In the second half of last year, the Belgian real estate market recorded 7.1 percent lower transactions than in the first half of the year. Obviously, this cooling continues in the first two months of the new year.
The decline was particularly evident in Flanders, which fell by 14.2 percent. In Wallonia, the contraction was only -4% and in Brussels -6.4%. The Flemish real estate market experienced a sharp decline in January (-15.3 percent) compared to February (-12.9 percent).
The reason is not far fetched. Higher interest rates make borrowing more expensive, with higher monthly payments for new loans. Since the amount borrowed is higher in Flanders, the cooling is faster here, notary spokesman Bart van Opstal says in a press release.
This decrease is evident in all Flemish provinces, but is most severe in West Flanders (-19.2%). Limburg is at the other end, with transactions more than 10 percent lower.
Things have been moving fast in the real estate market in recent years, van Opstal notes. Now there will be “normalization”. “In terms of real estate activity, in both Belgium and Flanders, we are just below the level of the pre-corona period.”
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