Real Estate

House prices - third quarter 2022

Housing
House prices - third quarter 2022

Statbel, the Belgian statistical office, publishes today the house prices for the third quarter of 2022 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 260,000 euros. A buyer had to pay 365,000 euros for a detached house.
  • The Walloon Region is the cheapest with a median price of 180,000 euros for an attached or semi-detached house, and 295,000 euros for a detached house.
  • It is followed by the Flemish Region. Attached and semi-detached houses cost there 295,000 euros, and detached houses cost 400,000 euros.
  • The Brussels-Capital Region is the most expensive region for all types of dwellings. Attached and semi-detached houses cost there 499,000 euros. The median price for a detached house amounted to 1,075,000 euros.
  • Flemish Brabant and Walloon Brabant are the most expensive provinces. The cheapest Flemish province is Limburg, the cheapest Walloon province is Hainaut.
  • Ixelles is the most expensive municipality. The cheapest houses can be found in Hastière.

Belgium

The median price for an attached or semi-detached house amounted to 260,000 euros in the third quarter of 2022. A buyer had to pay 365,000 euros for a detached house. Apartments cost 235,000 euros:

BELGIUM 2020 2021 2022 % evolution % evolution
(Q3) (Q3) (Q3) 2021(Q3) / 2020(Q3) 2022(Q3) / 2021(Q3)
Houses with 2 or 3 outside walls (attached + semi-detached houses) 220,000 245,000 260,000 +11.4% +6.1%
Houses with 4 outside walls or more (detached houses) 315,000 350,000 365,000 +11.1% +4.3%
Apartments 204,500 222,000 235,000 +8.6% +5.9%
Median price (euros)

Compared to the third quarter 2021, the median prices of attached and semi-detached houses have increased by 6.1 %, i.e. an increase of 15,000 euros. Detached houses registered a price increase of 4.3% or 15,000 euros. Apartments became 5.9% more expensive, representing a price increase of 13,000 euros.

(The chart shows the median prices of the third quarter for each year)

The regions

Clear regional differences can be noted:

  • The Walloon Region is the cheapest. In the third quarter of 2022, attached and semi-detached houses with a median price of 180,000 euros experienced a price increase of 5.9% compared to the same period last year. Prices of detached houses experienced a price increase of 5.4% to 295,000 euros. With a price increase of 5,000 euros, apartments became 2.9 % more expensive and cost 175,000 euros:
WALLOON REGION 2020 2021 2022 % evolution % evolution
(Q3) (Q3) (Q3) 2021(Q3) / 2020(Q3) 2022(Q3) / 2021(Q3)
Houses with 2 or 3 outside walls (attached + semi-detached houses) 156,000 170,000 180,000 +9.0% +5.9%
Houses with 4 outside walls or more (detached houses) 251,000 280,000 295,000 +11.6% +5.4%
Apartments 155,000 170,000 175,000 +9.7% +2.9%
Median price (euros)
  • It is followed by the Flemish Region. Attached and semi-detached houses there cost 295,000 euros, an increase of 22,000 euros (+8.1%) compared to the third quarter of 2021. Detached houses (400,000 euros) experienced a price increase of 5.3 % or 20,000 euros. The median price of apartments rose by 6.7% to €240,000:
FLEMISH REGION 2020 2021 2022 % evolution % evolution
(Q3) (Q3) (Q3) 2021(Q3) / 2020(Q3) 2022(Q3) / 2021(Q3)
Houses with 2 or 3 outside walls (attached + semi-detached houses) 250,000 273,000 295,000 +9.2% +8.1%
Houses with 4 outside walls or more (detached houses) 342,750 380,000 400,000 +10.9% +5.3%
Apartments 206,600 225,000 240,000 +8.9% +6.7%
Median price (euros)
  • The Brussels-Capital Region is the most expensive region for all types of dwellings. Attached and semi-detached houses cost just under half a million euros and became 14,000 euros (+2.9%) more expensive. Detached houses experienced a 2.9% decrease in median price and cost 1,075,000 euros . Apartments cost 262,250 euros, representing a price increase of 4.9%.
BRUSSELS-CAPITAL REGION 2020 2021 2022 % evolution % evolution
(Q3) (Q3) (Q3) 2021(Q3) / 2020(Q3) 2022(Q3) / 2021(Q3)
Houses with 2 or 3 outside walls (attached + semi-detached houses) 436,000 485,000 499,000 +11.2% +2.9%
Houses with 4 outside walls or more (detached houses) 1,220,000 1,107,500 1,075,000 -9.2% -2.9%
Apartments 230,000 250,000 262,250 +8.7% +4.9%
Median price (euros)

The provinces

In the Flemish Region, in the third quarter of 2022, houses and apartments were most expensive in the province of Flemish Brabant: an attached or semi-detached house there cost 350,000 euros. For a detached house the median price was 450,000 euros. Apartments there cost 260,000 euros. In Limburg, houses and apartments were the cheapest: 240,000 euros for an attached or semi-detached house and 311,500 euros for a detached house. The median price for apartments there was 222,000 euros.

