Belgian real estate market shows price stability and location preference

Recent data from the ERA Great Real Estate Survey indicates that the vast majority of people in Belgium do not expect property prices to decrease in the coming years. Only approximately 4 percent of respondents across Flanders, Wallonia, and Brussels anticipate a decline, with the highest expectation for price increases found in Brussels.

Market trends show that buyers are increasingly prioritizing location over living space. Many respondents expressed a preference for smaller homes in desirable neighborhoods over larger properties in less attractive areas, even if it means sacrificing garden size. While the pandemic increased the desire for home offices and large gardens, these remain secondary to location during actual purchases.

Additionally, there is a growing interest in less energy-efficient homes. Buyers are increasingly drawn to older, poorly insulated properties because the price gap between these and fully renovated, energy-efficient homes is significant. However, this trend brings the obligation of future renovations. Financial caution is also rising, with more buyers negotiating aggressively on asking prices to account for mortgage costs and potential renovation expenses.