveals a fairly clear picture for 2021: the number of transactions and property prices increased.
Let us take a closer look.

More transactions

While in 2020, we explained that the number of transactions had fallen, property market activity increased in 2021. Indeed, transactions rose by +14.3% compared with the previous year across Belgium (+14.3% in Wallonia, +11.1% in Brussels and +14.7% in Flanders).

However, 2021 was an unusual year, as the volume of property transactions fell during the final six months across all regions.

Rising prices

The Barometer recorded another surge in prices in 2021. As with the number of transactions, prices rose most sharply during the first half of the year.

House prices

House prices increased by +4.6% excluding inflation across the country. Here is the average price of a house in 2021 by region:

• In Flanders: 329.747€ (+4.7% excluding inflation)
• In Wallonia: 222.634€ (+3.7% excluding inflation)
• In Brussels: 528.057€ (+3.1% excluding inflation)

Apartment prices

The increase in apartment prices was less pronounced than for houses, at +2.3% excluding inflation. In 2021, an apartment in Belgium cost an average of 257.228€, with Brussels remaining the most expensive region for this type of property.

The age of buyers

It is difficult to know whether there is a direct link with the coronavirus pandemic, but we are seeing a decline in the number of buyers aged 30 and under in Belgium “, explains Renaud Grégoire, notary and spokesperson for Notaire.be. Before the coronavirus crisis, these young buyers accounted for 27% of the total number of buyers. They now represent only 1/4 of buyers.
The 30–50 age group accounts for more than half of the market.