In the Walloon Region, the province of Walloon Brabant was the most expensive for all categories: attached and semi-detached houses there cost 320,000 euros, the median price for detached houses was 450,000 euros and apartments reached a level of 250,000 euros. Hainaut was the cheapest for attached or semi-detached houses (159,000 euros) and apartments (140,000 euros). The cheapest detached houses were found in the province of Namur (265,000 euros).

The municipalities

Ixelles is the most expensive municipality, Hastière the cheapest

The tables below show a ranking of the most and least expensive municipalities per region based on all attached, semi-detached and detached houses for the third quarter of 2022.

The most expensive Flemish municipality was Sint-Martens-Latem with a median price of 772,500 euros. The cheapest houses in this region could be found in Menen with a median price of 180,000 euros.

The most expensive Walloon houses were located in Lasne (695,000 euros) and the cheapest houses were found in Hastière (110,000 euros).

In the Brussels-Capital Region, the municipality of Ixelles had the highest median price with 840,000 euros. The lowest median price in this region was for the municipality of Anderlecht (327,000 euros).

Houses in the Flemish Region

Most expensive municipalities Median price Least expensive municipalities Median price
1 SINT-MARTENS-LATEM (33) 772,500 1 MENEN (120) 180,000
2 KNOKKE-HEIST (90) 750,000 2 RONSE (102) 195,750
3 WEZEMBEEK-OPPEM (37) 625,000 3 ALVERINGEM (20) 213,750
4 HOVE (20) 612,950 4 TONGEREN (75) 214,228
5 SCHILDE (71) 605,000 5 STADEN (33) 225,000
6 KRAAINEM (32) 588,000 6 GERAARDSBERGEN (115) 230,000
7 TERVUREN (61) 585,000 7 WEVELGEM (95) 230,000
8 SINT-GENESIUS-RODE (52) 562,500 8 LEOPOLDSBURG (31) 230,000
9 DE PINTE (23) 548,000 9 HEERS (19) 232,500
10 ZOERSEL (51) 517,500 10 PEER (22) 234,500
11 HOEILAART (25) 515,000 11 POPERINGE (71) 235,000
12 OVERIJSE (64) 507,500 12 TIENEN (103) 235,000
13 LENNIK (18) 497,500 13 LANDEN (48) 235,100
14 OUD-HEVERLEE (30) 494,615 14 WERVIK (44) 240,000
15 BRASSCHAAT (96) 490,000 15 DE PANNE (27) 241,000
16 WEMMEL (26) 482,500 16 HEUVELLAND (26) 242,500
17 WOMMELGEM (32) 477,500 17 IZEGEM (86) 243,000
18 EDEGEM (59) 460,684 18 MIDDELKERKE (63) 246,000
19 BIERBEEK (21) 459,500 19 KORTRIJK (218) 246,000
20 LINT (18) 458,000 20 MOORSLEDE (30) 247,500
The figure in brackets represents the number of transactions.

Houses in the Walloon Region

Most expensive municipalities Median price Least expensive municipalities Median price
1 LASNE (39) 695,000 1 HASTIERE (48) 110,000
2 WATERLOO (61) 507,500 2 COLFONTAINE (69) 122,500
3 RIXENSART (54) 505,000 3 FRAMERIES (44) 125,000
4 CHAUMONT-GISTOUX (29) 475,000 4 COUVIN (33) 125,000
5 LA HULPE (18) 428,250 5 HENSIES (18) 126,500
6 BEAUVECHAIN (18) 419,500 6 BOUSSU (62) 127,500
7 BRAINE-LE-CHÂTEAU (25) 410,000 7 DOUR (54) 132,000
8 OTTIGNIES-LOUVAIN-LA-NEUVE (55) 392,500 8 ERQUELINNES (19) 135,000
9 BRAINE-L’ALLEUD (83) 380,000 9 PEPINSTER (27) 137,500
10 VILLERS-LA-VILLE (21) 380,000 10 QUAREGNON (55) 139,000
11 WAVRE (70) 375,000 11 TROOZ (39) 145,000
12 GREZ-DOICEAU (40) 357,500 12 CHARLEROI (464) 149,000
13 RAEREN (23) 345,500 13 DISON (35) 149,000
14 NEUPRE (19) 345,000 14 QUIÉVRAIN (20) 149,250
15 GENAPPE (33) 344,000 15 BELOEIL (38) 150,000
16 ARLON (58) 340,000 16 FARCIENNES (23) 155,000
17 JURBEKE (21) 332,500 17 SERAING (148) 157,000
18 REBECQ (36) 330,000 18 FONTAINE-L'EVEQUE (48) 159,000
19 NIVELLES (51) 310,000 19 VIROINVAL (16) 159,500
20 GELDENAKEN (43) 310,000 20 CHÂTELET (88) 160,000
The figure in brackets represents the number of transactions.

