Real Estate

House prices - first semester 2020

Housing
Real Estate

Statbel, the Belgian statistical office, publishes today the house prices for the first semester of 2020 in Belgium, based on the deeds of sale registered by the FPS Finances.

The main results are the following:

  • The Belgian median price for an attached or semi-detached house amounted to 200,000 euros. A buyer had to pay 300,000 euros for a detached house.
  • The Walloon Region is the cheapest with a median price of 150,000 euros for an attached or semi-detached house, and 250,000 euros for a detached house.
  • The Brussels-Capital Region is the most expensive region: attached and semi-detached houses cost there 421,000 euros. The price for a detached house amounted to 860,000 euros.
  • The Flemish Region is in between. Attached and semi-detached houses cost there 237,250 euros, and detached houses cost 340,000 euros.  Due to the abolition of the housing bonus from 1 January 2020, there was a sharp drop in the number of transactions.
  • The impact of the COVID-19 crisis on the results for the first semester 2020 is limited. This is due to the fact that the deeds of sale drawn up in this period mainly relate to sales contracts (provisional deeds) concluded before the introduction of the measures. 
  • Apartments registered in all regions the sharpest price increase.
  • Flemish Brabant and Walloon Brabant are the most expensive provinces, Hainaut is the cheapest.
  • The most expensive municipality is Ixelles. The cheapest houses can be found in Hastière.

Belgium

The median price for an attached or semi-detached house amounted to 200,000 euros in the first semester of 2020. A buyer had to pay 300,000 euros for a detached house. So those who wanted to buy a detached house had to pay 100,000 euros more than the median price of an attached or semi-detached house. Apartments cost 200,000 euros:

BELGIUM 2018 2019 2020 evolution % evolution %
(S1) (S1) (S1) 2019/2018 2020/2019
Houses with 2 or 3 outside walls (attached + semi-detached houses) 195,000 200,000 200,000 +2.6% +0.0%
Houses with 4 outside walls or more (detached houses) 280,000 293,000 300,000 +4.6% +2.4%
Apartments 180,000 187,000 200,000 +3.9% +7.0%
Median price (euros)

Compared to the first semester of 2019, the median price of attached or semi-detached houses remained stable at national level. This is due to the abolition of the housing bonus in the Flemish Region:  the number of transactions there has decreased to such an extent that the prices of the cheaper Walloon Region had a greater downward effect on the national median price. 

The median price for detached houses increased by 2.4 % (+7,000 euros). Apartments became 13,000 euros more expensive, i.e. a rise of 7 %. In all regions, this was the property type with the sharpest price increase.

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The regions

Clear regional differences can be noted: 

  • The Walloon Region is the cheapest. In the first semester of 2020, attached and semi-detached houses have registered, with a median price of 150,000 euros, a price increase of 5,000 euros (3.4 %) compared to the same period last year. The median price of detached houses increased by 15,000 euros (+6.4 %) and now stands at 250,000 euros. With a price increase of 10,000 euros, apartments became 6.9 % more expensive and cost 155,000 euros:
WALLOON REGION 2018 2019 2020 evolution % evolution %
(S1) (S1) (S1) 2019/2018 2020/2019
Houses with 2 or 3 outside walls (attached + semi-detached houses) 137,500 145,000 150,000 +5.5% +3.4%
Houses with 4 outside walls or more (detached houses) 230,000 235,000 250,000 +2.2% +6.4%
Apartments 140,000 145,000 155,000 +3.6% +6.9%
Median price (euros)
  • The Brussels-Capital Region is the most expensive region for all types of dwellings. Attached and semi-detached houses cost 421,000 euros and became 22,000 euros (5.5 %) more expensive than in the same period last year. Detached houses cost 860,000 euros: they became 0,9 % or 7,500 euros more expensive.  Apartments became 9 % more expensive and cost 221,750 euros, i.e. a price increase of 18,250 euros:
BRUSSELS-CAPITAL REGION 2018 2019 2020 evolution % evolution %
(S1) (S1) (S1) 2019/2018 2020/2019
Houses with 2 or 3 outside walls (attached + semi-detached houses) 362,250 399,000 421,000 +10.1% +5.5%
Houses with 4 outside walls or more (detached houses) 830,000 852,500 860,000 +2.7% +0.9%
Apartments 196,000 203,500 221,750 +3.8% +9.0%
Median price (euros)

