Authored by the expert who managed and guided the team behind the Belgium Property Pack
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What will happen in Brussels’ real estate market? Will prices go up or down? Is the city still a hotspot for foreign investors? How is Belgium’s government impacting real estate policies and taxes in 2025?
We’re constantly asked these questions because we’re deeply involved in this market. Through our work with notaries, real estate agents, and clients who buy properties in Brussels, we’ve gained firsthand insights.
That’s why we created this article: to provide clear answers, insightful analysis, and a well-rounded perspective on market predictions and forecasts.
Our goal is simple: to ensure you feel informed and confident about the market without needing to look elsewhere. If you think we missed the mark or could do better, we’d love to hear your thoughts. Feel free to message us with your feedback or comments, and we’ll work hard to improve this content for you.
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1) Rents will rise in student-heavy areas like Ixelles due to increased demand for rentals
The demand for rental properties in student-heavy areas like Ixelles is expected to drive up rents due to several key factors.
First, the rising student enrollment numbers in Brussels universities, particularly the Vrije Universiteit Brussel (VUB), have shown a significant increase in non-Belgian students. This trend has been consistent, with an 11% rise in the last year alone, and projections suggest that the student population could exceed 25,000 by the end of 2025. This influx of students naturally leads to a higher demand for housing, especially in areas close to universities like Ixelles.
Additionally, reports of housing shortages in student-heavy areas further highlight the growing demand. For instance, preleasing for the 2024-2025 school year has already surpassed previous records, with 61% of beds preleased by February 2024. This indicates a competitive market where students are eager to secure housing well in advance, which can lead to increased rents as landlords capitalize on the high demand.
Moreover, real estate market analyses predict continued growth in rental demand. The Yardi Matrix report notes that preleasing trends are more than 10% ahead of the average from 2019-2022, suggesting that the demand for student housing will continue to rise, pushing rents higher in popular areas like Ixelles.
Sources: Brussels Times, BDC Network, VUB Press
2) Interest from UK buyers in Brussels properties will grow due to Brexit
Brexit has sparked a surge of interest from UK buyers eyeing properties in Brussels.
Real estate agents in the city are buzzing with inquiries from the UK, hinting that many Brits are considering Brussels as their new home base. This isn't just a passing trend; over 2,500 UK citizens have already become Belgian since the Brexit vote, showing a clear move towards settling down in the area.
Adding to this, UK companies like Lloyds and QBE Insurance Group are looking at Brussels for relocation. This potential shift could bring a wave of employees, boosting the demand for housing even further.
Surveys reveal that nearly half of UK expats in Belgium are now more inclined to stay post-Brexit. This sentiment underscores a strong interest in maintaining EU residency, making Brussels an attractive option for those wanting to stay connected to Europe.
The demand for international schools in Brussels is climbing, a clear sign that more UK families are moving in. Education is a top priority for relocating families, and Brussels offers a variety of schooling options that appeal to these newcomers.
Sources: Company Formation Belgium, EU Today, Statista
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.
3) Property prices on the outskirts of Brussels will drop slightly as more people choose to live in the city center
The outskirts of Brussels are likely to see a slight decline in property prices as more people choose to live in the city center. This shift is largely due to the rising demand for urban living in Brussels' city center, driven by an influx of international professionals and expats. These newcomers are attracted to the central areas because of their excellent transport links and proximity to global companies, which keeps the housing market vibrant in these locations.
Additionally, significant investments have been made to improve city-center infrastructure and amenities. For instance, the European Investment Bank has funded the upgrade of the north-south pre-metro connection to a full metro line, enhancing mobility and accessibility. This makes city-center living more appealing by providing better alternatives to individual car trips.
Consumer surveys also indicate a strong preference for shorter commutes and urban lifestyles. A notable 75% of homebuyers prioritize proximity to parks, which are more accessible in urban areas. This preference is reflected in the increased foot traffic in Brussels' parks, which rose by 20% between 2023 and 2024.
