In 2022, housing prices in Belgium rose. According to the forecast, 2023 and 2024 will follow with a slight increase of two percent. Consumers signal much uncertainty on, for example, development of unemployment, which can hamper the housing market.
Belgium’s housing prices development
For years, house prices in Belgium followed a similar growth pattern to the country’s economy. Residential property prices grew when Belgium's economy performed well but stagnated when the economy slowed down. Since 2020, however, growth has accelerated. In 2022, the average house price exceeded 319,000 euros, up from 298,000 euros the year before.
The Belgian economy faces an uncertain future
Belgium’s real estate market is closely connected to the economic performance of the country. According to a 2022 forecast, the Belgian economy was predicted to grow by 2.1 percent in 2023. This prediction reflected inflation, supply chain disruptions impacting domestic demand, as well as (a lack of) international trade impacting Belgian growth.
Percentage change on previous year of residential property prices in Belgium in 2022 with a forecast until 2024
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KBC Economics. (May 12, 2023). Percentage change on previous year of residential property prices in Belgium in 2022 with a forecast until 2024 [Graph]. In Statista. Retrieved December 07, 2024, from https://www.statista.com/statistics/668584/housing-price-change-forecast-in-belgium/
KBC Economics. "Percentage change on previous year of residential property prices in Belgium in 2022 with a forecast until 2024." Chart. May 12, 2023. Statista. Accessed December 07, 2024. https://www.statista.com/statistics/668584/housing-price-change-forecast-in-belgium/
KBC Economics. (2023). Percentage change on previous year of residential property prices in Belgium in 2022 with a forecast until 2024. Statista. Statista Inc.. Accessed: December 07, 2024. https://www.statista.com/statistics/668584/housing-price-change-forecast-in-belgium/
KBC Economics. "Percentage Change on Previous Year of Residential Property Prices in Belgium in 2022 with a Forecast until 2024." Statista, Statista Inc., 12 May 2023, https://www.statista.com/statistics/668584/housing-price-change-forecast-in-belgium/
KBC Economics, Percentage change on previous year of residential property prices in Belgium in 2022 with a forecast until 2024 Statista, https://www.statista.com/statistics/668584/housing-price-change-forecast-in-belgium/ (last visited December 07, 2024)
Percentage change on previous year of residential property prices in Belgium in 2022 with a forecast until 2024 [Graph], KBC Economics, May 12, 2023. [Online]. Available: https://www.statista.com/statistics/668584/housing-price-change-forecast-in-belgium/