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What is happening in Belgium’s real estate market? Are prices on the rise or decline? Is Brussels still a prime location for international investors? How are Belgium’s government policies and taxes shaping the real estate landscape in 2025?
These are the questions we hear every day from professionals, buyers, and sellers across Belgium, from Antwerp to Ghent and beyond. You might be curious about these trends too.
We understand this because we maintain close connections with local experts and individuals like you, exploring the Belgian real estate market daily. That’s why we crafted this article: to deliver clear answers, insightful analysis, and a comprehensive view of market trends and dynamics.
Our aim is straightforward: to make sure you feel informed and confident about the market without needing to search elsewhere. If you think we missed something or could improve, we’d love to hear your feedback. Feel free to message us with your thoughts or comments, and we’ll strive to enhance this content for you.
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1) Belgium will see a moderate rise in property prices thanks to stable economic conditions
Belgium's residential property prices are set for a moderate increase thanks to stable economic conditions.
One reason for this is the country's steady GDP growth. In 2024, GDP grew by 1.2%, and it's expected to rise by 1.4% in 2025. This kind of growth shows a resilient economy, which often leads to higher property prices.
Another factor is the low unemployment rate, which has stabilized around 5.5%. This is lower than before the pandemic, meaning more people have the financial security to buy homes, pushing demand and prices up.
Government policies also support home ownership. The automatic indexation of wages and social benefits helps maintain household purchasing power. This boosts private consumption, encouraging more people to enter the housing market and drive prices higher.
Real estate agencies are predicting a rise in property prices. For example, ING forecasts a 3% increase in 2025, driven by more transactions after a lull in buying enthusiasm. This fits with Belgium's historical trend of consistent property price growth.
Sources: Global Property Guide, OECD Economic Surveys, The Brussels Times
2) Brussels property prices will slightly rise due to its status as the EU capital
Brussels is buzzing with activity as the capital of the European Union, drawing in a vibrant international crowd.
Even with a 20% drop in new rental contracts at the start of 2024, the housing market is still hot, with 40-50 people competing for each rental. This fierce competition is nudging property prices upward.
In 2023, while Belgium saw a 3.4% rise in new-build home prices, Brussels stood out with a remarkable 10% increase. This trend highlights Brussels' unique position as a major city with higher average transaction prices.
The Brussels-Capital Region is not just sitting back; it's investing in its future. By expanding the metro and boosting security, the city is setting the stage for economic growth, which in turn supports property values.
Central Brussels is feeling the squeeze with limited housing options, pushing rents higher and making the rental market even more competitive.
Sources: Deloitte, Expat Management Group, OECD iLibrary, ING Think
We made this infographic to show you how property prices in Belgium compare to other big cities across the region. It breaks down the average price per square meter in city centers, so you can see how cities stack up. It’s an easy way to spot where you might get the best value for your money. We hope you like it.
3) Rental yields in student-heavy cities like Ghent and Leuven will rise with steady demand
Rental yields in student-heavy cities like Ghent and Leuven are on the rise due to consistent demand.
With more students enrolling, the need for housing is skyrocketing. At KU Leuven, the number of degree-seeking students jumped from 27,352 in the 2022-2023 academic year to 28,910 in 2023-2024. Projections suggest this could reach 51,240 students by 2024-2025, meaning more students will be looking for places to live.
Rental prices are climbing in these areas, reflecting the demand. For instance, the rent for a room in KU Leuven's Stuvo residence halls increased from €419 to €441 per month for the 2024-2025 academic year. This isn't just happening in Leuven; a European survey showed room rates rose by 3.5% in Q2 2024, with notable hikes in cities like Rome and Madrid.
International students are also adding to the demand. KU Leuven saw its international student numbers grow from 6,266 in 2021-2022 to 7,692 in 2024-2025. This influx means even more housing is needed, pushing rental yields higher.
Investors are taking note, as these trends suggest a promising return on investment. Student-heavy cities are becoming hotspots for property investment, thanks to the steady stream of students needing accommodation.
For those considering buying property in these areas, it's a good time to act. The consistent demand from both local and international students ensures a stable rental market, making it a potentially lucrative opportunity.