The Flemish Region is in between. Attached and semi-detached houses cost there 237,250 euros, an increase of 3.2 % compared to the first semester of 2019. Detached houses (340,000 euros) registered a price increase of 4.6 % or 15,000 euros. Apartments cost 205,000 euros. They became 7.9 % or 15,000 euros more expensive:

FLEMISH REGION 2018 2019 2020 evolution % evolution %
(S1) (S1) (S1) 2019/2018 2020/2019
Houses with 2 or 3 outside walls (attached + semi-detached houses) 225,000 230,000 237,250 +2.2% +3.2%
Houses with 4 outside walls or more (detached houses) 310,000 325,000 340,000 +4.8% +4.6%
Apartments 185,000 190,000 205,000 +2.7% +7.9%
Median price (euros)

Impact of the abolition of the housing bonus and of the COVID-19

In the first semester of 2020, the number of transactions registered a significant decrease due to several factors. To illustrate this, this paragraph zooms in on the quarterly figures:

Number of property transactions 2019
(Q3)
2019
(Q4)
2020
(Q1)
2020
(Q2)
evolution %
2019-Q4 / 2019-Q3
evolution %
2020-Q1 / 2019-Q4
evolution %
2020-Q2 / 2020-Q1
BELGIUM Houses with 2 or 3 outside walls (attached + semi-detached houses) 16,486 24,850 9,680 13,182 +50.7% -61.0% +36.2%
Houses with 4 outside walls or more (detached houses) 7,901 11,938 4,678 6,334 +51.1% -60.8% +35.4%
Apartments 9,821 13,127 7,414 8,893 +33.7% -43.5% +19.9%
FLEMISH REGION Houses with 2 or 3 outside walls (attached + semi-detached houses) 10,531 18,229 4,574 7,903 +73.1% -74.9% +72.8%
Houses with 4 outside walls or more (detached houses) 5,095 8,774 2,266 3,863 +72.2% -74.2% +70.5%
Apartments 6,099 9,116 4,222 5,416 +49.5% -53.7% +28.3%
WALLOON REGION Houses with 2 or 3 outside walls (attached + semi-detached houses) 5,413 6,015 4,601 4,798 +11.1% -23.5% +4.3%
Houses with 4 outside walls or more (detached houses) 2,770 3,124 2,375 2,427 +12.8% -24.0% +2.2%
Apartments 1,363 1,620 1,159 1,439 +18.9% -28.5% +24.2%
BRUSSELS-CAPITAL REGION Houses with 2 or 3 outside walls (attached + semi-detached houses) 542 606 505 481 +11.8% -16.7% -4.8%
Houses with 4 outside walls or more (detached houses) 36 40 37 44 +11.1% -7.5% +18.9%
Apartments 2,359 2,391 2,033 2,038 +1.4% -15.0% +0.2%

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On 30 September 2019, the new Flemish government announced that the housing bonus for all property transactions would be abolished from 1 January 2020 onwards. This caused a rush on real estate in the fourth quarter of 2019 in the Flemish Region (similar to the rush at the end of 2014: as of 1 January 2015, the tax benefit of the housing bonus was reduced), with the logical consequence that the number of transactions in the first quarter of 2020 fell sharply. The impact of the abolition was less significant for apartments. The number of transactions in the Flemish Region is recovering in the second quarter of 2020.

The impact of the COVID-19 crisis on the figures of the second quarter of 2020 is relatively limited because the results in this press release are based on the number of deeds of sale drawn up, and not on the provisional deeds.[1] Most of the deeds of sale in this period relate to provisional deeds concluded before 18 March 2020.  As a result of the lockdown measures, it was no longer possible to organise site visits in dwellings for rent or for sale from 18 March onwards. As of 11 May, this was permitted again, subject to the adoption of strict safety measures. This will have a significant impact on the results (number of deeds of sale drawn up) for the third quarter 2020.

