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Brussels, Antwerp, Ghent, and Liège have emerged as Belgium's strongest property investment destinations, with Antwerp leading at over 50% growth in the past decade.
These cities offer average apartment prices ranging from €2,426 per square meter in Liège to €3,520 in Brussels, with rental yields spanning 4.2% to 6%, making them attractive for both capital appreciation and income generation.
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Antwerp, Brussels, Ghent, and Liège are the best Belgian cities for property investment, offering strong price growth and solid rental yields.
As of September 2025, these markets show robust demand from students, expats, and professionals, with infrastructure projects driving future value appreciation.
| City | Apartment Price (€/m²) | Rental Yield | 10-Year Growth | Best For |
|---|---|---|---|---|
| Brussels | €3,520 | 3.5-4.5% | 33% | International tenants, capital appreciation |
| Antwerp | €2,934 | 4-5% | 51% | Balanced growth and yield |
| Ghent | €2,920 | 4.5-5.2% | Strong | Student market, tech sector |
| Liège | €2,426 | 5-6% | Strong | High yields, value plays |
| Bruges | €2,991 | 3.8-4.2% | Moderate | Tourism, stable returns |
Which Belgian cities have seen the strongest property price growth over the past 5 to 10 years?
Antwerp leads Belgian property price growth with over 51% appreciation in the past decade, making it the standout performer among major cities.
Brussels follows with 33% growth over the same period, driven by sustained international demand and limited housing supply. The capital city showed particularly strong momentum in 2025, with houses recording 17.3% year-over-year growth.
Ghent and Liège have also demonstrated robust price appreciation, though specific decade-long figures vary by neighborhood. Within these cities, certain districts have outperformed significantly - Outremeuse in Liège achieved the highest annual returns at 8.4%, while 't Zuid in Antwerp and Watersportbaan in Ghent showed strong historical gains.
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What are the average purchase prices per square meter for apartments and houses in the main cities?
As of August 2025, Brussels commands the highest apartment prices at €3,520 per square meter, reflecting its status as the European capital and international business hub.
| City | Apartment Price (€/m²) | House Price (€/m²) | Price Range |
|---|---|---|---|
| Brussels | €3,520 | €2,968 | €3,500-€4,200 in central areas |
| Bruges | €2,991 | €2,368 | Premium for historic center |
| Ghent | €2,920-€2,950 | €2,218-€2,300 | Student areas command premiums |
| Antwerp | €2,934 | €2,614 | Port areas offer value |
| Liège | €2,426 | €1,790 | Most affordable major city |
Liège offers the most affordable entry point among major Belgian cities, with apartment prices at €2,426 per square meter and houses at just €1,790 per square meter. This price advantage makes Liège particularly attractive for investors seeking higher rental yields and value appreciation potential.
How high are the rental yields right now in places like Brussels, Antwerp, Ghent, Liège, and Bruges?
Liège delivers the highest rental yields among major Belgian cities, offering 5-6% net yields with studios and one-bedroom apartments outperforming larger units.
Ghent follows closely with yields generally ranging from 4.5-5.2%, sometimes reaching higher levels in student-concentrated areas due to the city's 65,000+ university population. Antwerp provides solid returns of 4-5% net yields, with studios achieving approximately 6% gross yields and family homes around 5% gross.
Brussels offers more moderate yields of 3.5-4.5% net, though studios can reach 5.9% gross yields due to high demand from international professionals and EU staff. Bruges typically delivers 3.8-4.2% yields, reflecting its stable but less dynamic rental market focused on tourism and local professionals.
The national average sits at 4.2% gross yield as of mid-2025, making cities like Liège and Ghent particularly attractive for income-focused investors.
Which cities have the lowest vacancy rates for rental properties?
Brussels shows dropping vacancy rates in key districts including Ixelles, Etterbeek, and the European Quarter, with turnover times continuing to shorten as of mid-2025.
Liège and Ghent historically maintain very low vacancy rates due to strong student and professional demand. Ghent's massive university population of over 65,000 students creates consistent rental demand, while Liège benefits from both student housing needs and healthcare sector employment.
