Authored by the expert who managed and guided the team behind the Belgium Property Pack
Yes, the analysis of Brussels' property market is included in our pack
What is happening in Brussels’ real estate market? Are prices on the rise or decline? Is the city still a prime location for international investors? How are local 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 Brussels and beyond. Perhaps you’re curious about these trends too.
We know this because we stay closely connected with local experts and individuals like you, exploring the Brussels real estate market daily. That’s why we crafted this article: to offer 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 the mark or could improve, we’d love to hear your thoughts. Feel free to message us with your feedback or comments, and we’ll strive to enhance this content for you.
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1) Investors will focus on Anderlecht for undervalued properties with growth potential
In recent years, Anderlecht has become a focal point for investors seeking undervalued properties with growth potential. The rising property prices in central Brussels have pushed investors to explore alternative areas, and Anderlecht stands out as a promising option due to its relatively lower property prices.
One of the key attractions is the large-scale urban development plan for the Biestebroeck Dock. This project aims to enhance residential attractiveness and create a high-quality environment, which includes 3,000 jobs and housing for 11,500 residents. Such developments often receive municipal support, making them appealing to investors.
Additionally, the rental market in Anderlecht is thriving, with Home Invest Belgium reporting a competitive average gross rental yield of 5.2% and a record occupancy rate of 98.4% in 2023. This strong rental performance indicates a robust demand for residential properties, further supported by demographic shifts towards a younger population moving to the area.
Moreover, the Matériaux complex, a sustainable project by the Canal, offers modern amenities and promotes biodiversity, attracting families and young professionals. The ongoing urban regeneration projects and the influx of new businesses and amenities highlight Anderlecht as an emerging destination for real estate investment.
Sources: Home Invest Belgium Company Presentation, A New Future for the Biestebroeck Dock, Home Invest Belgium Half-Year Results 2023, Anderlecht: 119 New Homes by the Canal
2) Rents in the European Quarter will increase with strong expatriate demand
The European Quarter in Brussels is seeing a big jump in housing demand thanks to expatriates flocking to the city for EU jobs.
In 2023, around 56,166 people moved to Brussels from abroad, almost hitting pre-pandemic numbers. This influx is a key driver of the city's population growth, which naturally boosts the need for housing.
The European Quarter is a magnet for expats because it's close to EU institutions. This area is a hotspot for international professionals working with the European Union, NATO, and other global organizations. Expats love living nearby to enjoy a better work-life balance and a high quality of life.
But here's the catch: the rental housing supply in the European Quarter is tight, making the market super competitive. This shortage is pushing rental prices up. Over the past two years, Brussels has seen a notable rise in property rents.
In 2023 alone, the average rent went up by 8.6%, and the median rent jumped by 10.6%. This shows a steady climb in rental costs, reflecting the ongoing demand.
With the strong pull of expatriates, rents in the European Quarter are expected to keep rising as demand stays robust.
Sources: Brussels Times, Brussels Times Survey, 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) Central Brussels will see higher rental yields as demand for city living rises
Rental yields in central Brussels are on the rise as more people are drawn to city living.
In neighborhoods like Etterbeek and Ixelles, the desire for homes near parks has pushed property values up. As these property prices climb, landlords can charge higher rents, which means rental yields are increasing. This trend is particularly noticeable in areas with easy access to green spaces, making them highly sought after.
The city's growing population density, fueled by international migration, is also boosting demand for rentals. In 2023, Brussels welcomed nearly 56,166 new residents from abroad, a return to pre-pandemic levels. Many of these newcomers are young professionals and expatriates who prefer living in central areas with good transport links, keeping the rental market lively.
Adding to the demand, there's a limited supply of new housing developments. Rising interest rates, construction costs, and stricter energy efficiency standards have slowed down new builds. This shortage means existing rental properties are in high demand, pushing prices up and further enhancing rental yields.
Brussels is home to numerous multinational corporations and international institutions like the European Parliament and NATO headquarters. This presence ensures a steady demand for rental properties, especially among diplomats and expatriates who often choose renting over buying. The consistent influx of international professionals keeps the rental market robust.
