Buying real estate in Belgium?

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Are Belgium property prices about to crash?

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

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

Belgian property prices are not about to crash and have actually continued rising moderately throughout 2024 and into 2025. The Belgian residential property market has rebounded strongly from the 2022-2023 cooling period, with national house prices up 2.7% year-on-year as of Q1 2025 and property sales surging 16% in the first half of 2025 compared to 2024.

If you want to go deeper, you can check our pack of documents related to the real estate market in Belgium, based on reliable facts and data, not opinions or rumors.

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.

What have Belgian property prices actually done over the past 12 to 24 months?

Belgian property prices have risen consistently over the past 24 months, with national house prices increasing 2.7% year-on-year as of Q1 2025.

The full year 2024 saw property prices grow between 3-4% nationally, representing a significant rebound from the market cooling period of 2022-2023. Brussels led this recovery with the strongest price gains, where detached homes surged over 17% year-on-year to reach a median price of €1.1 million, while apartments in the capital increased by 1.9%.

Regional differences are notable across Belgium, with Flanders and Wallonia experiencing slower but steady price increases. Some apartment segments in Wallonia remained flat or even declined slightly, while house prices in the region still managed to rise approximately 5%. As of mid-2025, the national average house price sits at roughly €355,000, reflecting the sustained upward momentum in the Belgian residential market.

This price growth represents a clear reversal from the temporary market slowdown experienced in 2022-2023, indicating that Belgian property values have not only stabilized but returned to a growth trajectory. The consistent price increases across most regions and property types demonstrate the underlying strength of demand in the Belgian housing market.

How many homes are currently on the market compared with a year ago?

Active property listings in Belgium have increased alongside the surge in sales activity, but overall housing supply remains tight with vacancy rates projected below 5%.

The number of properties available for sale has grown to accommodate the 16% increase in transaction volumes recorded in the first half of 2025. However, this supply increase has been absorbed by robust buyer demand, preventing any significant buildup of unsold inventory. Flanders leads the market activity with sales up 19%, followed by Walloon Brabant with a 27% increase, while Brussels showed a more modest 1.2% growth in transactions.

Despite the increased listings, the Belgian housing market shows clear signs of supply constraint rather than oversupply. Vacancy rates have actually declined and are expected to remain below 5%, indicating that new listings are being absorbed quickly by active buyers. This tight supply-demand balance supports price stability and prevents any downward pressure on property values.

The combination of increased listings with even stronger sales growth demonstrates a healthy, active market rather than distressed selling or market saturation. This dynamic suggests that sellers are responding to favorable market conditions rather than being forced to sell due to financial pressure.

What is the average time it now takes to sell a property in Belgium?

While specific average selling times are not widely reported for 2025, the 16% surge in property sales volumes indicates significantly faster turnover compared to the slower 2022-2023 period.

The high sales volume recorded in the first half of 2025 suggests that properties are moving quickly through the market, with sellers able to find buyers more readily than during the previous cooling phase. The strong transaction activity across all major regions, particularly the 19% increase in Flanders and 27% surge in Walloon Brabant, indicates that well-priced properties are not sitting on the market for extended periods.

Market conditions favor sellers with tight inventory levels and strong buyer demand creating a competitive environment. Properties that are appropriately priced and located in desirable areas, particularly energy-efficient homes, are likely experiencing even faster sale times given the current market dynamics.

The accelerated sales pace represents a significant improvement from the 2022-2023 period when higher interest rates and economic uncertainty led to longer marketing periods and more cautious buyer behavior.

Are mortgage interest rates in Belgium still rising, and how do they compare to last year?

Mortgage interest rates in Belgium have stabilized and are currently slightly lower than last year, averaging around 3.0% for a 20-year fixed loan as of September 2025.

Interest rates peaked in early 2024 at approximately 3.2-3.5% before beginning to decline. Current rates represent a modest decrease from these peak levels, providing relief to potential homebuyers. The stabilization of mortgage rates has been a key factor supporting the rebound in property sales and buyer confidence throughout 2025.

While current rates remain above the historic lows experienced in previous years, they are no longer rising and have shown a slight downward trend. This rate environment has contributed to improved borrower repayment capacity, particularly when combined with Belgium's wage indexation system that helps protect household purchasing power.