Houses in the Brussels-Capital Region

Most expensive municipalities Median price Least expensive municipalities Median price
1 IXELLES (24) 840,000 1 ANDERLECHT (59) 327,000
2 WOLUWE-SAINT-PIERRE (41) 773,000 2 MOLENBEEK-SAINT-JEAN (19) 362,000
3 WATERMAEL-BOITSFORT (23) 735,000 3 BRUSSELS (59) 397,500
4 WOLUWE-SAINT-LAMBERT (36) 725,000 4 BERCHEM-SAINTE-AGATHE (24) 398,500
5 UCCLE (86) 720,000 5 JETTE (24) 420,000
The figure in brackets represents the number of transactions.

Annexes

Overview median prices

Average sales prices
(euros per unit sold)
2019
(S1)
2020
(S1)
2021
(S1)
Evolution %
2020(S1) / 2019(S1)
Evolution %
2021(S1) / 2020(S1)
Belgium Houses with 2 or 3 outside walls (attached + semi-detached houses) 200,000 200,000 230,000 +0.0% +15.0%
Houses with 4 outside walls or more (detached houses) 293,000 300,000 330,000 +2.4% +10.0%
Apartments 187,000 200,000 215,000 +7.0% +7.5%
Flemish Region Houses with 2 or 3 outside walls (attached + semi-detached houses) 230,000 237,000 260,000 +3.0% +9.7%
Houses with 4 outside walls or more (detached houses) 325,000 340,000 365,000 +4.6% +7.4%
Apartments 190,000 204,895 217,184 +7.8% +6.0%
Walloon Region Houses with 2 or 3 outside walls (attached + semi-detached houses) 145,000 150,000 160,000 +3.4% +6.7%
Houses with 4 outside walls or more (detached houses) 235,000 249,001 265,000 +6.0% +6.4%
Apartments 145,000 155,000 160,000 +6.9% +3.2%
BRUSSELS-CAPITAL REGION Houses with 2 or 3 outside walls (attached + semi-detached houses) 399,000 423,000 434,500 +6.0% +2.7%
Houses with 4 outside walls or more (detached houses) 852,500 860,000 1,100,000 +0.9% +27.9%
Apartments 203,500 222,000 239,000 +9.1% +7.7%
PROVINCE OF ANTWERP Houses with 2 or 3 outside walls (attached + semi-detached houses) 250,000 259,000 285,000 +3.6% +10.0%
Houses with 4 outside walls or more (detached houses) 340,000 360,750 385,000 +6.1% +6.7%
Apartments 185,000 203,000 215,000 +9.7% +5.9%
PROVINCE OF FLEMISH BRABANT Houses with 2 or 3 outside walls (attached + semi-detached houses) 270,000 281,400 305,000 +4.2% +8.4%
Houses with 4 outside walls or more (detached houses) 365,000 375,000 415,000 +2.7% +10.7%
Apartments 210,000 225,000 240,000 +7.1% +6.7%
PROVINCE OF WALLOON BRABANT Houses with 2 or 3 outside walls (attached + semi-detached houses) 260,000 276,000 300,000 +6.2% +8.7%
Houses with 4 outside walls or more (detached houses) 370,000 385,000 435,000 +4.1% +13.0%
Apartments 212,500 230,000 219,250 +8.2% -4.7%