With these factors at play, it's clear that central Brussels is becoming a hotspot for rental investments, offering promising returns for property owners.
Sources: The Luxury Playbook, Expat Management Group, KPMG
4) Uccle will keep attracting affluent buyers, but the market will cool as prices peak
Uccle has consistently attracted affluent buyers due to its rising property prices and long-term value. The average price per square meter in Uccle has seen a significant increase over the years, with apartments ranging from €3,195 to €5,302 and houses averaging €3,801 per square meter. This upward trend is supported by investments in local infrastructure, such as tram line extensions and historic area renovations, which enhance the area's appeal to wealthy buyers.
However, the market is showing signs of cooling as prices reach their peak. Uccle's property prices are now comparable to other high-end neighborhoods in Brussels, like Watermael-Boisfort, where the average price per square meter is €3,800. Despite Uccle's continued price growth, the broader Brussels market has experienced a slight decrease, with the average house price falling by 1.5% in the first half of 2024 compared to 2023.
Reports from real estate agencies indicate a slowdown in sales volume in Uccle, suggesting a cooling market. Consumer surveys also reveal buyer concerns about affordability, which could deter some potential buyers. Additionally, properties are staying longer on the market, further indicating a decrease in demand. Expert forecasts predict a stabilization of price growth, with the rate of increase slowing as the market becomes more saturated.
Sources: Brussels Times, Immoweb
5) Tax incentives for first-time buyers will boost demand in the lower market segment
Tax incentives for first-time buyers are boosting demand in the lower end of the property market.
In 2023 and 2024, the government made a smart move by increasing the tax-exempt portion of transfer fees from €175,000 to €200,000. This change means first-time buyers can save more on taxes, making it easier to afford their first home. It's a big deal because every euro counts when you're buying property.
Another attractive perk is the tax benefits for energy-efficient home improvements. For each upgrade in energy class, buyers get an extra €25,000 in tax benefits. This not only helps them save money but also encourages them to consider homes that might need a little work. It's a win-win: buyers get a better deal, and the environment benefits too.
Real estate agencies are noticing a buzz, with more inquiries from first-time buyers. These tax incentives are clearly making it more financially feasible for them to step into the market. Housing market analysts back this up, seeing a clear link between these incentives and the growing interest in lower-priced homes.
These changes are not just numbers on paper; they're making a real difference. First-time buyers are finding it easier to enter the market, and the demand for affordable homes is on the rise. It's a great time to be looking at properties if you're a first-time buyer.
With these incentives, the government is not only helping individuals but also stimulating the housing market. It's a strategic move that benefits everyone involved, from buyers to sellers to the broader economy.
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6) North American buyers will increasingly target Brussels properties due to favorable exchange rates
In recent years, North American buyers have shown increased interest in Brussels, largely due to favorable exchange rates. The Euro to Dollar exchange rate has been fluctuating, and forecasts indicate that the Euro will remain around 1.08 by the end of 2025. This makes the US dollar relatively stronger against the Euro, giving North American buyers more purchasing power in the European market.
Historical data shows that during periods when the US dollar is strong against the Euro, there is a noticeable increase in foreign investment in European real estate. For example, when the Euro was weaker, there was a surge in foreign investment in European properties, including those in Belgium. Real estate agencies have also reported a rise in inquiries from North American clients, particularly during these favorable exchange rate periods.
Case studies further illustrate this trend, with North American buyers actively purchasing properties in Brussels to take advantage of the favorable exchange rates. In 2023, the average rent in the Brussels-Capital Region was 1,205 euros, making it an attractive investment destination. Economic forecasts predict that the US dollar will continue to be strong against the Euro, maintaining a favorable exchange rate for North American buyers.
Sources: Long Forecast, Capex, ING
7) Middle Eastern buyers will increasingly diversify their real estate portfolios
Interest from Middle Eastern buyers in diversifying their real estate portfolios is expected to grow due to several key factors. First, there has been a notable increase in investment statistics in European real estate markets. Middle Eastern investors boosted their investment in the UK's real estate market by over 36% in 2024, and Europe saw a 20% rebound in real estate investment activity. This trend indicates a growing confidence in European markets, including Brussels.