The European Central Bank's monetary policy stance and Belgium's stable economic conditions suggest that mortgage rates are likely to remain in this moderate range rather than experiencing sharp increases or decreases in the near term.

How affordable are homes right now compared with average Belgian household incomes?

Home affordability in Belgium remains challenging, with median homebuyers in Brussels and major cities facing property prices at approximately 6 times regional median incomes.

Region Housing Cost as % of Income Affordability Challenge
Brussels 34% High - especially for first-time buyers
Flanders 33% Moderate to high
Wallonia 32% Most affordable region
National Average 33% Above recommended 30% threshold
Energy-Efficient Homes 35-40% Premium pricing challenges

While affordability remains stretched across Belgium, the situation has not worsened significantly in recent months due to two offsetting factors. Wage indexation has helped maintain household purchasing power, while the slight decrease in mortgage rates has reduced monthly payment burdens for new borrowers.

First-time buyers and young households continue to face the greatest challenges, particularly in Brussels where the combination of high property prices and competitive market conditions creates significant barriers to entry. The premium pricing for energy-efficient homes, while environmentally beneficial, adds another layer of affordability pressure for buyers seeking compliant properties.

Despite these challenges, the stable employment market and gradual wage growth in Belgium prevent affordability from becoming a crisis that would trigger widespread market distress or price crashes.

Are banks tightening their lending standards for Belgian buyers?

Belgian banks slightly tightened lending standards in early 2025 but are expected to ease restrictions for housing loans in Q3 2025 according to recent ECB and National Bank surveys.

The modest tightening earlier in the year was primarily precautionary rather than driven by increased default rates or systemic concerns. Banks have maintained relatively stable lending criteria while carefully monitoring borrower repayment capacity and debt-to-income ratios. Current lending conditions remain supportive of qualified buyers with stable income and appropriate down payments.

Borrower repayment capacity has actually improved somewhat due to Belgium's wage indexation system and the recent stabilization of mortgage rates. This improvement in affordability metrics has encouraged banks to consider easing some lending restrictions, particularly for primary residence purchases.

The banking sector's approach reflects confidence in the Belgian housing market's stability rather than concerns about widespread defaults or market distress. Credit availability remains adequate for qualified borrowers, supporting continued transaction activity.

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

What are the current rental yields across major Belgian cities, and are they going up or down?

Rental yields across major Belgian cities range from 4% to 5.6%, with most cities experiencing modest increases over the past year due to rising rents outpacing property price growth.

City Current Rental Yield Trend Direction
Brussels 5.0-5.6% Increasing
Charleroi 5.4-5.6% Stable to increasing
Liège 5.2-5.4% Increasing
Antwerp 4.5-5.0% Stable
Mechelen 4.0-4.2% Stable
Kortrijk 4.0-4.3% Stable

Brussels, Antwerp, and Liège demonstrate the strongest rental demand and achieve the highest yields, benefiting from their status as major employment and education centers. The capital region's rental market remains particularly robust due to the presence of EU institutions, multinational corporations, and universities creating consistent tenant demand.

The upward trend in rental yields reflects healthy rental market dynamics where rent increases are outpacing property price appreciation. This trend benefits buy-to-let investors and indicates strong fundamentals in the Belgian rental sector.

Secondary cities in Flanders maintain more stable yields around 4-4.3%, reflecting their mature rental markets and steady but less dynamic demand patterns compared to major metropolitan areas.

Is there evidence of distressed sales or forced selling in Belgium?

There is no evidence of widespread distressed sales or forced selling in the Belgian residential property market, with the market remaining orderly and stable.

Reports indicate that distressed property opportunities exist primarily in commercial and high-leverage investment segments rather than the mainstream owner-occupied housing market. Any isolated distressed assets that do appear attract strong investor interest, demonstrating that market distress remains well below pandemic-era highs.

Payment defaults and foreclosure activity remain at manageable levels, with no broad wave of forced property sales affecting market pricing or stability. The combination of stable employment, wage indexation, and moderate interest rates has prevented the financial stress that typically leads to distressed selling.

The healthy sales volumes and price appreciation across Belgium indicate that most transactions are driven by normal market forces rather than financial distress or forced liquidation of assets.