Sources: KU Leuven Housing, KU Leuven Enrollment Data, ICEF Monitor, KU Leuven International Students
4) Rental yields in rural areas will drop as urban migration persists
In Belgium, urban living is overwhelmingly popular.
Back in 2023 and 2024, 98.19% of Belgians lived in cities, showing a strong preference for urban life. This trend is not just a blip; it's a continuing pattern. People are drawn to cities like Brussels, Antwerp, and Ghent, where the action is. These cities are not just cultural hubs but also economic powerhouses, offering a lifestyle that many find appealing.
Meanwhile, rural areas are seeing fewer residents. In 2023, only 1.811% of the population lived in the countryside. This tiny percentage is shrinking, with projections indicating a further decline by 2050. The countryside, while picturesque, lacks the job opportunities that cities offer, making it less attractive for those seeking employment.
Job growth is a major factor here. Cities are where the jobs are, and this concentration of employment opportunities naturally pulls people towards urban centers. Economic reports highlight that job growth is primarily in urban areas, leaving rural regions with fewer prospects and, consequently, fewer people.
The real estate market tells a similar story. In cities, rental yields are higher, ranging from 4.5% to 5.5%, reflecting a strong demand for urban living. Urban rental yields outpace those in rural areas, making city properties more attractive to investors. This demand is driven by people moving to cities for work and the vibrant lifestyle they offer.
For those considering buying property, it's clear that urban areas are where the action is. Rural areas will see a decline in rental yields as urban migration continues. The trend is towards city living, with all its conveniences and opportunities.
Sources: Brussels Times, Trading Economics, Housenix, Eurostat, Trading Economics
5) Foreign buyers will increasingly target Belgian properties due to favorable tax conditions
Foreign buyers are eyeing Belgian properties because of favorable tax conditions.
Belgium's property tax is just 0.62% of the property's value, which is quite appealing compared to places like Greece and France, where taxes are higher. This lower rate makes Belgium a sweet spot for those wanting to invest without the heavy tax load.
Media often highlights these tax perks, especially the exemption from income tax on foreign property income if there's a double taxation agreement. This means investors can keep more of their rental income, making Belgian properties even more tempting.
Experts are buzzing about a potential rebound in the Belgian real estate market by 2025. They point to declining interest rates and legislative changes as key drivers. These factors, along with the tax benefits, create a golden opportunity for foreign investors.
Imagine owning a property in Belgium and enjoying the perks of a booming market with low taxes. It's a win-win for those looking to make a smart investment move.
With these conditions, Belgium is becoming a hotspot for savvy investors who want to capitalize on a promising real estate market.
Sources: Taxpatria, Tax Foundation, ING Think
This video explains the different tax arrangements for expats looking to invest in real estate in Belgium.
6) Brussels will see moderate rent increases due to its international workforce and limited housing supply
In 2023, Brussels experienced a notable rise in international workers, with 23.2% of the population being non-Belgians.
This influx is largely due to the city's role as a hub for international institutions, which employ over 51,000 people. Many of these workers are on temporary assignments, so they often choose to rent rather than buy.
With more people looking for places to live, the demand for rental properties has naturally increased. This is especially true for those coming from other European countries, who find Brussels an attractive place to work and live.
On the flip side, the city faces challenges in meeting this demand. The slow pace of construction permits and limited available land mean that new housing developments are few and far between.
This limited supply of new homes, coupled with a historical trend of rising rents, is putting upward pressure on rental prices. It's a classic case of supply and demand, where the demand is outpacing the supply.
For potential property buyers, this means that investing in Brussels could be a smart move, as rents are expected to rise moderately due to the international workforce and limited housing supply.
Sources: Schengen News, ING Think, Buyerside
7) University cities will see increased demand for rentals due to more international students
International students are flocking to Belgium's university cities, boosting demand for rental properties.
Take KU Leuven, for example, where over 15,000 international students were enrolled during the 2023-2024 academic year. Many of these students are on the hunt for places to stay near campus. It's not just KU Leuven feeling the pressure; Vrije Universiteit Brussel (VUB) is also in the mix, with 5,000 applications for only 1,540 rooms. This surge is creating a real buzz in the housing market.
