>While the luxury property market in Belgium stagnated for the second year in a row, a different trend was observed in Brussels: last year, 282 properties worth millions were sold in the Capital Region – 10% more than in 2023.
>The sale of the number of million-euro houses increased to 218, while the number of apartments sold remained stable at 64. Despite the increase in sales, the median prices for million-euro houses and apartments in Brussels were €31,000 and €118,000 lower than the Belgian median price, respectively.
>”Proportionally, more multi-million-euro homes (with a poorer energy rating) and often rich historical value are sold in the Brussels-Capital Region,” said Bart Van Delm, Managing Director Christie’s International Real Estate Belgium. “Additionally, the European capital remains a magnet for international executives, entrepreneurs and wealthy expats.”
>Construction shift
Unlike Flanders, the Brussels-Capital Region is not experiencing any adverse impact from the so-called “construction shift,” which aims to preserve as much open space as possible and make better use of existing space.
>”As a result, Flanders has focused strongly in recent years on limiting additional space consumption,” Van Delm explained. This has led to stricter permit conditions, and therefore less supply of new-build apartments in the higher luxury segment, among other things.
>”Meanwhile in Brussels, the renovation obligation has only been phased in since this year, meaning that energy efficiency awareness is not yet as great as in Flanders,” he added.
>In all of Belgium, the luxury property market broke record after record in recent years until it began to stabilise in 2023. Still, luxury properties – especially those costing millions – remain very popular. In 2024, sales of million-euro properties were at a similar level to 2023, with 1,621 transactions.
>Sales of multi-million-euro apartments, on the other hand, declined sharply: from 411 to 357 transactions. The coastal municipality of Knokke, which accounts for almost half of all multi-million-euro apartments sold in Belgium, embodied this decline in 2024, with 12% fewer transactions.
>”The target audience for homes above €1 million is mainly looking for a property to settle in permanently, while the target audience for a million-euro apartment more often sees the property as a second home and therefore also partly as an investment property,” Van Delm said.
>Limited supply, higher prices
A combination of three external factors has made these buyers more cautious about purchasing such properties, he said. “The ongoing geopolitical uncertainty, including the wars in Ukraine and Gaza, and their effects on the global economic climate, has undermined the confidence of wealthy buyers looking to invest.”
>Credit conditions have also tightened: banks have become more cautious about granting mortgage loans, and buyers must have a larger down payment to obtain a loan or more favourable terms. “Finally, the supply of luxury new-build apartments has fallen significantly. This is due to rising construction costs, higher interest rates and new policy measures, such as the construction shift, resulting in stricter licensing conditions.”
>These circumstances, and in particular the limited supply, led to higher sales prices. The median price in the million-euro segment for apartments in 2024 was €1,400,000, an increase of 3% compared to 2023.
>For million-euro homes, on the other hand, the median price was €1,289,500, or €8,000 less than the previous year. “Properties between €1 million and €2 million were on the market for an average of 330 days. As soon as prices exceed €2 million, they are on the market for almost twice as long (600 days) on average.”
>In its forecast for 2025, real estate agents are expecting another shift towards apartments. “The sales figures for multi-million-pound properties in the first months of this year indicate a stable trend, comparable to the same period last year.”
>However, they did see a slight shift in terms of property type. “We have observed a 15% increase in the number of transactions for multi-million-pound apartments,” said Van Delm.
Good for the riches. Bad for everyone else. Brussels needs a real new housing plan.
hurry tax the balls out of these evil people who are pouring shittons of moneys into preserving our architectural legacy
Imagine you are a millionaire, and you end up living in Bruxelles
Border between Ukkel and Sint Genesius Rode ‘Kleine Hut’ is the place to be.
And last month “everyone” was saying people are fleeing and abandoning Brussels.
6 comments
>While the luxury property market in Belgium stagnated for the second year in a row, a different trend was observed in Brussels: last year, 282 properties worth millions were sold in the Capital Region – 10% more than in 2023.
>The sale of the number of million-euro houses increased to 218, while the number of apartments sold remained stable at 64. Despite the increase in sales, the median prices for million-euro houses and apartments in Brussels were €31,000 and €118,000 lower than the Belgian median price, respectively.
>”Proportionally, more multi-million-euro homes (with a poorer energy rating) and often rich historical value are sold in the Brussels-Capital Region,” said Bart Van Delm, Managing Director Christie’s International Real Estate Belgium. “Additionally, the European capital remains a magnet for international executives, entrepreneurs and wealthy expats.”
>Construction shift
Unlike Flanders, the Brussels-Capital Region is not experiencing any adverse impact from the so-called “construction shift,” which aims to preserve as much open space as possible and make better use of existing space.
>”As a result, Flanders has focused strongly in recent years on limiting additional space consumption,” Van Delm explained. This has led to stricter permit conditions, and therefore less supply of new-build apartments in the higher luxury segment, among other things.
>”Meanwhile in Brussels, the renovation obligation has only been phased in since this year, meaning that energy efficiency awareness is not yet as great as in Flanders,” he added.
>In all of Belgium, the luxury property market broke record after record in recent years until it began to stabilise in 2023. Still, luxury properties – especially those costing millions – remain very popular. In 2024, sales of million-euro properties were at a similar level to 2023, with 1,621 transactions.
>Sales of multi-million-euro apartments, on the other hand, declined sharply: from 411 to 357 transactions. The coastal municipality of Knokke, which accounts for almost half of all multi-million-euro apartments sold in Belgium, embodied this decline in 2024, with 12% fewer transactions.
>”The target audience for homes above €1 million is mainly looking for a property to settle in permanently, while the target audience for a million-euro apartment more often sees the property as a second home and therefore also partly as an investment property,” Van Delm said.
>Limited supply, higher prices
A combination of three external factors has made these buyers more cautious about purchasing such properties, he said. “The ongoing geopolitical uncertainty, including the wars in Ukraine and Gaza, and their effects on the global economic climate, has undermined the confidence of wealthy buyers looking to invest.”
>Credit conditions have also tightened: banks have become more cautious about granting mortgage loans, and buyers must have a larger down payment to obtain a loan or more favourable terms. “Finally, the supply of luxury new-build apartments has fallen significantly. This is due to rising construction costs, higher interest rates and new policy measures, such as the construction shift, resulting in stricter licensing conditions.”
>These circumstances, and in particular the limited supply, led to higher sales prices. The median price in the million-euro segment for apartments in 2024 was €1,400,000, an increase of 3% compared to 2023.
>For million-euro homes, on the other hand, the median price was €1,289,500, or €8,000 less than the previous year. “Properties between €1 million and €2 million were on the market for an average of 330 days. As soon as prices exceed €2 million, they are on the market for almost twice as long (600 days) on average.”
>In its forecast for 2025, real estate agents are expecting another shift towards apartments. “The sales figures for multi-million-pound properties in the first months of this year indicate a stable trend, comparable to the same period last year.”
>However, they did see a slight shift in terms of property type. “We have observed a 15% increase in the number of transactions for multi-million-pound apartments,” said Van Delm.
Good for the riches. Bad for everyone else. Brussels needs a real new housing plan.
hurry tax the balls out of these evil people who are pouring shittons of moneys into preserving our architectural legacy
Imagine you are a millionaire, and you end up living in Bruxelles
Border between Ukkel and Sint Genesius Rode ‘Kleine Hut’ is the place to be.
And last month “everyone” was saying people are fleeing and abandoning Brussels.
Which one is it ? Come on 😉
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