Real Estate: The Market Holds, But the Rules Are Changing

The essentials, in figures

• House in Brussels: €611,873 on average (+5.2%)

• Apartment in Brussels: €299,501 (+1.0%)

• House in Walloon Brabant: €471,945 (+3%)

• Apartment in Walloon Brabant: €271,697 (-1%)

• Average rent in Brussels: €1,401 (+1.5% over six months)

• ECB deposit rate: 2.50%, after two increases since June

Average prices for the first half of 2026, compared to the 2025 average.

Rates: the real shift this autumn

On 10 September, the European Central Bank raised its rates for the second time this year, in response to renewed inflation linked to the situation in the Middle East. Belgium's 10-year government borrowing rates reached their highest level in over two years, and mortgage rates followed suit.

In June, the strongest applications could still secure a fixed rate of around 3% over 20 years; today, broker barometers put it at around 4%.

The gap is far from negligible. For a €300,000 loan over 20 years, moving from 3% to 4% adds roughly €155 to the monthly payment, nearly €37,000 in additional repayments over the life of the loan. At an equivalent monthly payment, borrowing capacity drops to around €275,000.

This reduced borrowing capacity is directly contributing to buyers' current caution.

Brussels: a two-speed market

Houses remain highly sought after. In the second quarter, sales rose 9.1% year-on-year, and the average price for the first half of the year reached €611,873.

Apartments, which have historically accounted for nearly two-thirds of Brussels' residential transactions, are behaving differently: sales are down slightly (-1.3%) and the average price is up just 1%, to €299,501.

These figures paint a more nuanced picture than the rise in house prices alone would suggest.

On the ground, our advisors are also seeing supply gradually increase in certain segments. Buyers have more choice and more points of comparison: they're taking more time, costing out renovation work precisely, and no longer hesitate to negotiate when the asking price doesn't match the property's actual condition.

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Rental and investment: demand holds, investors grow more cautious

Average Brussels rent passes €1,400 for the first time, but its growth is slowing: +1.5% over six months, below inflation. The median rent remains stable at €1,250.

Gaps between municipalities remain significant: for an apartment, Woluwe-Saint-Pierre becomes the first municipality to top €1,600 (€1,608), ahead of Uccle (€1,545).

On the investor side, caution prevails. Financing costs, taxation, energy requirements and regulatory uncertainty are weighing on decisions, a view shared by the professional federation CIB.

This is a point worth watching for Brussels: if rental investment were to decline over the long term, the supply of rental housing could suffer, even as demand remains structurally strong.

Walloon Brabant: high prices, a market finding its balance

Walloon Brabant remains Wallonia's most expensive province. The average house price there reaches €471,945, the strongest increase among Walloon provinces (+3%).

Apartments, however, are down 1%, to €271,697, and activity eased slightly in the second quarter compared to the first (-0.9%).

The same trend applies to rentals: with an average rent of €1,218, it's the only Walloon province where rents are falling this half-year (-1.8%).

After 2025's strong rebound, the market is gradually returning to a more normal pace. Well-located, correctly priced, energy-efficient properties continue to see solid demand. Those requiring major renovation work or listed above market value are meeting more resistance.

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Energy: what's changing in Wallonia

A clearer EPC. Since 1 September, every new EPC includes an indicative renovation pathway toward an A rating: recommended works, priority order, and, where possible, a cost range. Certificates still valid remain so until their expiry.

Refocused support. From 1 October, the Habitation premium scheme gives way to a loan-based system, subject to the Region's transitional measures. The Rénopack is a zero-rate loan, part of which may be non-repayable depending on income. The Rénoprêt complements this scheme depending on the nature of the works and the household's situation. The loan amount can reach €75,000 for a single-family home, subject to certain conditions related notably to the property's energy performance and planned works.

The consequence is direct. The cost of upcoming renovation work is taking on growing importance in negotiations. The new EPC helps buyers identify these issues from their very first read of the certificate.

What this means for you

Selling. Prices achieved one or two years ago are no longer an automatic benchmark. A correctly positioned property finds its market from the outset; an overvalued one faces heavier negotiation and longer timelines. Starting price, presentation and energy performance now make the difference.

Buying. Get your borrowing capacity confirmed before your first viewings, and factor renovation costs into your overall budget. The market offers you more room for comparison than it did two years ago, but quality, correctly positioned properties continue to see solid demand.

Investing. Rental demand remains solid, particularly in Brussels. But yield calculations now need to account for higher financing costs and growing energy requirements. Purchase price, location and energy performance matter more than ever.

In summary

The market remains healthy: demand is present, and nothing at this stage points to a widespread price decline.

But the dynamic is evolving.

Rising rates, reformed support schemes, more rational buyers and wider supply in certain segments are gradually establishing a more balanced relationship between sellers and buyers.

The period of near-automatic price increases is giving way to a more rational, more selective market, one where a property's value depends above all on its own reality: location, condition, energy performance and correct positioning.

The coming months will depend largely on how rates evolve, the economic context, and international uncertainties. It's still too early to anticipate a widespread price decline, but it's becoming essential for owners to align their expectations with the market's current reality.

In this context, knowing your property's true value has never mattered more.

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