Are Belgium house prices going down?

Authored by the expert who managed and guided the team behind the Belgium Property Pack

Everything you need to know before buying real estate is included in our Belgium Property Pack

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INVESTROPA

A team specialized in real estate investing in European countries

We are a team of financial experts, legal professionals, developers, and local real estate specialists dedicated to helping people like you avoid mistakes when investing in real estate in a foreign place, particularly in Belgium. If you'd like to learn more about us, you can check our presentation page.

How this content was created 🔎📝

At InvestRopa, we explore the Belgian real estate market every day. Our team doesn't just analyze data from a distance—we're actively engaging with local realtors, investors, and property managers in cities like Brussels, Antwerp, and Ghent. This hands-on approach allows us to gain a deep understanding of the market from the inside out.

These observations are originally based on what we've learned through these conversations and our observations. But it was not enough. To back them up, we also needed to rely on trusted resources

We prioritize accuracy and authority. Trends lacking solid data or expert validation were excluded.

Trustworthiness is central to our work. Every source and citation is clearly listed, ensuring transparency. A writing AI-powered tool was used solely to refine readability and engagement.

To make the information accessible, our team designed custom infographics that clarify key points. We hope you will like them! All illustrations and media were created in-house and added manually.

Are house prices in Belgium currently decreasing?

House prices in Belgium are not decreasing on a national level as of September 2025.

The national house price index shows a 2.7% year-on-year increase in Q1 2025, with the average house price reaching €355,371. The median price for attached and semi-detached houses now stands at €290,000, representing continued upward movement rather than decline.

Regional performance varies significantly, with Brussels showing strong appreciation, Wallonia recording above-average growth at 5.4%, and Flanders maintaining moderate increases at 3.3%. While some rural municipalities in Flanders have experienced price stagnation or minor declines, these localized dips do not represent a broader national downturn.

The pace of price growth has moderated compared to the rapid appreciation seen in 2022-2023, but the overall trajectory remains positive across Belgium's major residential markets.

What has been the overall trend in Belgium's housing market over the past year?

Belgium's housing market has shown resilience with continued price appreciation, though growth rates have decelerated from previous peaks.

The past twelve months have been characterized by regional divergence, with urban centers maintaining strong demand while rural areas face increased inventory and longer sale times. Transaction volumes recovered in 2025 after temporary slowdowns caused by interest rate volatility in late 2023 and early 2024.

Mortgage rates stabilized around 3-4% by mid-2025, providing more predictable financing conditions for buyers. The reduction in registration duties in Flanders and Wallonia to 2-3% has helped offset some affordability pressures created by higher borrowing costs.

Market dynamics show increased selectivity among buyers, with properties in prime locations continuing to sell quickly while those in peripheral areas experience extended marketing periods. This trend reflects a flight to quality rather than a broad market correction.

It's something we develop in our Belgium property pack.

Are house prices in Brussels dropping more than in other cities or regions of Belgium?

Brussels house prices are not dropping and actually show some of the strongest growth rates nationally.

The Brussels region recorded a 2.3% overall price increase year-on-year, with particularly impressive performance in the detached home segment at 17.3% growth. Apartments in Brussels appreciated by 1.9%, while new builds surged 9.6%, indicating robust demand across all property types.

This performance contrasts with certain rural areas in Flanders where price stagnation or minor declines have occurred. Brussels benefits from its status as Belgium's capital and major employment center, attracting both domestic buyers and international professionals.

The city's limited land availability and ongoing urban development projects continue to support property values, making it one of Belgium's most resilient housing markets during the current economic environment.

How do current house prices compare to the peak prices from the past five years?

Current house prices in Belgium remain near historic peaks, with most regions showing no significant retreat from their highest levels.

Time Period	Price Level	Growth Since 2015
2015 Baseline	€248,000 average	0%
2020	€285,000 average	+15%
2022 Peak	€348,000 average	+40%
2023	€351,000 average	+41.5%
2024	€354,000 average	+43%
September 2025	€355,371 average	+43.3%

Are homebuyers in Belgium finding it harder to get mortgages right now?

Mortgage access in Belgium has become more challenging compared to the ultra-low rate environment of 2021-2022.

Banks have implemented stricter lending criteria, particularly for non-residents and younger buyers, with down payment requirements reaching up to 30% for foreign purchasers. The debt-to-income ratio assessments have become more conservative, reflecting banks' cautious approach in the current interest rate environment.

First-time buyers face particular challenges due to the combination of higher property prices and increased borrowing costs. Many young buyers have delayed their purchase decisions, waiting for more favorable financing conditions or building larger down payments.

However, the stabilization of mortgage rates around 3-4% in 2025 has provided more predictable planning conditions compared to the volatile period of 2023-2024. Belgian residents with stable employment and good credit histories continue to access financing, though approval processes have lengthened.

Has the interest rate increase impacted the real estate market in Belgium?

Rising interest rates have significantly impacted Belgium's real estate market, though the effects have been partially mitigated by policy measures.

The jump from near-zero rates in 2022 to 3-4% in 2025 increased monthly mortgage payments by approximately 40-50% for equivalent loan amounts. This shift initially caused transaction volumes to decline in late 2023 and early 2024 as buyers adjusted to higher financing costs.

The reduction in registration duties by regional governments (now 2-3% in Flanders and Wallonia) was specifically designed to offset some of the affordability impact from higher rates. This policy response helped maintain market activity despite increased borrowing costs.

Higher rates have also changed buyer behavior, with increased demand for smaller properties or locations further from city centers where prices remain more accessible. Investment purchases have decreased as rental yields become less attractive relative to alternative investments.