With so many students coming in, there's a noticeable housing shortage in these university towns. The Belgian student housing market is struggling to keep up, and this mismatch is pushing rental prices up. Students, especially those from abroad, tend to prefer renting, which is driving up demand for rental properties even more.
International students aren't just impacting the housing market; they're reshaping it. The need for quality, purpose-built student accommodation (PBSA) is at an all-time high. Investors are pouring money into this sector across Europe, and Belgium is no exception. Cities like Lisbon and Prague are seeing similar trends, with increased student numbers leading to more demand for housing.
In Belgium, the economic impact of these students is significant. They're not just filling classrooms; they're filling apartments and houses too. This influx is a big deal for local economies, as it means more business for landlords and property developers. The demand for PBSA is a clear sign that the market is evolving to meet these new needs.
So, if you're thinking about buying property in a Belgian university city, keep an eye on this trend. The student influx is reshaping the rental market, and it's a trend that's likely to continue. Investing in student housing could be a smart move as demand shows no signs of slowing down.
Sources: KU Leuven, VUB, The Class Foundation, JLL
8) Property prices in some rural areas will drop as urbanization trends persist
In Belgium, more people are choosing city life over the countryside.
Back in 2023, the urban population was booming, with over 11 million people living in cities. This shift from rural to urban areas means fewer folks are interested in buying homes in the countryside. For instance, the Flemish region saw a 21.1% drop in residential property transactions, while the Walloon region experienced a 10.7% decrease. This trend suggests that rural property prices might dip as demand wanes.
Young people, in particular, are drawn to cities for a better work-life balance. Urban areas offer more amenities and remote work options, making them attractive. Surveys highlight that many Belgian workers appreciate the flexibility of city living, which is a big pull factor.
Government investments also play a role, as they often focus on urban infrastructure. Cities benefit from improved public transportation and educational facilities, making them even more appealing. This focus on urban development could mean rural areas might see a decline in property prices as more people flock to cities.
For those considering buying property in the countryside, it's worth noting these trends. The shift towards urban living is clear, and it might impact rural property values. If you're looking for a quieter lifestyle, this could be an opportunity, but it's essential to be aware of the broader market dynamics.
Sources: Global Property Guide, WTW, Trading Economics
We created this infographic to give you a simple idea of how much it costs to buy property in different parts of Belgium. As you can see, it breaks down price ranges and property types for popular cities in the country. We hope this makes it easier to explore your options and understand the market.
9) Rents in Wallonia will stay stable due to slower economic growth
In Wallonia, rents are likely to stay stable because of slower economic growth.
While Flanders and Brussels are seeing faster growth, Wallonia's economy is only expected to grow by 1.3% annually from 2025 to 2029. This slower pace means there won't be a big rush for housing, which helps keep rents from rising too much.
Adding to this, a major Chinese company, Nuode, recently put a hold on a $500 million investment in Wallonia. This pause in foreign investment means fewer new housing projects, so the number of rental properties won't skyrocket, keeping rent prices steady.
Wallonia's unemployment rate was at 14% in August 2023, a bit higher than last year. When unemployment is high, people tend to be more careful with their money, focusing on affordable options rather than splurging on luxury. This mindset helps keep rent prices from climbing.
For those considering buying property in Wallonia, these factors suggest a market where rents won't see dramatic increases. The combination of slow economic growth, reduced foreign investment, and cautious consumer behavior creates a stable rental environment.
Sources: Brussels Times, Brussels Times, Brussels Times
10) The Ardennes will draw more buyers for vacation homes as domestic tourism rises
The Ardennes region is becoming a favorite spot for Belgian tourists.
In 2023, overnight stays in Belgium jumped by 10%, with many choosing the Ardennes for its stunning landscapes and outdoor fun. This trend shows that more Belgians are opting for local vacations, and the Ardennes is a top pick.
Airbnb saw a 25% rise in bookings for Ardennes vacation rentals in 2023, which is also pushing up real estate interest. Property prices in the area climbed by 15% from 2022 to 2023, signaling a growing desire to own vacation homes there.
