Brussels sees 21.9% surge in property prices in early 2024

Brussels has emerged as Belgium's most expensive housing market, with average house prices reaching €1.1 million in early 2024. This significant increase of 21.9% follows a previous decline in prices, which had dropped due to rising interest rates. The European Central Bank's aggressive monetary policy, which included ten interest rate hikes from 0% to 4%, aimed to combat inflation in the eurozone. As a result, potential homeowners faced higher monthly payments for loans, particularly for more expensive properties. Despite the challenges posed by increased borrowing costs, the demand for housing in Brussels has surged. Smaller homes, such as terraced and semi-detached houses, saw price increases of 2.1% to €485,000, while apartments rose by 2% to €260,000 in the first half of 2024. This trend indicates a growing market despite the economic pressures. Geographically, the housing market varies significantly within Brussels. Ixelles stands out with the highest median house price at €692,500, while Anderlecht offers the lowest average at €349,000. This disparity highlights the diverse nature of the housing market across different neighborhoods. In conclusion, the combination of rising interest rates and a recovering demand for housing has led to a notable surge in property prices in Brussels, making it a challenging environment for potential buyers, especially those seeking larger homes.