Press release: New-build prices continue to rise steadily in Flanders and Wallonia

The prices of residential new-build properties in Belgium, including houses and apartments, continue to increase in the second quarter of 2023. Particularly noteworthy is the price increase of new-build apartments in Wallonia, following a slight decline in the first quarter. This is shown by the New-Build Barometer, an initiative by neighbourhood developer Matexi and real estate data platform Realo.

Since the energy crisis, the demand for new, energy-efficient homes has been steadily rising. The New-Build Barometer keeps a close eye on the new-build property market in Belgium. Every quarter, the New-Build Barometer publishes the (price) developments and trends, from national to regional and municipal levels.

New-build houses: +2.12% in Q2, +6.57% annually

In the second quarter, the average price of a new-build house in Belgium increased by +2.12% compared to the first quarter, amounting to approximately €8,000 for a typical new-build house. In Flanders, prices rose by an average of +2.12%. With an increase of +1.58% in Wallonia, the price decline seen in the first quarter did not continue. Unlike the first quarter, prices in the second quarter in Flanders and Wallonia are rising more closely in step.

Although price increases were slower in the second quarter, they still show a clear upward trend over the quarters. There is no sign of stabilisation, which seemed to be evident in the last quarter of 2022, or of a price decline, as manifested in Wallonia in the first quarter.

On an annual basis (Q2 2023 vs. Q2 2022), the average price of a new-build house in Belgium increased by +6.57%. Prices rose more strongly in Flanders (+6.86%) than in Wallonia (+2.63%).

The average price of a new-build house in Belgium now stands at €386,937, with prices higher in Flanders (€411,955) than in Wallonia (€330,311). The provinces of Flemish Brabant (€448,547) and Antwerp (€429,777) are the most expensive. In Hainaut (€283,837), buyers find the lowest prices.

New-build apartments: +1.09% in Q2, +4.74% annually

Regarding new-build apartments, the average price increased by +1.09% on a quarterly basis. The New-Build Barometer shows a significant regional difference here: prices remained nearly unchanged in Flanders (-0.12%) and Brussels (-0.01%), while Wallonia showed a catch-up movement of +5.53% (after a decline of -3.3% in the first quarter). Thus, the price evolution for new-build apartments in Wallonia is back on the long-term trend of steadily rising prices, and the first quarter can be considered an exception for now.

On an annual basis (Q2 2023 vs. Q2 2022), the New-Build Barometer indicates a price increase of +4.74% for apartments. While prices increased by +5.07% in Flanders, they surged by +6.65% in Wallonia and experienced a slight decline of -1.29% in Brussels.

The average price of a new-build apartment in Belgium now amounts to €291,888, with the highest price in Brussels (€369,150), followed by Flanders (€307,120), and Wallonia (€261,432). The most expensive provinces for apartments are Flemish Brabant (€345,662) and Antwerp (€317,791). In Hainaut (€241,502) and Liège (€259,766), buyers find the lowest prices.

Most Expensive and Cheapest Municipalities in Belgium

The New-Build Barometer not only provides insight into general price developments but also offers information on prices at the level of Belgian municipalities. The highest prices for a typical new-build apartment in the first six months of 2023 were found in Sint-Pieters-Woluwe (Brussels, €553,949), closely followed by Knokke-Heist (West Flanders, €547,614) and Kraainem (Flemish Brabant, €538,396).

The lowest prices were found in the Walloon provinces of Hainaut and Liège. Quaregnon (Hainaut, €184,426) was the cheapest municipality in Belgium to buy a new-build apartment in the first six months of 2023, followed closely by Anthisnes (Liège, €187,369) and Belœil (Hainaut, €190,109).

Today, new-build houses are most expensive in Kraainem (Flemish Brabant, €828,602), followed by Knokke-Heist (West Flanders, €708,707), and Wezembeek-Oppem (Flemish Brabant, €643,778). The cheapest municipalities are again found in Hainaut, specifically Colfontaine (€198,734), Dour (€212,101), and Charleroi (€223,321).

Fabrice Luyckx, Data Analyst at Realo: "The figures from the second quarter confirm that the real estate market continues to evolve at two speeds: the prices for energy-efficient (re)new-builds are increasing at a steady pace, while price increases in the existing home market remain relatively modest for the time being."

Roel Helgers, Market Economist at Matexi: "On the other hand, price developments are in line with inflation and increased construction costs. New-build prices are rising in step with this general price level and thus remain stable in real terms."

About the New-Build Barometer

The New-Build Barometer objectively gathers open data from the government, other online sources, and online real estate listings. This results in a substantial and representative sample of the entire Belgian new-build property market. The academic and independently validated analysis method allows for more accurate monitoring of actual price developments for new-build houses and apartments, taking into account changes in property characteristics over time.

The New-Build Barometer tracks price developments (excl. VAT) for an average Belgian home, which is a semi-detached building of 160m2 with three bedrooms, a bathroom, and a garden. In the apartment segment, this refers to an apartment of 95m2 with two bedrooms and a bathroom.

Read all information from the New Build Barometer on the website.