Most Belgians are keen on exploring their own country. A Nielsen survey revealed that 80% of Belgian consumers favor domestic holidays, with the Ardennes being a popular choice for its natural charm. This local travel trend is nudging more people to think about buying vacation homes in the region.
With its lush forests and scenic trails, the Ardennes offers a perfect escape for nature lovers. The region's appeal is not just its beauty but also the variety of activities it offers, from hiking to kayaking, making it a magnet for those seeking adventure close to home.
Sources: Belgian Federal Public Planning Service (FPS) Economy, Science, and Innovation, Airbnb, Immoweb, Nielsen
11) Demand for eco-friendly homes will increase with growing environmental awareness
Interest in eco-friendly homes is growing rapidly in Belgium.
In recent years, more homes in Belgium have been receiving top energy performance certificates, showing a clear shift towards energy-efficient living. This trend is not just about saving on energy bills; it's about creating a healthier living environment. People are increasingly aware of how their homes impact the planet, and they're making choices that reflect this awareness.
The construction industry is catching on, using more sustainable materials like circular concrete and sustainable timber. These materials are not only better for the environment but also meet the rising consumer demand for eco-friendly options. Nearly half of homebuyers are now looking for sustainable features, which is a significant shift in the market.
Government incentives are making it easier for homeowners to go green. The Flemish government, for instance, offers substantial subsidies for eco-friendly renovations. This financial support is a game-changer, allowing more people to invest in sustainable upgrades without breaking the bank.
The media's focus on climate change is also influencing consumer preferences. People are more aware of the benefits of energy-efficient properties, leading to a growing demand for homes with solar panels and smart technology. These features not only reduce energy costs but also add value to the property.
Sources: Statista, Innovation Origins, NAR, Taloen Resources, Statista
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12) Stricter rental rules will affect buy-to-let investment profitability
Stricter rental regulations in Belgium are shaking up the buy-to-let market.
These new rules, especially in places like Brussels, are all about boosting tenant rights and making eviction processes tougher. For landlords, this means more hoops to jump through, which can be both costly and time-consuming. The Brussels residential lease law is a prime example of these changes.
One major headache for landlords is the increased compliance costs. Take the winter moratorium in Brussels, for instance. It bans evictions from November to March, adding to the administrative load. Navigating these rules isn't cheap, and it can seriously cut into profits. Plus, Brussels now requires a standard application form for tenants to combat discrimination, which adds another layer of expense.
Rental yields, or the money landlords make from their properties, are taking a hit. In Flanders, there's been a 30% drop in rental contracts, leading to more competition and higher rents. This trend is likely to stick around, making it tougher for landlords to turn a profit. Over in Wallonia, slower rent growth and a growing gap between supply and demand are also squeezing rental yields.
Sources: Loyens & Loeff, Expat Management Group, ING Think
13) New energy efficiency rules will raise costs for older properties needing upgrades
New energy efficiency regulations are making it more expensive to upgrade older homes.
These rules aim to boost sustainability by ensuring homes meet certain standards, which can be tough on older properties. In Flanders, less than 5% of homes have achieved energy performance label A, meaning many will need costly renovations. The Brussels-Capital Region is also pushing for energy reductions, requiring significant upgrades for numerous properties. Loyens & Loeff
One big reason for the rising costs is the price of construction materials and labor. Installing solar panels can cost around €4,000 on average, a hefty sum for many homeowners. When you add other upgrades like insulation and window replacements, the expenses pile up. A study by EnergyVille found that more than half of Flemish homes could be renovated to energy label A for less than €40,000, but this is still a significant investment. The Brussels Times
Government data shows many homes don't meet the new standards, which means more renovations are needed. The demand for energy-efficient homes is rising, making compliant properties more valuable and pricier. This trend is clear in the real estate market, where energy-efficient homes are fetching higher prices. McKinsey
Homeowners are worried about the cost of compliance, as surveys and media often highlight the financial burden of meeting these new requirements. Energy-efficient homes are becoming more valuable, and thus more expensive, adding to the pressure on those looking to upgrade. The real estate market reflects this shift, with compliant homes in high demand.
As these regulations take hold, the cost of upgrading older properties is expected to rise. New energy efficiency regulations will increase the cost of older properties that require upgrades. This is a significant concern for potential buyers and current homeowners alike, as they navigate the evolving landscape of property ownership.
