What is the value of property in Brussels?

What is the value of property in Brussels, the European capital? Should we fear a speculative bubble following favourable conditions in the property market ? Let us take a closer look at the situation in Brussels.

The upward trend seen in recent years is continuing in the Brussels Region.
Over the past year, prices have risen by 5% for houses, 2% for flats and 50% for building plots, resulting in median prices of 395 000€, 210 000€ and 764€/m² respectively.

But are all Brussels municipalities enjoying the same success?

It depends on the type of property !
For houses, prices over the past year have risen by 7% in Auderghem, 10% in Etterbeek, 17% in Saint-Gilles, 23% in Saint-Josse-ten-Noode and 4% in Woluwé-Saint-Pierre. By contrast, decreases of 3% in central Brussels, 8% in Forest and 5% in Schaerbeek have been recorded.
These negative trends do not apply to flats. Indeed, these latter municipalities can boast increases of 5% in Forest and 10% in Schaerbeek. Ixelles continues to dominate the flat market in this Region, with a very high supply of rental properties.

Which municipalities are the most affordable?

It is worth noting that the least expensive houses in the Brussels Region are in Molenbeek, while the least expensive flats are in Anderlecht. Woluwé-Saint Pierre remains the most expensive municipality in Brussels.
The municipalities in the north and west of Brussels (Laeken, Berghem-Sainte-Agathe, Anderlecht, Forest, Molenbeek) remain the least expensive, as the average price does not exceed 3000€/m². This is why developers are now focusing on these areas and building new developments there (we also manage a number of new-build properties in these municipalities. Discover them here).

Here is an overview of the Brussels property market:

Property types	Price range
Houses	300 000-540 000
Flats	165 000-285 000

According to a December 2018 study by the National Bank, the slight overvaluation of prices appears to indicate that there will be no speculative bubble in Belgium’s residential property market. However, this does not mean that there is no risk of prices falling.
Furthermore, Steven Trypsteen, an economist at ING Belgium, offers reassurance regarding interest rates: “An increase in interest rates seems unlikely in the short term, particularly as the European Central Bank has clearly indicated that it does not intend to resort to this in 2019. Rates will not begin rising again before the end of 2020.”

Now that you are informed about property values in Brussels. If you would like to learn more about current developments in the property sector, we invite you to browse our blog, which is full of interesting articles. And if you would like to daydream a little about properties, view our available properties.

Source :
Trends Tendances, April 2019.