The provinces

In the Flemish Region, houses and apartments were the most expensive in the province of Flemish Brabant and the cheapest in Limburg, in the first semester of 2020. An attached or semi-detached house cost in Flemish Brabant 281,400 euros, and the median price of a detached house was 375,000 euros. For an apartment, the median price was 225,000 euros. In Limburg, a buyer had to pay 195,000 euros for an attached or semi-detached house and 250,000 euros for a detached house.  Apartments cost there 180,000 euros.

In the Walloon Region, the province of Walloon Brabant is the most expensive for all categories: attached and semi-detached houses cost there 276,000 euros, the median price of a detached house was 385,000 euros and apartments reached a level of 230,000 euros. Hainaut was the cheapest for attached or semi-detached houses (134,000 euros) and apartments (135,000 euros). The cheapest detached houses were found in the province of Luxembourg (200,000 euros).

The municipalities

Ixelles is the most expensive municipality, Hastière the cheapest

The tables below present a ranking of the most and least expensive municipalities per region based on all attached, semi-detached and detached houses that were sold during the first semester of 2020.

The most expensive Flemish municipality was Knokke-Heist with a median price of 682,500 euros. The cheapest houses in this region could be found in Heuvelland with a median price of 139,000 euros.

The most expensive Walloon houses are located in Lasne (642,500 euros) and the cheapest houses could be found in Hasitère (72,000 euros).

In the Brussels-Capital Region, the municipality of Ixelles registered the highest median price with 720,000 euros. The lowest median price in this region was found in Anderlecht (299,000 euros).


[1] There is a maximum period of 4 months between the conclusion of the provisional deed and the execution of the deed. This period was extended by the Flemish authorities by 2 months as a result of the COVID-19 measures.

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Overview by Buildingtype
Content
Detached houses
Content

Doel en korte beschrijving

Deze statistiek geeft het aantal transacties, de totale prijs, de totale perceelsoppervlakte en de gemiddelde verkoopprijs weer van de gewone woonhuizen, de villa's, de appartementen en de bouwgronden.

Populatie

De statistiek van de vastgoedprijzen is gebaseerd op alle vastgoedtransacties waarvoor registratierechten dienen te worden betaald. De brongegevens hiervoor komen van de Algemene Administratie van de Patrimoniumdocumentatie (vroegere ‘Kadaster’) van de FOD Financiën.

Frequentie

Jaarlijks

Timing publicatie

Resultaten beschikbaar 3 maanden + 15 dagen na de referentieperiode

Definities

P10, P90 en Q25, Q50 en Q75 zijn de berekeningen van zogenaamde "percentielen" en "kwartielen".

Alle vastgoedprijzen worden eerst geordend van laagste prijs naar hoogste prijs

Het 25e percentiel (ook wel het eerste kwartiel genoemd = Q25) is dus deze prijs waarbij 25% van de bouwgronden even duur of goedkoper zijn dan de prijs van het eerste kwartiel, terwijl logischerwijs 75% van de gronden even duur of duurder zijn.

Het tweede kwartiel is gelijk aan de mediaan (Q50). 50% Van de bouwgronden zijn dus even duur of goedkoper dan deze mediaanprijs en 50% van de gronden zijn duurder.

Een zelfde redenering geldt voor het derde kwartiel (Q75). 75% van de gronden zijn goedkoper of minstens even duur en slechts 25% van de gronden zijn duurder.

Uiteraard kan men elk percentiel bereken. Bij de vastgoedprijzen worden zo ook het Percentiel 10 (P10) en Percentiel (P90) berekend.

P10 is gelijk aan het eerste deciel en bij een dergelijke prijs zijn slechts 10% van de gronden goedkoper dan deze 1e decielprijs, terwijl 90% van de gronden duurder zijn.

P90 is juist het omgekeerde: 90% van de gronden zijn goedkoper dan de vermelde prijs terwijl slechts 10% duurder is.

Opmerkingen

Door een ingrijpende verandering in het verwerkingsproces is er een trendbreuk waar te nemen tussen het jaar 2004 en 2005.

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