How many new housing permits and construction projects are being approved compared with previous years?

New housing permits in Belgium have dropped sharply, with 2024 recording the lowest new construction approvals since 2012, down 9% year-on-year.

The decline in construction permits has continued into 2025, particularly affecting Wallonia and Brussels more severely than Flanders. This dramatic reduction in new housing supply is creating additional pressure on existing housing stock and supporting upward price momentum across the country.

The sharp decline in new construction approvals reflects multiple factors including regulatory changes, environmental requirements, rising construction costs, and developer caution about market conditions. However, this reduced supply pipeline is now contributing to market tightness rather than providing relief to buyers.

The construction permit decline represents a structural challenge for Belgian housing supply that will likely support property prices in the medium term as demand continues to outstrip new supply additions.

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

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Are foreign buyers increasing or reducing their activity in the Belgian market?

Foreign buyers are maintaining their activity in the Belgian property market but are increasingly focusing on sustainable, energy-efficient properties rather than reducing their overall participation.

There is no evidence suggesting a broad withdrawal of foreign investment from Belgian real estate. Instead, new buyer profiles are emerging as international investors adapt to Belgium's evolving energy efficiency regulations and sustainability requirements for properties.

The shift toward energy-efficient homes reflects regulatory changes that make compliance with environmental standards increasingly important for both rental properties and resale value. Foreign buyers are adapting their investment strategies accordingly rather than exiting the market.

This evolution in foreign buyer preferences supports demand for premium, compliant properties while potentially reducing competition for older, less efficient homes that may require significant upgrades.

What do leading Belgian property experts and banks forecast for prices over the next 12 months?

Leading Belgian banks and property analysts forecast continued moderate price growth of 3% nationally in 2025 and 3.8% in 2026, driven by tight supply, stable mortgage rates, and favorable legislative reforms.

Major financial institutions including ING, KBC, and BNP Paribas Real Estate maintain optimistic outlooks for the Belgian property market based on fundamental supply-demand imbalances and supportive economic conditions. Their forecasts reflect confidence in continued price appreciation rather than concerns about market overheating or impending corrections.

Brussels and major urban centers are expected to outperform national averages due to sustained demand from both domestic and international buyers. However, weaker construction activity in Wallonia may moderate future price gains in that region compared to Flanders and Brussels.

The expert consensus reflects the view that current market conditions support continued price growth without the excessive speculation or unsustainable appreciation rates that typically precede market crashes.

How are regional markets like Brussels, Antwerp, Ghent, and Wallonia performing compared with the national average?

Brussels significantly outperformed the national average with house prices rising over 17% year-on-year, while other regions showed more moderate but positive growth patterns.

Region Price Performance vs National Sales Volume Change
Brussels Significantly above (+17% houses) +1.2% (modest growth)
Flanders (incl. Antwerp, Ghent) Slightly below (1-2% growth) +19% (strong volume)
Wallonia Mixed (+5% houses, -1% apartments) +27% in Walloon Brabant
Antwerp Moderate growth (1-2%) Strong rental demand
Ghent Moderate growth (1-2%) Stable yields, steady turnover

Brussels leads the recovery with the strongest price gains, particularly for detached homes, driven by its status as the European capital and continued demand for energy-efficient properties. The capital's apartment market also showed solid 1.9% growth, though with more modest transaction volume increases.

Flanders, including Antwerp and Ghent, experienced strong sales volume growth (+19%) with moderate price appreciation (1-2%). This region demonstrates healthy market dynamics with good transaction activity supporting steady price growth without excessive speculation.

Wallonia presents a mixed picture with houses up 5% but apartments slightly declining in some locations. The region also shows the weakest construction activity, which may limit future supply but also reflects economic challenges in certain areas.

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

infographics rental yields citiesBelgium

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.

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. Belgium House Price Index - YCharts
  2. Belgium Real Estate Market Trends - InvestRopa
  3. Property Sales and House Prices Rise in Belgium - Brussels Times
  4. House Prices First Quarter 2025 - Statbel
  5. Belgian Real Estate Market Rebound 2025 - ING Think
  6. Belgium Rental Yields - Global Property Guide
  7. Mortgage Policy Analysis - National Bank of Belgium
  8. Building Permits February 2025 - Statbel