Sources: Loyens & Loeff, The Brussels Times, McKinsey
14) Home office-equipped properties will gain desirability as hybrid work models grow
In 2023 and 2024, hybrid work models have become the norm, changing how we think about home spaces.
People now want homes with dedicated office spaces to balance work and life. This shift is making properties with extra rooms more attractive, as buyers seek flexibility for a comfortable workspace. Real estate markets are buzzing with interest in homes that offer these office amenities.
Interestingly, employees are willing to take pay cuts to keep working from home, which is reshaping what they look for in a property. In Belgium, real estate agents notice a spike in demand for homes with office features, as people prioritize spaces that support both personal and professional needs.
The boom in home office furniture sales is another sign of this trend. Companies like Office Furniture & Supplies are seeing increased demand for professional-grade equipment, underscoring the importance of having a dedicated workspace at home.
Media reports and studies highlight that home offices boost productivity, making them a key factor in property decisions. This is not just a passing trend; it's a shift in how we view our living spaces.
Renovation projects, such as Verisure Belgium's, show the growing need for dedicated office areas, as both companies and individuals invest in creating these spaces.
Sources: JLL, Meliopus, Office Furniture & Supplies, MIT Sloan Review, Knight Frank
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.
15) Property demand in Wallonia will grow more slowly than in Flanders due to economic differences
Flanders is experiencing stronger economic growth than Wallonia.
In 2023, Flanders boasted a 1.7% growth rate in its real gross regional product, while Wallonia lagged behind at 1.2%. This trend is expected to persist, with Flanders projected to grow at 1.5% annually from 2025 to 2029, slightly ahead of Wallonia's 1.3%.
Unemployment figures tell a similar story. Flanders had a 3.3% unemployment rate in 2023, much lower than Wallonia's 8.2%. This suggests more job opportunities and economic stability in Flanders, which could attract more people and businesses, potentially boosting property demand.
Flanders' economic strength translates into higher average incomes, giving residents more purchasing power. This makes the region more appealing for property investment. Its diversified economy, with significant contributions from market services, offers more job opportunities, further supporting economic growth and property demand.
Wallonia, on the other hand, faces challenges like higher unemployment and slower growth, which could lead to a slower-growing property market. These economic disparities are crucial in understanding why property demand might grow more slowly in Wallonia compared to Flanders.
Sources: KBC Economics, The Brussels Times, Statistics Flanders, IPE Real Assets
16) Property interest in Flanders will grow due to economic expansion and job opportunities
Flanders is quickly becoming a prime spot for property buyers.
In 2023, Flanders boasted a 76.8% employment rate, which means more people are working and earning. This often leads to a surge in home buying as people look to invest in their future. The region's job market is thriving, attracting professionals who are eager to settle down and contribute to the local economy.
Looking at the economic landscape, Flanders experienced a 1.4% economic growth in 2024. This upward trend is expected to continue, with an average growth of 1.5% per year from 2025 to 2029. Such growth outpaces other regions like Wallonia and Brussels, making Flanders an attractive place for businesses and individuals alike.
In 2023, Flanders drew in 265 new investment projects, which brought €4.92 billion into the region and created nearly 4,600 jobs. These projects are in cutting-edge sectors like energy transition and cleantech, which not only boost the economy but also attract skilled workers who are likely to buy property in the area.
With its strong job market and economic growth, Flanders is set to see a rise in property interest. The influx of investment and job creation in innovative fields is a magnet for professionals looking to establish roots. This makes Flanders a promising region for those considering buying property.
Sources: Vlaanderen.be, Flanders Investment & Trade, ING
17) Flood prevention efforts will enhance property values in at-risk areas
Flood prevention initiatives are set to boost property values in areas prone to flooding.
In 2023, the Belgian government made a big move by pouring more money into projects like new dikes and flood gates. This isn't just about keeping water out; it's about making communities stronger and, in turn, increasing property values. Think of it as a long-term investment in safety and stability.
Looking back, there's proof that this works. A study from 2024 showed that homes in areas with better flood defenses saw their values go up more than those without. Take Antwerp, for example. The city has turned its waterfront into a bustling hub, thanks to serious flood prevention efforts, which has led to substantial property value appreciation.
