A reduction in registration fees for home purchases has pushed up house and apartment prices in Belgium, according to figures published by the statistics agency Statbel on Thursday. The price hikes are most noticeable in Wallonia.
In Flanders, the median price for terraced or semi-detached houses rose by 6.7 per cent to 320,000 euros, while prices for detached homes rose by 3.6 per cent. Apartment prices rose by 4.7 per cent to 256,000 euros.
A reduction in registration fees has freed up more budget for buyers, pushing up property prices
Statbel attributes these increases to the reduction in registration fees introduced in January. In Flanders, fees have fallen from 3 to 2 per cent under certain conditions. In Wallonia, they have fallen from 12.5 per cent to 3 per cent. This has freed up more budget for buyers, pushing up property prices.
Wallonia and Brussels
The effect is even more pronounced in Wallonia, where the median price of a terraced or semi-detached house rose by 14 per cent. Detached houses in Wallonia have become over 15 per cent more expensive. The median price of an apartment in Wallonia is now 190,000 euros, an increase of 8.6 per cent.
In Brussels, the median price of terraced or semi-detached houses increased by 7.1 per cent to 525,000 euros. Detached homes in the capital region now cost 987,500 euros, which is 10.2 per cent cheaper than in the same period last year. Meanwhile, the price of apartments increased by 1.9 per cent to 265,000 euros.