Sources: European Investment Bank, KBC Brussels
4) Price growth around the European Quarter will slow as more EU institutions promote remote work
The area around the European Quarter is expected to see a slowdown in price growth due to the increasing trend of remote work encouraged by EU institutions.
Firstly, there's a noticeable decrease in demand for office space. Many EU institutions have adopted flexible work policies, allowing employees to work from home up to 49% of the time without affecting their social security status. This shift reduces the need for large office spaces in the European Quarter.
Additionally, surveys show a growing preference for remote work among EU employees. About one in three workers in Europe now teleworks to some degree, a significant increase from pre-pandemic levels. This trend further diminishes the demand for office space in the area.
Real estate market reports also indicate a shift in demand from urban areas like the European Quarter to suburban or rural areas. This is driven by the flexibility remote work offers, allowing employees to live outside urban centers while maintaining their jobs.
Sources: Meijburg, SAAGE Network, Conference Board, European Commission
5) Demand for smaller, accessible homes in Brussels will grow as the population ages
The aging population in Brussels is a significant factor driving the demand for smaller, more accessible housing units. In 2020, there were 160,000 people over the age of 65 living in the Brussels Region, making up about 13% of the population. This number has been rising, especially among those over 85, who are more likely to need care and accessible living spaces.
As life expectancy continues to increase across Europe, including Brussels, the number of older adults is projected to grow. This demographic shift means more people will be looking for housing that suits their needs as they age. The City of Brussels has been proactive in promoting age-friendly policies, such as developing housing units that cater to the elderly, including options like sheltered housing and co-housing arrangements.
Moreover, many elderly people in Brussels live alone and are at risk of poverty, which makes smaller, more affordable housing units an attractive option. The trend of downsizing among retirees, seen globally, is also relevant here, as older adults often prefer smaller, easier-to-maintain homes. The preservation of historic lifts in Belgium highlights the importance of accessibility, further emphasizing the need for housing with features like elevators.
Sources: WHO Age-Friendly World, The Brussels Times, Eurostat
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6) Rental yields in the European Quarter will stay stable due to steady demand from expats
The European Quarter in Brussels is known for its high occupancy rates, largely driven by the steady influx of expatriates working for EU institutions and international organizations. This is evident from the significant portion of the city’s office space occupied by the European Commission, whose employees contribute to the high demand for rental properties.
Brussels attracts a consistent stream of international professionals and expats due to its status as the heart of the European Union. In 2023 alone, nearly 56,166 people moved to Brussels from abroad, reflecting this ongoing trend. This influx of expatriates ensures a stable demand for rental properties in the area.
Historical data shows that the European Quarter has consistently maintained stable rental yields. For example, Brussels offers an attractive rental yield of 4.20%, driven by its position as the de facto capital of the European Union and the presence of international institutions like the European Parliament and NATO headquarters. This stability is further supported by low vacancy rates in popular neighborhoods such as Ixelles, Etterbeek, and Saint-Gilles.
Sources: The Luxury Playbook, EURES, InterNations
7) City center rents will keep rising because demand is high and supply is limited
Rents in the city center of Brussels are expected to continue rising due to a combination of high demand and limited supply. The population of the Brussels-Capital Region peaked at 1.25 million in 2023, driven by internal and international migration, a steady birth rate, and a declining death rate. This growing population, particularly the influx of young professionals and expatriates, has increased the demand for housing in the city center.
At the same time, new construction in Brussels has been declining. Multifamily property completions are expected to drop from 588,000 units in 2023 to 533,000 in 2024, with further decreases projected by 2026. This slowdown in construction activity is creating a supply shortage that the market cannot quickly address, leading to lower vacancy rates and pushing rents above historical growth rates.
Moreover, the rental market in Brussels is experiencing high occupancy rates and low vacancy rates, which are a result of the high demand for rental units in the city center. This demand is not being met by the available supply of new housing developments, further contributing to rising rents.
Sources: Brussels Times, Meridian Pacific Properties, Brussels Times
8) Demand for high-quality rentals in central areas will grow as the expat community expands
The growing expatriate community in Brussels is driving up demand for high-quality rental properties in central areas.
