Property sales peak in Belgium, prices remain stable

The Flemish government’s decision to cut the mortgage tax relief (woonbonus) for properties purchased after 1 Jantary 2015, resulted in an 'explosion' of real estate transactions in the last quarter of 2014. Remarkably, however, prices have remained stable, according to the Royal Federation of Belgian Notaries, reports vtmnieuws.be.

In the fourth quarter of last year there were 10.2% more real estate transactions than in the previous quarter and 9% more than in the fourth quarter of 2013. October was a record month, with 25.2% more transactions compared to October 2013. The peak in the last quarter of 2014 brought the total number of transactions for the entire year up by 5% compared to 2013.

Despite the rising demand, however, property prices in Belgium have remained stable. "The offer is broad enough to accommodate the peak," explains Bart Van Opstal of the notary federation. “There is no shortage of properties for sale,” he says.

The average price of a home in Belgium amounted to €234,686 in the fourth quarter (-1.1% compared to the third quarter). The notaries expect the property market to continue to stabilize in 2015.