Brussels: Demand for residential property continues to rise

As the seat of many important decision-making bodies and organisations of the European Union, Brussels exudes international flair and is a sought-after place to live. “The population of Brussels is growing continuously, leading to a rise in demand for exclusive residential property,” said Anna Bangert, Country Manager of Engel & Völkers Belgium.

Hamburg - This grand townhouse on the Etangs d’Ixelles with six bedrooms and five bathrooms is on sale with Engel & Völkers for 4.9 million euros. (Image source: Engel & Völkers Pavillon d’Ixelles)

Sablon: the popular historic district 

The district of Sablon, with its rich heritage, its parks and many traditional and exclusive shops, forms the cultural centre of Brussels. In 2018, foreign buyers and Belgian investors in premium locations such as the Place du Grand Sablon and Rue aux Laines tended towards apartments of 80 to 180 square metres in size. Properties here fetched top prices per square metre of up to 5,000 euros. In very good locations, such as Place Sainte-Catherine and the Grand-Place, interested buyers were primarily young couples and investors. 

Pavillon d’Ixelles: the upmarket district of the Belgian capital

Top sale prices of as much as 5,500 euros per square metre were reached in Pavillon d’Ixelles in 2018. This district is characterised in particular by its prestigious residences set in natural surroundings, as well as its good transport links and many restaurants. The location is also popular with international clients as a result. The majority of clients are looking here for penthouses with garages and south-facing gardens. Particularly desirable addresses are Etangs d’Ixelles, the Bois de la Cambre and Avenue Louise. 

Montgomery: the most attractive district for detached family homes

To the east of Brussels lies the exclusive district of Montgomery. This area of the city is home to the Cinquantenaire Park, several museums, the European Quarter and NATO’s headquarters. In 2018, property prices of up to 4,200 euros per square metre were reached here, with detached family houses commanding top prices of up to 5 million euros. Buyers in this district tended to prefer premium properties with garages, terraces and gardens. The level of demand exceeded supply here in 2018 and a slight rise in prices is expected to continue during the first months of 2019.

Outlook: Premium homes to remain highly desirable

Engel & Völkers forecasts that the residential property market will continue to see positive growth in the coming years as well. “The steadily increasing number of residents in Brussels goes hand in hand with a rise in demand, in turn resulting in a rise in prices for properties in premium locations,” said Anna Bangert.

More information about the residential property market in Brussels can be found in French in the “Market Report for Belgium 2018-2019”. 

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