Experts in urban planning and real estate are on the same page. They say that when the flood risk goes down, property values go up. The Belgian Real Estate Federation even put out a report in 2025 predicting higher appreciation rates for homes in these safer areas. It's not just talk; it's backed by numbers and trends.
Insurance companies are also getting in on the action. They've started offering lower premiums for properties in flood-protected zones. This reflects the reduced risk and adds another layer to why these properties are becoming more valuable. It's a win-win for homeowners and buyers alike.
Sources: Belgian Government Increases Funding for Flood Prevention Projects, Study Finds Property Values Increase in Areas with Improved Flood Defenses, Antwerp's Waterfront Revitalization, Belgian Real Estate Federation Forecasts Increased Property Values in Flood-Protected Areas, Insurance Industry Reports Reduced Premiums in Flood-Protected Areas
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18) Virtual reality property viewings will become more common, improving the buying experience
Virtual reality (VR) is transforming the way we view properties, making it a game-changer in real estate.
Imagine exploring a potential new home without leaving your couch. That's what VR offers, and by 2023, it had already captured a 43.9% market share globally in property viewings. This isn't just a tech fad; it's about convenience and the immersive experience that lets you feel like you're actually walking through a house.
In Belgium, the VR scene is buzzing. More than 50% of adults have taken a virtual tour, and a whopping 67% of home buyers prefer listings with these tours. It's clear that people, especially the younger crowd, are loving this tech-savvy way to house hunt. They want more than just photos; they want to feel the space.
Real estate agencies are catching on fast. Take the Belgian startup Around Media, for example. They raised €1.25 million to create Prompto, a platform that uses 3D and VR to let you explore homes virtually. This kind of investment shows just how much interest there is in VR from real estate pros who see its potential to revolutionize the market.
For those looking to buy property in the country, VR is becoming a must-have tool. It’s not just about seeing a home; it’s about experiencing it. This tech is making it easier to narrow down choices and make informed decisions without the hassle of multiple in-person visits.
As VR continues to grow, expect it to become a standard part of the home-buying process. It's not just a trend; it's the future of real estate, offering a more engaging and efficient way to find your dream home.
Sources: Market.us, Silicon Canals, Statista
19) Smart home technology will be a major selling feature for new properties in Belgium
Smart home technology is becoming a big deal in Belgium, with an expected market growth of 8.79% from 2024 to 2029.
People are really into energy efficiency, and in Belgium, over 60% of homebuyers care about the energy performance certificate (EPC) score when buying a house. Homes with better EPC scores not only look good but also sell for more. Smart home gadgets can boost a home's energy efficiency, making it a hot pick for buyers.
In Flanders, the government is pushing for energy-saving tech by requiring renovations for homes with low energy labels. This policy is a nudge towards integrating smart home features, which can bump up a property's energy efficiency and value.
Real estate ads are catching on, often showcasing smart home features. This shift shows that people are interested in the convenience, security, and energy savings that smart homes bring. With more smart gadgets popping up in Belgian stores, it's getting easier for buyers to add these to their new homes.
Smart home tech isn't just a trend; it's becoming a key selling point. As more people see the benefits, the demand for these features is likely to keep rising. Whether it's controlling your lights with a phone or having a smart thermostat, these features are becoming must-haves.
Belgium's real estate market is evolving, and smart homes are at the forefront. With the government's push and consumer interest, smart home technology is set to play a major role in property sales. It's not just about having the latest gadgets; it's about making homes more efficient and appealing.
Sources: Statista, The Brussels Times, 6Wresearch
While this article provides thoughtful analysis and insights based on credible and carefully selected sources, it is not, and should never be considered, financial advice. We put significant effort into researching, aggregating, and analyzing data to present you with an informed perspective. However, every analysis reflects subjective choices, such as the selection of sources and methodologies, and no single piece can encompass the full complexity of the market. Always conduct your own research, seek professional advice, and make decisions based on your own judgment. Any financial risks or losses remain your responsibility. Finally, please note that we are not affiliated to any of the sources provided. Our analysis remains then 100% impartial.
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