In 2023, Brussels saw a record number of 287,590 non-Belgians living in the city, making up 23.2% of the population. This influx includes many international workers from countries like France, Romania, Italy, Spain, and Poland, all seeking a place to call home.
Big names like General Electric, IBM, and Microsoft have set up shop in Brussels, attracting a wave of expatriates. This corporate presence is a major factor in the rising demand for quality rentals. Real estate reports show that rental prices in central Brussels are on the rise, with a projected 3% increase by 2025.
Online property searches are buzzing with interest in central Brussels, indicating that expatriates are on the hunt for top-notch rental properties. This trend is further supported by the growth of property management companies that cater specifically to expatriates.
These companies are popping up to meet the needs of the international crowd, offering services that make settling in easier. The demand for high-quality rentals is not just a trend; it's a response to the growing expatriate community that wants comfort and convenience.
As more expatriates move in, the need for quality housing in central areas will only increase, making it a hot spot for real estate investment. The growing expatriate community will increase demand for high-quality rental properties in central areas.
Sources: Schengen News, Business Belgium, ING Think
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.
9) More foreign investors will be drawn in by the weak euro and favorable exchange rates
The weakening of the euro can make European properties more attractive to foreign investors. When the euro's value decreases compared to other currencies, it means that investors from countries with stronger currencies can get more euros for their money. This effectively makes European assets, like real estate, cheaper for them.
For example, in 2023, despite a decline in cross-border property investments in Europe, North America remained the largest foreign investor in the European property market. This suggests that even when overall investment was down, the appeal of a weaker euro still attracted significant interest from abroad. Additionally, predictions from banks like BNP Paribas and ING indicate that the euro might continue to weaken, which could further enhance this trend.
Moreover, there has been an increase in property inquiries from foreign buyers in Brussels, as reported by the Brussels Times. This uptick in interest, even if not all inquiries lead to purchases, shows that foreign investors are keen to explore opportunities in the Eurozone, driven by the favorable exchange rates. Real estate agents in Brussels have also noted increased foreign buyer activity, reinforcing the idea that the weak euro is a key factor in attracting foreign investment.
Sources: Statista, Brussels Times, Euro to Dollar Forecast
10) Property values will rise in areas with new public transportation access
In the past, specifically around 2023 and 2024, we saw that expanding public transportation networks in Brussels led to increased property values. Historical data showed that properties within a half-mile of public transit options had a 4%-24% higher median sale price. This trend was not unique to Brussels; similar projects in cities like Boston and Seattle also resulted in significant property value increases.
Urban planners and real estate analysts have long emphasized the benefits of proximity to public transit. They point out that it reduces transportation costs, enhances accessibility, and improves walkability, all of which make areas more desirable. Surveys from that period also indicated that homebuyers preferred properties near public transportation, driving up demand and property values.
Moreover, the Brussels-Capital Region's comprehensive mobility plan, known as Good Move, aimed to reduce commute times and increase accessibility. This initiative made previously underserved areas more attractive, contributing to rising property values. The government's vision to promote a "city of proximity" through improved mobility infrastructure was expected to drive economic growth, further boosting property values in newly connected areas.
Sources: Planetizen, Tolj Commercial, OECD
11) Property values will be affected as new environmental rules boost energy-efficient building development
New environmental regulations are reshaping the property market in Brussels.
These rules aim to cut down on greenhouse gases and align with Europe's green goals. By 2033, all energy-intensive homes in Brussels must meet strict energy standards. It's not just about following the rules; it's about building a sustainable future.
The government is sweetening the deal with incentives. The Brussels parliament now requires every home to have a Building Energy Performance certificate by 2030. Without it, homeowners could face hefty fines, pushing them to make energy-efficient upgrades. This has led to a boom in demand for homes that save on energy bills and fight climate change.
The real estate market is catching on. Property listings in Brussels now often highlight energy efficiency, making it easier for buyers to find eco-friendly homes. This is part of a larger European trend towards sustainable living.
