Engel & Völkers Licence Partner Hondarribia and Irun > Blog > Brussels: Property prices continue to rise despite Covid-19

Brussels: Property prices continue to rise despite Covid-19

As well as being the capital of Belgium, Brussels is also the capital of Europe. Powerful decision-making institutions and international organisations such as the European Commission and the European Parliament can be found here, along with the headquarters of NATO. Buyers are drawn by the economic and political stability the city offers, as well as the high quality of life and linguistic diversity. “Property prices in Brussels are relatively moderate compared to other European cities such as London or Paris. The current average price per square metre is around 20 to 30 percent lower here. We are expecting this to change in the next three to five years however. So now is a good time to invest,” says François Faure, Managing Director of Engel & Völkers Brussels Sablon.

 Hondarribia, Spain
- For 3.9 million euros, this 565-square-meter villa is for sale in Sint-Genesius-Rode, near Waterloo. The luxurious property features six bedrooms, six bathrooms, a gourmet kitchen, several living and dining rooms with fireplaces, a home theater, and a climate-controlled wine cellar. The 3,000-square-meter property is located on the site of a former golf course and includes a pool with built-in jacuzzi and a janitor's cottage. (Image source: Engel & Völkers Fort Jaco)

Premium freehold apartments on sale for 2.5 million euros in prime locations

Ranking among the most sought-after residential areas in Brussels are the Sablon district, Avenue Louise and so-called Leopold Quarter. These neighbourhoods are particularly noteworthy for their historical heritage, their high-quality living space set amid abundant greenery, good transport links, and a large number of restaurants. Prices ranged between 1.6 and 2.5 million euros for top-end freehold apartments in these premium locations in 2020. Detached and semi-detached properties with large plots fetched between 2.8 and 6.5 million euros in the same locations. Prospective buyers here are also looking for contemporary, high-quality penthouse apartments, as well as first-class mansions offering the seclusion of large plots. The Vivier d’Oie Diesdelle, Prince d’Orange and Brugmann districts are also highly sought after. Many affluent French citizens are keen to acquire exclusive homes here.

Lively buying activity from national and international clients

Brussels attracts a high number of wealthy buyers. The share of international prospective buyers in Brussels is usually between 10 and 20 percent. In highly desirable districts in the south of the city, this figure can sometimes exceed 50 percent however. The majority of international searching clients come from Europe, and from France in particular. “Since many of our clients own other properties in different countries and travel there regularly, the geographical location of a property is one of the most important criteria when purchasing. So a great deal of importance is placed on living near a train station or airport,” says Sophie de Surgères, Managing Director of Engel & Völkers Brussels Place Dumon.

Outlook: Premium real estate to remain sound investment with high value retention

Demand for real estate in the city has remained consistently high despite Covid-19. Engel & Völkers expects the residential property market to continue to see positive development in the coming years. During the coronavirus pandemic, Engel & Völkers is registering an increased demand for exclusive properties set on substantial land plots. “Since the outbreak of the pandemic, there has been a continuous rise in interest among our clients for houses in rural areas and for properties in central locations with balconies, terraces or gardens. Prices for such properties have risen significantly in recent months as a result,” says Muriel Dhanis, Shop manager of Engel & Völkers Brussels Montgomery.

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