Wallonia Named the Cheapest Region for Buying Property in Belgium

statbel.fgov.be

Belgium's statistical office, STATBEL, released data on the real estate market for Q3 2024, showing that prices for new homes increased by 5.2%, while secondary market properties rose by 3.2%. The highest inflation was recorded in existing housing in Flanders (3.6%) and Wallonia (3%), with Brussels showing a lower rate of 1.4%.

Inflation Trends in Real Estate

In the first quarter of 2024, Belgium's housing inflation stood at 3.2%, rising slightly to 3.3% in the second quarter. Comparatively, the Netherlands saw housing inflation increase from 3.7% in Q1 to 7.7% in Q2 2024. France and Germany experienced price deflation: France at -4.8% in Q1 and -4.6% in Q2, and Germany at -5.1% in Q1 and -2.6% in Q2. Overall, the eurozone’s housing inflation improved to 1.3% in Q2 from -0.3% in Q1.

Property Prices in Belgium

According to FPS Finances' real estate transaction records, the average price of semi-detached houses in Belgium in Q3 2024 was €275,000, up 4.6% (€12,000) compared to the same period in 2023. Detached houses averaged €380,000 (+2.7%, or €10,000), while apartments sold for an average of €245,000, reflecting a modest 2.1% rise.



Regional Overview: Wallonia Offers Affordable Options
Wallonia remained the most affordable region in Belgium:

Semi-detached or terraced houses: €185,000 (+3.4%)
Detached houses: €310,000 (+5.1%)
Apartments: €182,000 (-0.4%)
In Flanders, prices were higher:

Semi-detached houses: €305,000 (+1.7%)
Detached houses: €419,900 (+2.4%)
Apartments: €250,000 (+0.4%)
Brussels recorded the highest prices in Belgium:

Semi-detached houses: Over €500,000 (+0.4%)
Detached houses: €1,020,250 (+20%)
Apartments: €267,000 (+2.7%)

Provincial Highlights

Flanders:
The highest house prices were in Flemish Brabant (€355,000 for semi-detached and €460,000 for detached houses), while the most affordable homes were in Limburg (€260,000 and €345,000, respectively).

Apartments: The cheapest (€239,000) were in West Flanders.
Wallonia:
Walloon Brabant had the highest property prices: €320,000 for semi-detached and €492,500 for detached houses. The lowest-priced semi-detached houses (€160,000) and apartments (€152,000) were in Hainaut, while detached houses were most affordable in Luxembourg (€270,000).

Brussels Capital Region:
Etterbeek recorded the highest average house price (€720,000), while Anderlecht had the lowest (€350,000).

Municipal Property Trends

Flanders:
Knokke-Heist had the most expensive houses (€840,000), while Menen offered the cheapest (€190,000). Knokke-Heist also led in apartment prices (€544,000), with Roeselare being the least expensive (€170,000).

Wallonia:
The priciest houses were in Lasne (€611,500), while Asty offered the cheapest (€92,000). Waterloo had the most expensive apartments (€387,500), while Charleroi had the least expensive (€102,500).

Brussels:
Apartment prices ranged from €350,000 in Saint-Gilles to €205,000 in Anderlecht.

Economic Context and Outlook

The European Commission reports a decline in Belgium’s economic activity due to weak domestic demand, with GDP growth estimated at 1.1% in 2024. Projections for 2025 and 2026 suggest a gradual recovery to 1.2% and 1.5%, driven by rising domestic and external demand. Inflation is expected to rise temporarily as energy support measures are withdrawn, with rates projected to fall to 2.9% in 2025 and 1.9% in 2026.

While Wallonia remains the most affordable region, Brussels continues to dominate the market with the highest property prices. Property inflation across Belgium has moderated compared to previous years, aligning with broader trends in the eurozone. However, challenges persist, including weak domestic demand and rising fiscal deficits, which could impact real estate investment. For prospective buyers and investors, Wallonia offers a cost-effective alternative, while Brussels caters to the luxury segment.