Record number of property transactions but falling prices in first quarter of 2017

property market

The number of property transactions increased by 2.93% in the first quarter of this year, compared to the previous three months. This has increased the Belgian Housing Index to 128.36 points, a new record.

This emerges from the Baromètre des Notaires (a publication for property lawyers) out today (Thursday). At the same time, the average Belgian house price fell by 2.5% during the past quarter, reaching €232,184.

The detailed breakdown shows that the average house price decreased by 2.6% in Flanders (to €258,936). At the same time the fall was 6.4% in Brussels (with a comparable average of €415,715) remaining limited to 1% in Wallonia (coming in at an average price of €176,694).

The Royal Federation of Belgian Notaries states that the decrease in average prices is evident in each of the country’s provinces, except within the provinces of Limburg and Namur, where respective increases of 1.2% and 1.6% are observed.

The average price for a flat has declined by 0.12% reaching €214,501. In Flanders, the decline posted was -0.89% (with a comparable average of €219,303) whilst in Brussels it was limited to -0.18% (with a comparator of €233,528).

In contrast, Wallonia showed an average price increase for flats of 5.14% (settling at an average of €171,651), an increase which was particularly noticeable in Walloon Brabant (+12.45%), in Liège (+4.74%) and the province of Luxembourg (+4.23%).

Finally, the average price of building land was €138,471 during the last quarter, which equates to a decrease of 3.04% compared to the fourth quarter of 2016. In Flanders, the price of building land was €164,707 (-1.26%), on average 40% more than in Wallonia.

The Federation is further stressing that the record number of transactions at national level “may in particular be explained by the property market activity in Flanders, where the number of transactions increased by 4.51%. In contrast in Brussels (with a slight decline of -0.66%) and Wallonia (a slight increase of +0.56%), stability apears to be the watchword.”

The Federation says that the number of transactions increased in all Flemish provinces, except for West Flanders where the property lawyers’ analysis observed a slight reduction (-1.21%).

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