Nationally, Belgium's residential property vacancy rate is expected to fall below 5% by end-2025, with the tightest markets concentrated in university and employment-driven cities. This trend particularly benefits Ghent and Brussels, where international organizations and educational institutions drive sustained demand.
The combination of limited housing supply and growing demand from students, expats, and young professionals keeps vacancy rates exceptionally low in these major cities, ensuring steady rental income for property investors.
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How much property tax and registration tax do you typically pay in each city?
Registration duty varies significantly by region, with Flanders offering the most favorable rates for property buyers at 7% for first-time homebuyers purchasing their primary residence.
Brussels and Wallonia (including Liège) charge 12.5% registration duty on property purchases, though Brussels provides an exemption on the first €175,000 if specific conditions are met. This regional difference can significantly impact your total acquisition costs when comparing properties across different Belgian regions.
Annual property taxes are calculated based on cadastral rental value with regional and municipal surcharges, typically amounting to 30-50% of the cadastral income. While the base calculation method remains consistent across Belgium, local municipalities can impose additional surcharges that vary by city.
These tax differences make Flemish cities like Antwerp and Ghent more attractive from a transaction cost perspective, while Walloon cities like Liège may offset higher registration duties with lower property prices and higher rental yields.
What are the main infrastructure projects or developments planned in these cities that could increase property values?
Brussels International Airport is undergoing major expansion to boost both passenger capacity and cargo capabilities, enhancing the capital's connectivity and attractiveness for international businesses and residents.
Antwerp benefits from multiple major projects including Ring Road redevelopment, port expansion initiatives, and Diamond District redevelopment plans. These infrastructure improvements are expected to enhance both residential desirability and commercial activity in surrounding neighborhoods.
The Ghent-Bruges quadruple rail track project represents the largest railway project in Flanders, scheduled for completion by 2029. This enhanced connectivity will significantly reduce travel times between these cities and Brussels, making both Ghent and Bruges more attractive for commuters.
Liège is advancing the Citygate II urban renewal project, which includes new apartment developments and modern office spaces. Additional projects across Belgium include Leuven's innovation hub development and numerous energy efficiency initiatives in urban centers, all contributing to long-term property value appreciation.
How affordable are mortgages right now in Belgium and do conditions differ by city?
Belgian mortgage rates have stabilized at 3-4% for fixed-rate loans over 20-30 years as of September 2025, following previous increases in the lending environment.
Mortgage conditions remain consistent across Belgium, requiring minimum down payments of 10-20% and passing income stress tests regardless of the city. However, the strictest affordability checks apply in Brussels and Leuven due to their high property prices relative to average incomes.
Despite higher property prices in major cities, only 1.1% of Belgian homeowners with mortgages are classified as "overburdened," indicating that mortgage affordability remains relatively stable across the country. Banks apply the same lending criteria nationwide, but buyers in expensive markets like Brussels may need larger down payments or higher incomes to qualify.
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What is the average rental demand and tenant profile in each of these cities?
Brussels attracts the most diverse and internationally-focused tenant base, with high demand from EU staff, NATO personnel, international corporate assignees, and postgraduate students seeking furnished 1-2 bedroom apartments.
- Brussels tenants primarily consist of expats, international staff, young professionals, and postgraduate students with strong demand for medium-term furnished rentals
- Antwerp draws a mix of port industry workers, multinational company employees, international students, and fashion/diamond sector professionals
- Ghent's rental market is dominated by its 65,000+ student population, complemented by growing tech sector employees and researchers
- Liège serves primarily students, healthcare sector workers, and cross-border commuters from neighboring countries
- Bruges caters to tourism industry workers, local professionals, and some short-stay demand from visitors
The international character of Brussels tenant demand provides stability and often allows for premium rents, while university cities like Ghent and Liège offer consistent year-round demand with predictable seasonal patterns.
We did some research and made this infographic to help you quickly compare rental yields of the major cities in Belgium versus those in neighboring countries. It provides a clear view of how this country positions itself as a real estate investment destination, which might interest you if you're planning to invest there.
Which cities attract the most international students, expats, or young professionals looking to rent?