Additionally, there is a strategic shift in Middle Eastern investment strategies. Investors are moving from traditional debt-driven, income yield-focused strategies to total return-oriented investments. This shift suggests a broader diversification effort, which includes real estate investments. The growing wealth and investment capacity in Middle Eastern countries further supports this trend, with assets under management rising significantly.
Moreover, favorable exchange rates for Middle Eastern currencies against the Euro can make investments in the Eurozone, including Brussels, more attractive. Government policies encouraging overseas investments also play a role, as they support the diversification of economies through international investments. Media reports have highlighted the growing interest of Middle Eastern investors in European properties, which is likely to extend to Brussels.
Sources: Savills, Arabian Business, The Wealth Mosaic
8) Asian buyers will increasingly target Brussels for investment opportunities
In recent years, we've seen a noticeable increase in Asian investors looking at European real estate markets, including Brussels. Even though European real estate investment volumes dropped significantly in 2023, this doesn't mean Asian interest has waned. Instead, it shows a more cautious approach, with investors carefully selecting new opportunities.
Historically, Asian outbound investment flows have been on the rise, growing from $1 billion in the early 2000s to $30 billion by 2013. This trend is expected to continue, with countries like Singapore, China, and Hong Kong leading the charge. As these investors look for new markets, Brussels stands out due to its liquidity and transparency, making it an attractive destination.
Moreover, the economic growth and wealth accumulation in Asian countries have been significant. By 2025, the financial wealth in Asia, excluding Japan, is projected to surpass that of the US. This increase in wealth, particularly in China, India, and Vietnam, means more individuals are looking to diversify their investments internationally, including in real estate markets like Brussels.
Sources: Savills, HSBC Global Research, Dentons
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) Demand for modern, compact apartments in central areas will rise due to young professionals
Young professionals are increasingly moving to Brussels, as seen in the significant population growth in the Brussels-Capital Region compared to the rest of Belgium. This trend suggests that more young professionals are choosing to live in this vibrant city.
The demand for rental properties in central Brussels is on the rise, driven by the growing population and the city's appeal to young professionals. With over 3.3 million people in the functional urban area, the need for housing is evident.
Surveys show that many Brussels residents prefer modern and compact living spaces that are walkable and efficient. This aligns with the lifestyle choices of young professionals who value convenience and accessibility.
The tech and finance sectors in Belgium are attracting young talent, further increasing the demand for modern apartments. With significant investments in these industries, more young professionals are moving to Brussels for career opportunities.
Brussels is becoming more pedestrian-friendly, with initiatives like the "Good Move" plan encouraging walking and cycling. This shift towards walkable city living makes central locations more desirable for young professionals seeking compact apartments.
Rising property prices in central Brussels indicate high demand for housing in these areas. Young professionals are willing to pay a premium for modern, compact living spaces in desirable locations.
Real estate market reports highlight a trend towards smaller, more efficient apartments, driven by lifestyle trends emphasizing minimalism and convenience. This is particularly appealing to young professionals who prioritize urban living.
10) Luxury property prices will rise more slowly as the market becomes saturated
In recent years, the luxury real estate market in Brussels has been experiencing some noticeable changes. One of the key factors contributing to a slower price increase is the high inventory levels of luxury properties. With a wide variety of luxury homes available, from historic mansions to modern penthouses, the market is facing an oversupply situation.
Additionally, there has been a decrease in sales volume within the luxury segment. In 2023, the Brussels-Capital region saw an 11.4% decline in sales transactions compared to the previous year. This decline is a clear indicator of a slowdown in the luxury real estate market.
Moreover, reports from real estate agencies have highlighted a slowdown in high-end property transactions. Despite some record sales, the number of deals has dipped for the first time in several years, suggesting that market saturation is becoming a reality.
Sources: Mordor Intelligence, MarkWide Research, Global Property Guide
11) The European Quarter will remain attractive, but prices will stabilize as supply catches up with demand
The European Quarter in Brussels has maintained its appeal due to several key factors. One of the most significant is the increase in property listings, which shows a growing supply of properties in the area. This trend has been evident on real estate platforms like Immoweb, which provide detailed listings and valuations for properties in Brussels.
