House price index – 2nd quarter 2025
- The observed annual inflation rate for house prices amounts to 2.9% in the second quarter 2025, which is a slight increase compared to the rate of 2.7% observed in the previous quarter.[1]
- The average inflation rate for the last four quarters amounts to 3.0%.
- The house price index went down by 0.1% in the second quarter 2025 compared to the previous quarter.
Each quarter, STATBEL, the Belgian statistical office, calculates a house price index according to European regulations.
The annual inflation rate for house prices amounts to 2.9% in the second quarter 2025, which is a slight increase compared to the rate of 2.7% observed in the previous quarter. The average inflation rate for the last four quarters amounts to 3.0%. The house price index stands at 143.00 points (2015=100) versus 143.08 points in the previous quarter: it has decreased by 0.1% compared to the first quarter 2025.
The European Union Member States calculate the house price index according to a harmonised methodology which makes it possible to compare the evolution of house prices across the different Member States. The house price index measures the price evolution of private real estate. The index follows price changes of new or existing residential real estate purchased by households, irrespective of their purpose (letting or owner-occupying). The house price index measures the price evolution with the assumption that the characteristics of the property sold remain unchanged.
The index thus measures the actual price evolution without interference of qualitative changes using a hedonic model (see technical information). If the size of the property sold increases, the average price of houses sold will also increase, which does not necessarily mean that the house price index will have increased. Therefore, this index does not measure the evolution of the average sales price of real estate.
The house price index is based on real estate transaction data from the General Administration of the Patrimonial Documentation of the FPS Finances. The results for the latest quarters are considered provisional and may be reviewed during the following quarter when additional data become available.
House price index of new houses and existing houses
The house price index can be broken down by two items (new houses and existing houses). In the second quarter 2025, annual inflation amounted to 0.8% for new houses and 3.8% for existing houses. The weights of these two items in the overall index amount to 29.6% and 70.4% respectively for the year 2025.
House price index of existing houses by region
The house price index for existing houses has been broken down by region since 2010. In the second quarter 2025, inflation for existing houses amounted to 3.1% in Brussels, 3.0% in Flanders and 6.8% in Wallonia.
Comparison with neighbouring countries
Since Eurostat will only publish the neighbouring countries' house price index for the second quarter 2025 on 3 October 2025, the first quarter 2025 is the most recent quarter to use as a basis for comparison. In Belgium, inflation stood at 2.7% in the first quarter 2025 compared to 2.8% in the fourth quarter 2024. The Netherlands experienced an inflation rate of 10.7% in the first quarter 2025, a slight decrease compared to the 10.9% inflation rate in the fourth quarter 2024. France experienced an inflation rate of 0.6% in the first quarter 2025, a sharp increase compared to the -1.9% inflation rate registered in the fourth quarter 2024. In Germany, inflation stood at 3.8% in the first quarter 2025, a significant increase compared to the rate of 1.9% registered in the previous quarter. Inflation for the euro area as a whole has increased to 5.7% in the first quarter 2025 compared to 4.9% in the previous quarter.
[1]Figures for the last two quarters are considered provisional and may be reviewed in later publications.
House price indexes, inflation last 2 years
Access to latest statisticsHouse price indexes, weight, last 8 years
The table below shows the weights of the components of the house price index (purchases of new dwellings and purchases of existing dwellings). The weight for purchases of new dwellings is based on the gross fixed capital formation in housings. The weight for purchases of existing dwellings corresponds to the total value of residential property transactions by households on the secondary market for existing dwellings.
Purpose and brief description
The house price index measures the inflation in the residential property market. The house price index reflects price developments for all residential properties purchased by households (apartments, terraced houses, detached houses), regardless of whether they are new or existing. Only market prices are taken into account, so self-build homes are excluded. The price of the land is included in the price of the properties.
Population
Real estate transactions involving residential properties
Periodicity
Quarterly.
Release calendar
Results available 3 months after the reference period
Definitions
House price index: The house price index measures changes in the prices of new or existing dwellings, regardless of their use or previous owner.
Inflation - house price index: Inflation is defined as the ratio between the value of a given quarter and that of the same quarter of the previous year.
Weighting - house price index: Weighting based on the national accounts (gross fixed capital formation in housing) and the total number of real estate transactions involving residential properties.
Type of dwelling according to the classification set out in Regulation (EU) No 93/2013 on housing price indices.
Technical information
The house price index measures the price evolution of real estate prices on the market of private property. The index follows price changes of new or existing residential real estate purchased by households, irrespective of their purpose (letting or owner-occupying). Only market prices are taken into account. Houses built by their owners are therefore not included. The price of the building plot is included in the house price.
The house price index is based on real estate transaction data from the General Administration of the Patrimonial Documentation of the FPS Finances. The prices used are those included in the deeds of sale. Given the time between the date on which the preliminary sales agreement is signed and the date on which the deed is executed (between three and four months), this index measures the price evolution with a delay compared to the actual date on which the sales price is set. This delay is inherent to the data source.
The house price index is calculated by the European Union Member States, Norway and Iceland. Eurostat calculates the index for the Euro area (as well as for the European Union as a whole) using the harmonised indices of the Member States. Given the role of the housing market in the economic and financial crisis of 2008, the house price index was included in the indicators used in the procedure to prevent and correct macroeconomic imbalances in the European Union.
The house price index is calculated under the European Regulation 2016/792 on harmonised indices of consumer prices and the house price index and 2023/1470 laying down the methodological and technical specifications as regards the house price index and the owner-occupied housing price index. Data are available from 2005 onward for Belgium as well as for the European Union and the majority of European countries.
The house price index can be broken down by new houses and existing houses. The weights of these two items in the overall index are determined by the gross fixed capital formation in houses (for the new houses) and the total value of transactions of the previous year (for the existing houses). Until 2013, the house price index of new houses was roughly estimated based on the output price index in the construction sector. Since 2014, it is also based on real estate transaction data. House price index for existing houses is available per region since 2010. The data have therefore been completely reviewed when the results for the fourth quarter of 2023 were published in March 2024.
Since the houses that are put up for sale differ from one quarter to another, the changes in characteristics are processed with hedonic regression models to eliminate price fluctuations due to changes in characteristics of the properties sold. These models aim to estimate the theoretical price based on the characteristics and location of the houses sold. The index is then calculated based on changes in the average prices observed and adjusted by a factor depending on the differences in quality observed between dwellings sold during the different periods.