Belgian real estate: a unique place to live
Table of Contents
A new housing boom in Brussels?
If you want a house in the crowded capital, it takes a lot of patience and perseverance. This is mainly due to a lack of land that scarcity makes prices skyrocket. In this context, the news from the real estate market has been quite reassuring for several months now. Prices have increased by approximately 5% since last summer. In general, sellers are asking 20% more than they did one year ago. For buyers, this means that they must be particularly selective about which properties they choose to purchase. Even so, activity on the market has picked up considerably because there are still relatively few houses on sale even though sales were at an all-time low only a year ago.
What are the reasons for this upturn?
According to the National Belgium Real Estate Federation, demand (https://www.bluehomes.com/Immobilien-Belgien/B/de/debut.html) has increased sharply in recent years because of a number of temporary factors that have had a positive effect on house prices: low interest rates and the general increase in purchasing power thanks to favourable labour market conditions and lower unemployment. In addition, housing construction projects scheduled were either postponed or cancelled as a result of the economic crisis which lasted several years. The lack of homes on sale explains why we now see an increasing number of “speculators” who buy houses with no intention whatsoever of living there themselves but rather with the aim of renting them out after they have been renovated.
What to do if you want to find an apartment in the capital?
If you are prepared to wait, it is possible to find a house at reasonable prices by putting forward flexible but realistic conditions. It is also important not to be seduced by the first attractive house that comes onto the market and instead concentrate on looking for something with all of the desired qualities which you can afford within a reasonable time frame. It is usually preferable to rent rather than buy unless you have a very specific budget and a very urgent need for housing. In this case, your best chance lies with rents that are “under market value”. You should look into buying when prices stabilise because, according to forecasts from the real estate sector, this is not expected to happen before 2021.
What are the most sought after areas in the capital?
People who live or work in Brussels tend to avoid moving outside their district of choice which means that prices remain high in certain central districts. Although Leopold and Etterbeek are traditionally among the most popular (and expensive) areas for living, Saint-Gilles also has a good reputation. The Place de Brouckère area is now becoming particularly popular because many new homes with modern facilities have been built there recently attracting young couples and families as well as older people who want to move out of their current home but don’t want to leave behind all of their old familiar surroundings. If you are looking for something less central, the area surrounding the Matongé district is currently experiencing a boom in house prices because of its proximity to the city centre.
What about renting?
Brussel’s rental market continues making progress with positive developments in both availability and quality of rented accommodation. The cost of rentals has increased slightly but remains reasonable overall. For example, an average 100m² flat costs approximately €490/month (excluding service charges) which represents only 20% more than 3 years ago despite depreciation of purchasing power during that period. At long last, market conditions have improved to the point where it is easier for tenants to find housing while landlords can now receive significantly better offers than they did previously. In addition, standards have been raised by the current law on housing which offers tenants greater protection.
Read also next article: Where to Look for Slovenia Real Estate for Sale
But before you buy a property in Slovenia, there are a few things that you need to consider. One is that you have to be clear about why you will buy real estate in Slovenia in the first place. This is because there are significant differences if you will choose a property because you plan to settle in the country for good any time in the near future, or if you will be doing it purely for investment purposes.
What are the best tips for finding a suitable apartment?
You should be realistic when it comes to location because the ideal situation doesn’t always exist. For example, if you need to travel to work or go shopping, public transport is often much easier and more practical than travelling in your own car during rush hour. If you have children, look for areas with good schools nearby. Don’t forget that it’s also possible to use agencies but this means spending extra money on service fees so it may not necessarily be worth their while unless you are renting out an entire house rather than just one room.
