A Quick Guide to the Belgium Property Market

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A Quick Guide to the Belgium Property Market

June 30, 2017

 Should you sell your apartment in Belgium fast? Belgium is one of the most important countries in Europe, largely because of Brussels, which is the power centre of the European Union and is home to the European Parliament.

 Belgium is a nation of bureaucrats, white collared workers and most people here are comfortably middle class. It also has a robust property market, which was not really affected too much by the 2008 global economic recession.

As per the annual economic report of National Bank of Belgium issued in 2016, home prices shot up sharply in Belgium in 2015, but rose only by 1 percent in 2016. 2017 has been another year of tepid growth in the housing market here.

Belgium has had low interest rates for the most part. The loan to value ratio is very good, and as fuelled the interest in the housing market. Benjamin Benoit, an estate agent based in Belgium told the New York Times, “We went through a period where it was difficult to sell big properties.” Now, he says, more affluent investors are buying property in Belgium.

Indeed, buying property in Belgium is an excellent investment. It is much more secure compared to investing in the stock markets and more profitable compared to putting money into the banks here.

The most desirable properties in Belgium are those in the city centre of Brussels, which provide an excellent view of the canals. Since Brussels is the centre of power in Europe, you have diplomats from all European countries that are a part of the European Union staying here. So there is a strong demand for apartments for rent.

Savvy investors make the most of this by investing in apartments in Brussels. They buy apartments in Belgium online with the expectation of turning them into profitable rental properties for the long term. This certainly makes a lot of sense.

Recently, it has been observed that there are more people from China, Russia and other emerging nations who are looking to move to Belgium. Why not – this is where all the action is in Europe.

Belgium is one of the richest countries in Europe, with a very high quality of life. Jobs are available in plenty and there are many business opportunities. Belgium is also a very diverse and inclusive country, very multicultural, which is home to people from many ethnicities, nationalities, races and religions.

 Foreign buyers from the UK, France and Switzerland are the biggest buyers of properties in Belgium. Belgium is not exactly an overseas property destination – it does not have the sort of popular tourist haunts or beaches that Spain or France have. It is a landlocked country and people come here only for work, not for fun.

 That’s why, buying properties in Belgium does make sense from the investment point of view. There are absolutely no restrictions on foreign buyers here, anyone can buy, as long as they pay the registration tax of 10 percent on the sales price. Registration charges in Brussels are a bit higher, at 12.5 percent of the sales price.