Additionally, the approval of a new EU office complex in Brussels has contributed to the area's development. This project includes modern, sustainable, and cost-efficient buildings, replacing older offices with new, environmentally friendly structures. Such developments enhance the area's appeal and increase the supply of properties.
Real estate agencies, like Colliers Belgium, have reported a balance between supply and demand in the European Quarter. This balance is crucial for stabilizing property prices, ensuring that the market is neither overly saturated nor underserved. Furthermore, the stabilization of property price indices in Belgium, including Brussels, is projected to continue, driven by customer preferences for sustainable and energy-efficient properties.
Sources: Colliers Belgium, Immoweb, UBM Development
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12) Demand for co-living spaces will grow as more people look for community-focused living arrangements
The demand for co-living spaces is booming in cities like Brussels, where people crave community-oriented living.
Since 2023, there's been a noticeable uptick in co-living rooms, thanks to big names like ShareHome Brussels, Ikoab, Cohabs, and Colive. Property developers and investors are jumping on this trend, with companies like Besix and AG Real Estate keen on expanding co-living spaces. Cohabs, in particular, has drawn new institutional investors, giving a financial boost to these projects.
Co-living appeals to younger workers who value openness and networking. More than half of Belgians face affordability issues, making co-living a smart choice for flexible and budget-friendly housing. This shift is not just about cost; it's about a lifestyle that resonates with modern values.
The Brussels-Capital Region's housing strategy is a big supporter of shared housing models. Incentives for the private sector to build affordable housing, including co-living spaces, are part of this strategy. Media coverage also plays a role, highlighting the perks of co-living and sparking more interest.
As more people seek community-oriented living, the demand for co-living spaces is set to rise. This trend is fueled by a mix of economic, social, and policy factors, making it a compelling option for many. The combination of affordability, community, and flexibility is hard to resist.
In Brussels, co-living is not just a trend; it's becoming a way of life. With support from both the public and private sectors, this housing model is poised for growth. The city's unique blend of policy support and market demand creates a fertile ground for co-living to thrive.
Sources: KBC Brussels, The City Lifer, OECD
13) Suburban rental yields may dip slightly as urban convenience becomes more desirable
In cities like Brussels, urban rental yields are outpacing those in suburban areas.
Take Ixelles and Saint-Gilles, for example, where property prices are climbing due to their popularity. A house in Ixelles might set you back around €780,000, while a condo in Saint-Gilles could be valued at €440,000. This price surge highlights the high demand for urban living, driven by the convenience and amenities these areas offer.
Brussels is a magnet for international civil servants and professionals, which keeps vacancy rates low and makes it one of Europe's more stable rental markets. The city's well-developed infrastructure and international connectivity add to its appeal, attracting both long-term and short-term renters.
People are increasingly drawn to urban living for its convenience. Cities offer better public transportation, cultural activities, and social opportunities, which are significant draws for renters. The shift towards remote work has also reduced the need for suburban living, as people can now reside in urban areas while working remotely.
Surveys and reports consistently show that urban areas are preferred for the lifestyle they offer. The trend is clear: more people are choosing the vibrancy of city life over the quieter suburbs.
As a result, suburban rental yields are seeing a slight decline as urban convenience becomes more appealing. This shift is particularly noticeable in cities like Brussels, where the demand for urban living continues to rise.
Sources: The Luxury Playbook, The Brussels Times, Expat Management Group
14) Short-term rental yields will rise in tourist-friendly areas as travel picks up
Short-term rental yields are on the rise in tourist-friendly areas as travel bounces back.
Brussels is a prime example, with Brussels Airport welcoming about 2.5 million travelers in July 2024, the highest since 2019. This is a 5% increase from July 2023, showing a clear uptick in tourist arrivals.
Online booking platforms like Airbnb are also seeing a boom. In the first quarter of 2024, nights booked on Airbnb jumped by 28.3% compared to the same period in 2023. In Brussels, hotspots like the city center and the European district are especially popular for short-term rentals.