Brussels dominates international tenant attraction, hosting the highest concentration of EU staff, diplomats, and multinational corporate assignees in Belgium.
The capital's international appeal stems from its role as the European Union headquarters and NATO base, creating consistent demand from well-paid international professionals seeking quality rental accommodation. This international tenant base often accepts higher rents and longer-term leases.
Antwerp attracts significant expat populations working in the port industry, fashion sector, and diamond trade, while Ghent and Leuven draw international students and researchers from their respective universities. Liège also benefits from international student enrollment and its proximity to borders, attracting cross-border workers.
These international populations provide rental market stability and often demonstrate greater willingness to pay premium rents for quality properties, furnished accommodations, and convenient locations near transportation and amenities.
How easy is it to resell a property in these markets and what are the average selling times?
Major Belgian cities maintain relatively liquid property markets, with well-priced apartments in Brussels, Antwerp, and Ghent typically selling within 2-3 months.
Brussels benefits from the highest liquidity due to constant international demand and limited supply, while Antwerp's strong economic fundamentals and port-driven employment create steady buyer interest. Ghent's combination of university demand and tech sector growth maintains active buyer markets.
Secondary cities experience slightly longer selling times, but the high national demand surge in 2025 has improved liquidity across employment and university hubs. Properties in desirable neighborhoods near universities, business districts, or major transportation links sell fastest.
The key to quick resales remains competitive pricing relative to recent comparable sales, proper property presentation, and strategic timing around academic and business cycles in university and international business centers.
What kind of regulations or restrictions exist for landlords in different Belgian regions?
Belgian landlord regulations vary significantly by region, with Brussels and Wallonia implementing stricter tenant protections compared to Flanders.
Brussels and Wallonia enforce capped annual rent indexation, specific timeline rules for notices and evictions, mandatory energy performance certifications, and enhanced tenant protection measures. These regions also require stricter compliance with housing quality standards and rental deposit regulations.
Flanders maintains more flexible landlord-tenant relationships while still maintaining pro-tenant policies, with rental contracts typically structured for 3-9 year terms. All regions require special licenses for short-term tourist rentals and impose strict energy efficiency standards for rental properties.
Nationwide regulations mandate proper energy certifications, and municipalities increasingly require licenses for short-term or tourist accommodation, particularly affecting cities like Brussels and Bruges where short-term rental markets are significant.
Which cities offer the best balance between long-term capital appreciation and short-term rental income?
Ghent provides the optimal balance of above-average rental yields (4.5-5%) combined with ongoing capital appreciation fueled by university expansion and growing tech sector presence.
Antwerp offers strong long-term price growth potential and solid rental yields, particularly in up-and-coming districts, with additional economic stability from its major port operations. The city's 51% price growth over the past decade demonstrates its capital appreciation potential while maintaining competitive yields.
Liège presents exceptional rental yields and recent price momentum, though with slightly higher risk levels balanced by strong value appreciation prospects. Brussels provides the most reliable capital gains and moderate-to-good yields, especially attractive for long-term appreciation with its international tenant pool.
It's something we develop in our Belgium property pack.
Leuven offers outstanding rental security and liquidity from its massive student population, but returns may taper due to high entry prices relative to rental income potential.
Conclusion
This article is for informational purposes only and should not be considered financial advice. Readers are advised to consult with a qualified professional before making any investment decisions. We do not assume any liability for actions taken based on the information provided.
For robust capital appreciation and superior rental yields, Antwerp, Ghent, and Liège stand out as Belgium's premier property investment destinations.
Ghent particularly offers the best balance of growth potential and income generation, while Brussels provides security and liquidity for conservative investors seeking stable returns.
Sources
- InvestRopa - Belgium Real Estate Market Trends
- Brussels Times - Property Prices in Belgium
- Immoweb Price Index
- Realting - Rental Yields in Belgium
- InvestRopa - Belgium Investment Areas
- Global Property Guide - Belgium Rental Yields
- Nested - Brussels Rental Market Update
- InvestRopa - Belgium Real Estate Market
- KU Leuven - Belgian Property Taxes
- Nested - Brussels Property Taxes