Flemish Region

Houses with 2 or 3 outside walls (attached + semi-detached houses) 204,000 205,000 225,000 +0.5% +9.8%
Houses with 4 outside walls or more (detached houses) 330,000 340,000 360,000 +3.0% +5.9%
Apartments 190,000 195,000 210,000 +2.6% +7.7%
PROVINCE OF EAST FLANDERS Houses with 2 or 3 outside walls (attached + semi-detached houses) 225,000 230,000 255,000 +2.2% +10.9%
Houses with 4 outside walls or more (detached houses) 340,000 350,000 385,000 +2.9% +10.0%
Apartments 200,000 220,000 225,500 +10.0% +2.5%
PROVINCE OF HAINAUT Houses with 2 or 3 outside walls (attached + semi-detached houses) 129,000 133,000 140,000 +3.1% +5.3%
Houses with 4 outside walls or more (detached houses) 225,000 230,000 245,000 +2.2% +6.5%
Apartments 125,000 135,000 139,000 +8.0% +3.0%
PROVINCE OF LIÈGE Houses with 2 or 3 outside walls (attached + semi-detached houses) 149,000 157,500 165,000 +5.7% +4.8%
Houses with 4 outside walls or more (detached houses) 237,000 250,000 265,000 +5.5% +6.0%
Apartments 140,000 149,000 154,000 +6.4% +3.4%
PROVINCE OF LIMBURG Houses with 2 or 3 outside walls (attached + semi-detached houses) 195,000 195,000 215,000 +0.0% +10.3%
Houses with 4 outside walls or more (detached houses) 252,250 250,000 285,000 -0.9% +14.0%
Apartments 185,000 180,000 199,500 -2.7% +10.8%
PROVINCE OF LUXEMBOURG Houses with 2 or 3 outside walls (attached + semi-detached houses) 140,000 160,000 165,000 +14.3% +3.1%
Houses with 4 outside walls or more (detached houses) 190,000 200,000 240,000 +5.3% +20.0%
Apartments 145,000 150,000 166,750 +3.4% +11.2%
PROVINCE OF NAMUR Houses with 2 or 3 outside walls (attached + semi-detached houses) 160,000 165,000 170,000 +3.1% +3.0%
Houses with 4 outside walls or more (detached houses) 210,000 215,000 225,000 +2.4% +4.7%
Apartments 151,600 167,750 155,900 +10.7% -7.1%
Overview by Buildingtype
Content
Map
Content

General overview

The statistic on house prices is based on the deeds of sale registered by the FPS Finances, and more specifically the General Administration of the Patrimonial Documentation (GAPD), better known as the land registry. Until 2004, the necessary data were transmitted to Statbel on paper. From 2005 onwards, the data were transmitted in digital format, based on the registration system CADNET/LOCO. From 2016 onwards, the STIPAD system replaced the CADNET/LOCO system within the GAPD. This document describes the methodology used to calculate house prices.

Direct sales versus public sales

In the case of a direct sale of real estate, the buyer and the seller agree on a selling price.

In the case of a public sale, the property is sold according to the highest bid system. The sale is usually conducted under the direction of a notary in a public space (e.g. a café) and is announced in a local newspaper, for example.

Real estate prices as calculated by Statbel are based on both direct sales and public sales.

Preliminary sales agreement versus deed of sale

In the case of a direct sale of real estate, a preliminary sales agreement is first signed between the seller and the buyer. The signature of the notarial deed of sale takes place with a notary within 4 months of the signature of the preliminary sales agreement.

All preliminary sales agreements do not result in an actual sale. It is possible that the buyer does not find the necessary funding after the signature of the preliminary sales agreement because the bank refused the mortgage credit, for example.

Real estate prices as calculated by Statbel are based on the notarial deeds, i.e. on effective sales, and not on preliminary sales agreements.

Sales price

In addition to the agreed sales price, the buyer still has to pay additional costs, such as registration fees (or VAT in the case of a new building) and the notary's fees for drawing up the deed. If you take out a mortgage loan, the mortgage registration fees and any bank processing fees are added. For the calculation of real estate prices, we only take the agreed sales prices into account, excluding additional fees.

Type of property

Residential real estate

The data set of the land registry, to which Statbel had access from 2005 to 2017 for the calculation of real estate prices, included the following categories of properties:

  • regular houses
  • villas
  • apartments

These categories are based on the nature mentioned on the cadastral plan. This nature is determined once the new building is completed. This nature is not always updated if the purpose of the building changes.

The breakdown into ‘regular house’ versus ‘villa’ is based on the (subjective) judgement of the evaluator of the land registry.

