In Belgium, you can buy real estate of your choice – from modern city apartments and commercial premises to medieval castles and quiet villas. This detailed review will help you make your choice.
Advantages of Belgium
Great place to live
The Better Life Index, published annually by the Organization for Economic Cooperation and Development, is a document that assesses the level and quality of life in various countries based on 11 key factors. In general, many of Belgium’s indicators are quite high in comparison with most of the other countries represented in the ranking.
In 2021 the country took 12th place among 38 countries participating in the study. It is behind only a few Nordic countries, Australia, Canada, and the United States. So that’s the main reason to buy a flat or house in Belgium.
Possibility of dual citizenship
In Belgium, dual citizenship is allowed, which can be obtained after five years of residence (many European countries require 10 years).
Advantageous location in the center of Europe
Belgium is the administrative and geographical center of the European Union, which gives advantages to buying real estate in Belgium.
Convenient transport accessibility
Before the situation with the coronavirus, dozens of flights arrived in the country every day from all over Europe and the world. You can get here very conveniently by choosing the most comfortable flight time, ticket price, and quality of service. You can also get to Belgium from other European countries by your own or rented car or by ground transport.
Optimal price/quality ratio
In terms of quality, affordability, and value of the real estate, Brussels is very attractive compared to a number of key European cities. Experts point out that the best deals in Brussels are about 50% cheaper than in London – and 60% cheaper than in Paris. The average rent for office space is around € 285 per square meter per year. Industrial and residential space in Brussels is also much cheaper than in London, Paris, Frankfurt, Dublin, and Luxembourg.
Belgian property for foreigners
By purchasing real estate in Belgium, a foreign citizen receives a liquid asset that can be used both for independent living and for renting out. The real estate market in Belgium is growing at an average of 1-3% per year. In general, there are several main areas of purchase of the real estate by foreigners:
Apartments or houses for your own residence
They are mainly purchased by working foreigners. And the demand is mainly for such large cities as Brussels, Antwerp, Liege, Ghent, and Bruges.
Student rooms in dormitories for student children
They are purchased in student cities such as Leuven, Luvana, Brussels, Ghent, and other localities in the country with large universities.
Apartments or tourist houses
Foreigners buy them on the coast of the country, as well as in the Ardennes mountains.
Ancient estates and castles
Lovers of history and tradition will appreciate this elite sector of the Belgian real estate market. As a rule, such objects can be bought in Belgium cheaper than in France or England.
The most promising regions
Buying real estate in Brussels may be of interest primarily to business people. It is the capital of Belgium, its economic center, and the most populous city there.
Antwerp is the largest city in Flanders, the center of fashion, and the world’s largest diamond cutting center, the second-largest port in Europe after Rotterdam.
Liege is a large industrial city of Wallonia, located along the wide Meuse River, where a river port and one of the key cargo airports of the European Union are located.
Bruges is the largest historical center in Europe and also one of the most beautiful and popular tourist cities in Belgium.
Ghent is a major study center in Belgium with a university and four high schools, as well as a popular tourist city.
Leuven is a small town where one of the oldest universities in Europe and the famous Stella Artois brewery is located.
Ostend, Knokke-Heist, De Haan, De Panne, Blankenberge are the seaside resorts of Belgium. The Belgians themselves are very fond of resting in Middelkerk and Coxade.
The spa is a popular health resort with a meaningful name, there is also a racetrack for the f1 car near.
Prices
An analysis of house prices in Belgium over the past 2020 showed that at the national level they increased by 2.5%, and the average price was € 240,219, which is € 5,900 more compared to 2019. Regionally, prices increased in Wallonia by 2.7% and in Flanders by 2.6%. In Brussels last year there was a decrease in the value of houses by 2.5%. However, in the first quarter of 2020, their average prices in the Brussels region were at around € 441,117, which is 2.9% higher than in the third quarter of 2019.
As for apartment prices, in 2020 they increased by 2.5%, and the average cost was € 215,440, which is € 5,400 more than in 2019. Apartment prices rose 3.4% in Wallonia, 2.3% in Flanders – and 3.2% in Brussels. At the provincial level, apartment prices are rising everywhere except in Hainaut. The most significant growth (+ 7%) also relates to Walloon Brabant, where the average apartment price in 2020 was € 240,624, which is € 4,000 more than in 2019.