Real estate: West Flemish people buy less and wait longer
In all regions of the country, fewer (-1.8%) houses and apartments have been sold in the last six months, compared to the same period in 2021. The Belgian real estate market was particularly less busy in June: -12.7 percent fewer transactions than in June 2021. “All in all, the decline is limited, but it has been a long time since the number of transactions declined in all regions,” says civil-law notary Bart van Opstal.
The largest decrease in Flanders is noticeable in West Flanders (-4.2%). The other provinces also saw fewer transactions, only in East Flanders there was a slight increase.
Second cheapest province for a house
West Flanders is the second cheapest Flemish province to buy a house. In the first half of 2022 you paid an average of 310,854 euros for a house. Only in Limburg was the average price lower: 293,630 euros. Antwerp is the frontrunner with almost 370,000 euros.
A house in our country became on average 6.3 percent more expensive compared to the annual average of 2021. “That is an increase, but if you take into account the inflation, which was 7.7 percent, the average price fell in real terms. In the 1ste In the quarter of 2022, the price was 316,001 euros,” says van Opstal.
Most expensive province for an apartment
An apartment in our country cost 1ste semester 2022 an average of 257,839 euros. That is an increase of 2.4 percent compared to the annual average of 2021. Taking inflation into account, this was a real price decrease of 5.3 percent. Moreover, one in five apartments sold in our country was a new construction.
In Flanders, the average price of an apartment was 264,937 euros. That is also a price increase. Before inflation, there was a slight price decrease in West Flanders of -1.1 percent to an average price of 285,610 euros. That made West Flanders the most expensive Flemish province to buy an apartment. This is largely due to the coastal prices. Limburg is again the cheapest province.
West Flemish people are waiting longer to buy a home
A Belgian who bought real estate in 2022 was 39 years old on average. This year, 29.8 percent of buyers were 30 or younger. In 2017, the share of young buyers was somewhat higher (30.5%). The share of buyers aged 51 to 65 is declining compared to 2021. “Young buyers have been remarkably active in the market in recent months. Many expect a further rise in interest rates. Young people are now jumping on the boat quickly to avoid further increases. avoid,” explains Bart van Opstal.
Young people mainly bought in East Flanders, Limburg and Antwerp. In West Flanders, the average age is 41 to start a real estate business. That is the highest average age in Flanders.