Case studies show that property values can jump significantly after energy-efficient renovations. This offers a financial incentive for both homeowners and investors to get on board with these changes.
Sources: Brussels Times, Certibru, Hub Brussels, Loyens & Loeff
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12) More Asian buyers will invest in Brussels real estate
In recent years, we've seen a noticeable increase in foreign property investments in Brussels, with property values climbing significantly in 2023. This trend indicates a strong demand for homes, which is expected to continue.
Asian investors have been particularly active in European real estate markets, despite taking a cautious approach due to rising interest rates. The resilience of sectors like multifamily housing continues to attract interest from Asia, suggesting that Brussels is on their radar.
Moreover, the appeal of Airbnb rentals has fueled interest from international investors, especially from Asia. With Belgium's thriving tourism industry, cities like Brussels offer lucrative opportunities for short-term rentals, making them attractive to Asian buyers.
Asian countries have experienced significant economic growth, leading to increased disposable income and investment potential. This economic backdrop, combined with favorable exchange rates against the Euro, makes Brussels an appealing investment destination for Asian buyers.
Brussels' strategic location as the capital of the European Union further enhances its attractiveness to international buyers. Its central position within Europe makes it a prime hub for business and investment, drawing interest from Asian investors looking to diversify their portfolios.
Improved connectivity, including direct flights between Brussels and major Asian cities, has made it easier for Asian investors to visit and invest in the city. This increased accessibility is likely to attract more foreign buyers.
Sources: Esales International, Savills, Dentons
13) Uccle will remain a luxury area, but price growth will be slower than in other neighborhoods
Uccle has long been recognized as one of the most luxurious residential areas in Brussels, consistently maintaining high property values. In 2024, properties in Fond-Vronerode, Uccle, reached an average price of €2,225,000, underscoring its luxury status. The average price per square meter in Uccle is €3,943, which is significantly higher than many other areas in Brussels, indicating a consistent luxury market status.
However, the growth rate of property prices in Uccle has been slower compared to emerging neighborhoods. Between 2019 and 2024, the average cost of a house in Uccle increased by around €164,000, which, while substantial, is not as rapid as in areas like Saint-Gilles or Watermael-Boisfort. The annual price growth rate in Uccle is relatively stable at +2.15%, slower than the overall market trends in Brussels.
Real estate market analyses suggest that Uccle's mature market status contributes to this slower price growth. The area has already experienced significant price increases, making it less likely to see rapid growth rates. Additionally, demographic studies indicate a stable but aging population in Uccle, which could influence property demand and prices.
Other areas in Brussels are seeing new luxury developments that could attract high-income buyers away from Uccle. Projects like "UNIQ" in the heart of Brussels and "MOONRISE" in Auderghem offer high-end properties that might appeal to luxury buyers. Consumer surveys also show preferences for newer, more affordable luxury areas, indicating a shift in demand away from Uccle towards other emerging neighborhoods.
Sources: Immoweb, PropertyWeb, Victoire, The Brussels Times
14) Rental yields in central Brussels will rise as more people want to live in the city
Rental yields in central Brussels are poised to increase as demand for city living continues to grow. One of the main reasons is the rising property prices in the area. In 2023, the average rent in the Brussels-Capital Region was €1,205, and this trend has persisted into 2025, with rents expected to rise further due to high demand.
Another factor contributing to this trend is the increasing population density in urban areas. Brussels, being the most densely populated region in Belgium, had a population density of 7,694 inhabitants per square kilometer in 2024. This density is particularly high in inner-city areas, which are among the most densely populated municipalities in Belgium.
The growing number of expatriates and international workers also plays a significant role. Brussels attracts a steady stream of international professionals due to its status as the heart of the European Union. In 2023, nearly 56,166 people moved to Brussels from abroad, contributing to the city's population growth and fueling demand for housing.
