In 2008, following the financial crisis, there was a drop in demand for luxury properties, particularly in the province of Antwerp. However, in recent years, there has been an improvement in the field of the sale of luxury real estate. Thus, according to the Statbel research centre, 810 homes worth more than one million euros were sold in 2017, a figure reaching 984 last year. The turnover of this market is today equivalent to 1.27 billion euros.
Despite the coronavirus pandemic, sales in this real estate market are stable and the desire to acquire a beautiful, pleasant property continues to grow.
Belgium last year sold a record 237 apartments and 747 houses worth over one million euros. And we see today that the presence of the virus does not reverse the sales curve of these properties.
The increase in sales of luxury real estate is particularly clear in Brussels (+ 4% compared to 2018 and + 18% compared to 2017), as well as in Flanders (+ 10% and + 20%).
The market is most prosperous in West Flanders. The Knokke-Heist district records 88 sales of apartments priced over one million euros. Uccle and Ixelles, municipalities in Brussels, are just behind, whilst in Antwerp the level of interest in luxury properties has returned to pre-crisis levels.
Contrary to what can be seen with cheaper real estate, a recently constructed villa can hardly be resold at its cost price. In other words, buyers do not suffer the cost of appreciation when quickly acquiring a home.
In three years, the average price of apartments and houses priced above one million euros has fallen by 4%, to 1.35 million, then to 1.27 million euros.
If you are also looking for the home of your dreams, do not hesitate to contact our real estate agents at one of our 25 Engel & Völkers agencies situated across Belgium. We take care of everything and help you find that rare gem!