Secondary housing market in Belgium: rising values amid declining activity

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In the third quarter of 2025, Belgium’s secondary housing market recorded double-digit growth, while quarterly dynamics pointed to a shift from an increase in the number of transactions to growth in their total value, according to Statbel data. This configuration of indicators signals price resilience and a gradual shift in market activity towards higher-priced properties.

Number of transactions

The number of residential real estate transactions on the secondary market in Belgium increased by 13.0% in July–September 2025 compared to the same period of 2024. The total value of these transactions rose even more sharply, by 17.2%, reflecting faster growth in the monetary volume of the market relative to the number of deals.

Compared to the second quarter of 2025, the number of transactions declined by 0.3%, while their total value increased by 2.9%. The index of concluded purchase and sale agreements, calculated with a 2015 base, fell from 150.25 to 149.85 points. At the same time, the value index rose from 223.32 to 229.72 points.

In Flanders, the number of transactions in the third quarter of 2025 decreased by 2.0% compared to the previous three months. In Wallonia, the figure increased by 2.6%, and in Brussels by 2.8%. As a result, the slight overall decline in transaction volumes at the national level is largely linked to developments in Flanders, which remains the country’s largest market segment.

Price dynamics

Growth in transaction values was recorded in all regions without exception. In Flanders, the total value of transactions increased by 1.4% compared to the second quarter of 2025. In Wallonia, growth was more pronounced at 6.1%, while in Brussels the indicator rose by 5.5%. These figures suggest that even in regions with moderate or declining buyer activity, the market continues to move upward due to higher transaction values.

According to Statbel, apartment prices in the third quarter increased by 4.1% year on year to €255,000. Terraced and semi-detached houses rose in price by 2% to €280,000, while detached houses increased by 2.6% to €390,000. Investropa writes that in January 2026 the average price of apartments ranged between €280,000 and €305,000, semi-detached houses between €305,000 and €335,000, and detached houses between €430,000 and €470,000. The spread reflects pronounced regional differences and the heterogeneity of secondary-market segments. Analysts on this platform expect further price growth of 3–3.8% by December.

Economists at ING Bank also forecast growth of around 3.8%, noting that the preliminary price increase for 2025 stands at about 3%. In their view, market support will come from stable mortgage rates, lower registration fees in a number of regions, and the continuing imbalance between supply and demand.

What this means for investors

According to the Deloitte Property Index report, the number of completed new residential units in Belgium increased by 10% in 2024, the second-highest result in Europe. At the same time, the number of new projects launched in the country fell by 8.4% compared to 2023, pointing to weakening construction activity and creating pressure on future housing supply. This imbalance reinforces a structural shortage, as new housing fails to fully meet household demand amid demographic growth and changes in family composition.

Analysts at International Investment note that for investors the current situation on the Belgian housing market means a shift in the main source of returns from rental income to capital value growth. With low rental yields, property purchases are increasingly viewed as a way to preserve capital and generate profit upon resale.

In the apartment segment, especially in large cities, the traditional “buy-to-let” strategy is losing attractiveness without the use of leverage or tax incentives. At the same time, interest remains in long-term investments, assets with appreciation potential, as well as redevelopment, renovation and energy-efficiency upgrade strategies that can increase property value. Given limited new construction and forecast price growth in 2026, Belgium’s market remains more defensive than income-oriented for investors — a market focused on value preservation and moderate long-term growth rather than high current yields.