In the rest of the document, real estate prices calculated according to the breakdown above are mentioned as real estate prices according to the ‘former methodology’. From 2017 onwards, a more comprehensive data set, including a detailed description of the property, was made available to Statbel. It provides two additional variables: the nature according to the deed of sale and the construction code.

This additional information makes it possible to further optimise the methodology:

  • In order to determine the type of building, we no longer use the nature mentioned in the cadastral plan, but the nature mentioned in the deed of sale. This nature is more up to date because it is identified (by the notary) at the time of each sale.
  • Houses are now objectively broken down according to the number of facades. The former method made the distinction between regular houses and villas, but this qualification is subjective. In the modified methodology, we now distinguish attached and semi-detached houses (2 or 3 facades) and detached houses (4 facades or more).

In the rest of the document, real estate prices calculated based on the nature in the deed of sale are mentioned as real estate prices according to the ‘new methodology’.

Building plots

The additional variables do not make it possible to calculate reference prices for building plots. The reason is that a large part of actual building plots was assigned to a residential category, in which we can find anything: agricultural lands, industrial lands, building plots, etc. This concerns more than 50 % of all building plots.

Other types of properties

In the same way, for non-residential properties (agriculture, commercial, etc.), the database of the land registry does not allow to calculate results. Properties in this category are very often sold in lots, with other plots with different purposes for a total price, so that it is not possible to calculate a price per individual property and therefore the median prices per category.

New buildings

In the former methodology, all transactions that were in the summary data set of the land registry were included in the calculation. It also included part of the new constructions.

Thanks to the more detailed data set available to Statbel since 2016 and after a joint analysis with the land registry, it appeared that not all actual new constructions were included in the data set and that the data on new constructions that were included were not always accurate. The land registry’s database does not allow to build up a correct picture of the total sales of new constructions. For this reason, the new optimised methodology only takes into account the secondary real estate market (resale) and all transactions relating to new constructions are eliminated.

Cleansing of data sets

The data sets provided by the land registry are cleaned in two ways.

On the one hand, all transactions that do not belong to the statistical universe are eliminated. These transactions are not taken into account in the calculation of the reference price or of the number of transactions. This concerns for example transfers due to inheritances. In the optimised methodology, new constructions are also eliminated.

In the same way, transactions for which essential data are unknown - e.g. the date of sale or the type of property - are also eliminated.

On the other hand, filters are used to identify missing data. In this case, the missing data make it possible to include transactions in the calculation of the number of transactions, but they are not taken into account in the calculation of the reference price. This concerns for example transactions for which only the price is missing. Transactions relating to the sale of several properties in one lot for an overall price are also included in this category.

Results

In the former methodology, the results calculated include average prices, median prices, percentile prices, the number of transactions, total prices and total surface areas.

In the new optimised methodology, the results calculated include median prices, percentile prices and the number of transactions.

The results are grouped per year, per semester or quarter, per type of dwelling and per location (municipalities, districts, provinces, regions and country).

Reference price: average price versus median price

For statistical breakdowns characterised by observations with extreme values (e.g. the sales price of real estate), it should be taken into account that the average, as the central measuring tool, is strongly influenced by these extreme values: an extreme value will steer the average towards it to a large extent.

The median price is a more appropriate measuring tool. This is the price against which 50% of transactions are cheaper and 50% more expensive. The influence of these extreme values on this measuring tool is minimal or non-existent: the median does not change, or hardly changes, if an extreme value is added to or removed from the calculation (unlike the average). So, the median price is a more stable measuring tool than the average price.

In Statbel's publications, the median price is used as reference price.

Percentile price

Percentile prices are additional measuring tools that, with the median price, give a better picture of the statistical breakdown of prices. The 25th percentile (also called the first quartile: Q25) is the price against which 25 % of transactions are as expensive or cheaper, while 75 % of transactions are as expensive or more expensive.

The 75th percentile (also called the third quartile: Q75) is the price against which 75 % of transactions are as expensive or cheaper, while 25 % of transactions are as expensive or more expensive.

Median and percentile prices are published only for 16 transactions with valid prices per aggregate, in order to achieve a certain degree of representativeness and to guarantee the confidentiality of individual data. The land registry’s database sometimes contains transactions with no valid price. These transactions are included in the total number of transactions, but not in the price calculation. If, for an aggregate, there is one or more transactions whose price is not valid, the number of transactions for which prices are shown will be greater than the limit of 16 transactions referred to above, in accordance with the number of transactions whose price is not valid.

Total price

Given the relatively high number of transactions for which the price is missing (especially since STIPAD), we no longer publish the total price in the new optimised methodology.

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