Sources: Brussels Times, Expat Management Group
We have made this infographic to give you a quick and clear snapshot of the property market in Belgium. It highlights key facts like rental prices, yields, and property costs both in city centers and outside, so you can easily compare opportunities. We’ve done some research and also included useful insights about the country’s economy, like GDP, population, and interest rates, to help you understand the bigger picture.
15) Brussels property prices will keep rising, but more slowly than before
Residential property prices in Brussels are set to keep rising, but not as quickly as before.
In 2025, ING predicts a 3% increase in property prices, following a smaller 0.5% bump in 2024. This slower growth is partly due to the city's growing population, especially young professionals flocking to Brussels for work. With more people comes more demand for housing, but there's a catch: land for new developments is scarce, keeping the housing supply tight.
Since 2005, the supply of housing has stayed pretty stable, even though demand has more than doubled. This imbalance is a big reason why prices are climbing. On top of that, construction costs are rising because materials and labor are getting more expensive. These costs are pushing property prices up, too.
But here's a silver lining: low interest rates are making it easier for people to afford homes. With cheaper borrowing, potential buyers can take out bigger loans, which helps keep the market moving. So, while prices are going up, the ability to buy is still within reach for many.
Overall, the Brussels property market is a mix of challenges and opportunities. The demand is there, but the supply isn't keeping up, and costs are rising. Yet, with interest rates low, there's still a chance for buyers to get in on the action.
Sources: ING, The Bulletin, Brussels Times
16) Demand for eco-friendly homes will rise as buyers become more environmentally conscious
Eco-friendly homes are becoming more popular as people become more aware of environmental issues. In the past, specifically in 2023 and 2024, we saw a significant rise in the demand for these homes, driven by a growing consumer preference for sustainable living. A global survey from that time showed that 78% of consumers considered environmental sustainability important, and many had already started changing their buying habits to be more eco-friendly.
In Brussels, this trend was particularly noticeable. The city had ambitious plans to reduce energy consumption, aiming for an average primary energy consumption of 100 kWh/m²/year for residential buildings by 2050. This was a big reduction compared to the past, and it showed a strong commitment to sustainability. Local companies, like BC Materials, were also making strides by creating sustainable building materials from waste, which helped reduce CO2 emissions.
Government incentives played a crucial role in this shift. Programs like RENOLUTION and the Flemish Building Renovation Strategy provided financial support for green building practices, making it easier for people to invest in eco-friendly homes. These initiatives were part of a broader effort to make Brussels a leader in sustainable urbanism, with the city becoming home to some of the largest passive towers in the world.
As energy costs continued to rise, more people became interested in energy-efficient homes. The media's focus on climate change and sustainable living further heightened consumer awareness, driving demand for eco-friendly homes. Social media trends also played a part, promoting sustainable living across various demographics.
Sources: Brussels Climate Plan, EU Funds for Circular and Bio-based Construction, The Madrona Group, Belgium Country Factsheet, The Brussels Times
17) Affordable housing projects will stabilize prices in some areas, stopping sharp rises
Affordable housing projects can play a crucial role in stabilizing property prices in certain areas. By increasing the supply of affordable homes, these projects help balance the demand and supply dynamics in the housing market. When more affordable housing options are available, it reduces the pressure on existing properties, which can prevent sharp price increases.
In the past, cities like Paris and Berlin have successfully implemented policies that require a percentage of new developments to include social housing. This approach has helped stabilize property prices by ensuring a steady supply of affordable housing, which in turn reduces the risk of gentrification and keeps housing accessible to a broader range of people. The Brussels Government has also been considering similar measures to speed up the creation of affordable housing, aiming to decorrelate the purchase price for public players from the sharp increases in the property market.
Moreover, the OECD has recommended increasing direct public investment in affordable housing as a strategy to boost supply and stabilize prices. This includes regulatory reforms and partnerships with non-governmental organizations to promote affordable housing within new developments. By following these recommendations, cities can create a more balanced housing market that benefits everyone.
Sources: OECD Blueprint, Economic feasibility study of the ordinance requiring 25% social housing
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.