Selling property in Belgium in 2024: Is now a good time?

The current climate makes selling property more challenging for private individuals in Belgium than in previous years. As we will see below, the property market is facing challenges such as rising mortgage rates and an upward trend in prices in certain regions. 

1. A Slowing Market:

The Belgian property market has shown signs of slowing down in recent months. According to the October 2023 Property Barometer published by the Federation of Belgian Notaries (Fednot), the number of transactions fell by 3.1% during the first nine months of 2023 compared with the same period in 2022. 

2. Price Trends:

The average price of a house in Belgium remained relatively stable, rising slightly by 0.9% compared with 2022. However, flat prices increased by 2.9% over the same period.

The situation varies across Wallonia, with average house prices rising by 1.1%, except in Walloon Brabant, where they fell slightly by 1.5%. Flat prices also increased in every Walloon province except Hainaut. 

As every region, municipality and neighbourhood is unique, we recommend consulting the property price barometer: https://www.notaire.be/prix-immobiliers
This will give you a clearer picture of how prices are changing in your neighbourhood and help you make an informed decision.

3. Time to Sell: 

In a slowing property market, the time required to sell has also increased. At the end of 2023, it took approximately 70 days to sell a house or flat in Belgium. These timeframes have probably increased in recent months, reflecting market conditions. 

4. Trends to Consider:

• Rising prices: Prices are rising slightly in certain geographical areas. 
• Uncertainty surrounding interest rates: Uncertainty surrounding mortgage interest rates is cited as one of the main reasons for the cooling property market. However, it is important to note that, according to some industry experts, interest rates are very likely to fall during 2024.  

5. Advice for Selling in 2024:

• Property Valuation: Before making any major decisions, it is essential to obtain an accurate valuation of your property. Drawing on the expertise of industry professionals can provide crucial information for determining the right asking price. An accurate valuation is the first step towards a successful sale. At J&J, we offer a completely free, no-obligation valuation of your property: https://ressources.jj-properties.be/lp-estimation-gratuite
• Realistic Price: Setting a fair price for your property will help you sell it more quickly. 
• Consult a Property Professional: The advice of an estate agent can be invaluable when navigating the sales process, from setting the price through to completion.
• Time to Sell: Be aware of longer selling times and adjust your expectations accordingly.
• Present Your Property at Its Best: First impressions matter. Invest in the visual presentation and ensure that your property appeals to potential buyers.
• Prepare your documents: Have all the necessary documents in order when you put your property on the market, as this will make the sales process easier.

6. 2024 Property Sales Guide
   

   In our new property sales guide, we will explore in detail the eight crucial stages of a successful sale in Belgium. Practical advice, market analysis and essential information will guide you throughout the sales process. Make the right decisions and maximise the value of your property with our comprehensive guide, available during January! Keep an eye out for it, or feel free to contact us to receive an advance copy. 

Conclusion:

Although the Belgian property market is stable overall, careful assessment is required before deciding to sell. It is crucial to consider the trends specific to each region, neighbourhood and even individual street. The decline in activity and slight increase in prices call for a cautious approach. Owners considering selling must be aware of these nuances in order to make informed decisions. Obtain an accurate valuation, be aware of longer selling times and adjust your strategy to local market conditions.

Note: The figures quoted are based on the October 2023 Property Barometer published by the Federation of Belgian Notaries (Fednot) for Belgium.