Are property values in more rural areas of Belgium declining more than in urban centers?

Rural areas in Belgium are experiencing more price pressure than urban centers, with some municipalities seeing actual declines.

Almost half of Flemish municipalities reported price decreases or stagnation in 2025, primarily in rural and peripheral areas. These regions face reduced buyer demand as remote work trends stabilize and commuters prefer properties closer to employment centers.

Urban centers like Brussels, Antwerp, and Ghent continue to benefit from employment concentration, cultural amenities, and infrastructure advantages that support property values. The price gap between urban and rural areas has widened as buyers prioritize accessibility and convenience.

Rural properties also tend to stay on the market longer, with average sale times extending from 3-4 months to 6-8 months in some peripheral municipalities. Price reductions of 5-10% have become more common in these areas to attract buyers.

However, well-located rural properties with unique features or proximity to transport links continue to perform well, indicating that location quality matters more than simple urban versus rural classification.

Is there a higher number of homes on the market in Belgium, signaling a drop in demand?

The number of homes listed for sale in Belgium has increased, particularly in rural and suburban areas, indicating shifting demand patterns.

1. Inventory levels in rural Flanders municipalities have risen by 15-25% compared to 2023 levels 2. Urban centers maintain relatively stable listing volumes, with Brussels showing only modest increases 3. New construction completions have added to available supply, especially in suburban developments 4. Sellers in rural areas are more willing to list properties due to longer expected sale times 5. Investment properties constitute a larger share of listings as investors reassess rental yields

This increase in inventory reflects buyer selectivity rather than a complete demand collapse. Buyers are taking more time to evaluate options and negotiate prices, especially outside prime urban locations.

The shift also indicates a normalization from the extremely tight inventory conditions of 2021-2022, when buyer competition was intense across all market segments.

Are there more price reductions being reported in the Belgian housing market than usual?

Price reductions have become more frequent in Belgium's housing market, though the extent varies significantly by location and property type.

Rural and peripheral areas report price reductions on 20-30% of listings, compared to historical averages of 10-15%. These reductions typically range from 5-10% of the original asking price as sellers adjust to market reality.

Urban markets like Brussels see fewer price reductions, with well-positioned properties still receiving multiple offers. However, even in strong urban markets, overpriced listings face pressure to adjust expectations.

The increase in price reductions reflects a more balanced market where buyers have greater negotiating power compared to the seller-dominated conditions of recent years. This represents a healthy normalization rather than market distress.

It's something we develop in our Belgium property pack.

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.

How long are homes staying on the market in Belgium before they are sold?

Average time on market for Belgian properties has extended compared to the rapid sales of 2021-2022, with significant regional variation.

Brussels properties typically sell within 2-4 months, maintaining relatively quick turnover due to consistent demand from professionals and investors. Well-positioned apartments and houses in popular communes often receive offers within weeks of listing.

Rural areas and smaller municipalities now see average sale times of 6-8 months, representing a substantial increase from the 3-4 month averages of previous years. Properties requiring renovation or in less accessible locations may remain on the market for 10-12 months.

The extension in sale times reflects buyer caution and increased selectivity, with purchasers taking time to evaluate financing options and negotiate terms. This trend indicates a more balanced market where sellers must be realistic about pricing and timing.

Is the Belgian government making any changes that could affect house prices, like new taxes or regulations?

The Belgian government has implemented supportive rather than restrictive measures for the housing market as of September 2025.

The most significant recent changes include the reduction of registration duties to 2-3% in Flanders and Wallonia, down from previous levels of 10-12%. This reduction directly lowers transaction costs and helps offset affordability pressures from higher interest rates.

1. Registration duty reductions in Flanders and Wallonia (now 2-3%) 2. Continued tax advantages for first-time buyers in most regions 3. Energy efficiency renovation incentives and tax credits 4. Social housing development programs to increase affordable supply 5. Stability in property taxation rates with no major increases planned

No new restrictive taxes or cooling measures have been introduced, contrasting with policies in some neighboring countries. The government appears focused on supporting homeownership while gradually increasing affordable housing supply.

Brussels maintains its higher registration duty rate but offers various buyer incentive programs, particularly for energy-efficient properties and first-time purchasers.

How is inflation affecting the affordability of houses in Belgium?

Inflation's impact on housing affordability in Belgium has been partially mitigated by the country's automatic wage indexation system.

Belgium's unique automatic salary adjustment mechanism ensures that wages rise with inflation, helping maintain purchasing power for many workers. This system has prevented the severe affordability crisis seen in countries without similar protection mechanisms.

However, inflation has still created challenges through higher construction costs, increased utilities, and elevated living expenses that compete with housing budgets. Building materials inflation of 15-20% in 2022-2023 has contributed to higher new home prices.

First-time buyers and those with fixed incomes face particular pressure, as down payment requirements have effectively increased with rising property values. The combination of higher prices and increased mortgage rates means buyers need larger initial capital investments.

The overall effect is a market where existing homeowners with indexed wages maintain reasonable access, while new entrants face significant barriers to ownership, potentially leading to extended rental periods for younger households.

It's something we develop in our Belgium property pack.

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.

Sources

1. Europe Data - House Prices in Belgium 2.7% Higher
2. InvestRopa - Belgium Price Forecasts
3. InvestRopa - Belgium Real Estate Market Trends
4. VRT News - House Prices Falling in Flemish Municipalities
5. Statbel - House Prices First Quarter 2025
6. Statbel - House Price Index
7. InvestRopa - Average House Price Belgium
8. InvestRopa - Foreigner Mortgage Belgium
9. Brussels Times - First-Time Buyers 2025
10. Deloitte - Financial Health in Belgium 2025