The hotel industry in Brussels is bouncing back too. Occupancy rates have climbed from 59.4% in 2022 to 72.1% in 2024. This recovery indicates a growing preference for unique and localized stays, which is pushing up the average daily rates for short-term rentals.
As more travelers seek these experiences, the demand for short-term rentals is expected to keep rising, making it a lucrative option for property investors.
With travel trends pointing upwards, investing in short-term rentals in tourist hotspots could be a smart move as yields are likely to increase.
Sources: ETIAS, Tourism Review, Brussels Times
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) Property values in Saint-Gilles will rise as it becomes a trendy hub for artists and creatives
In recent years, Saint-Gilles has become increasingly popular among artists and creatives, leading to a rise in property values. This trend mirrors what happened in neighboring areas like Ixelles and Saint-Josse, where property prices have surged due to their cultural appeal. In 2023, the average price per square meter in Saint-Gilles was €3,521, showing a growing demand for properties.
The presence of art galleries and creative spaces, such as the Templon Gallery, has significantly contributed to Saint-Gilles' cultural significance. These venues have hosted exhibitions featuring both emerging and international artists, drawing attention to the area. Additionally, the upcoming opening of KANAL—Centre Pompidou in 2025 is expected to further enhance the cultural scene in Brussels.
Demographic shifts have also played a role, with an influx of young professionals and artists moving to Saint-Gilles. This change has increased the demand for housing, driving up property values. Media coverage and social media trends have highlighted Saint-Gilles as an emerging cultural hub, attracting more people to the area.
Local government initiatives and urban development projects have supported the arts and creative industries, making Saint-Gilles more appealing to residents and businesses. The opening of new cafes, bars, and restaurants catering to a creative crowd has added to the area's vibrant atmosphere, making it an attractive place to live and work.
16) Buyers will increasingly seek renovated historic properties for their unique character and charm
In recent years, particularly in 2023 and 2024, there has been a noticeable rise in the demand for unique and character-filled homes in Brussels. This trend is especially evident in areas like Ixelles, which is known for its early 20th-century townhouses and charming Haussmannian boulevards. These homes are highly sought after by affluent buyers who are drawn to their architectural charm and the lively urban village atmosphere they offer.
Moreover, the value of renovated historic homes tends to appreciate more than new builds. For instance, in Ixelles, the average single-family house sells for more than 750,000 euros, indicating a higher appreciation rate for these historic properties. This financial aspect makes them an attractive investment for buyers looking for long-term value.
Additionally, the Brussels-Capital Region provides various grants and financial support for renovation projects, such as RENOLUTION Grants and ECORENO Credit. These incentives encourage property owners to preserve and renovate historic buildings, making it more feasible for buyers to invest in these unique homes.
Real estate agents in Brussels have also reported a high interest in historic neighborhoods like Ixelles and Uccle. These areas are known for their architectural charm and lively urban atmosphere, attracting both local and international buyers who are looking for homes with historical significance and unique character.
Sources: KBC Brussels, Le Figaro Properties, Brussels Housing
17) Brussels will see a moderate rise in property prices with strong demand
Brussels is buzzing with a record number of non-Belgian residents as of 2023.
People are flocking to the city for work and lifestyle perks, keeping the demand for housing strong. With its vibrant international community, Brussels is a magnet for expatriates and international workers, many of whom are tied to European institutions and global companies.
This influx of professionals is particularly drawn to central and well-connected areas, driving up the need for residential properties. The city’s appeal is undeniable, but finding a place to live can be a challenge.
In 2024, a drop in mortgage rates made buying a home more accessible, further boosting demand. Yet, the limited availability of land for new developments means a housing shortage is likely to continue, especially in sought-after neighborhoods.
For those eyeing a property in Brussels, it’s a competitive market. The combination of a growing population and limited space means residential property prices are set to rise moderately.
So, if you're considering a move, be prepared for a lively market where demand remains strong and opportunities are ripe for those ready to dive in.
Sources: ING, Vlaamse Rand, KBC Brussels, Schengen News
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.