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The Belgian coastal real estate market is not experiencing a crisis. Since the beginning of the year, transactions have increased by almost 50%, with a strong trend for high-end properties.
Real estate activity on the Belgian coast is up by 47.5% compared to the same period in 2020 and by 38.8% compared to 2019, with an average price that can vary by a factor of three from one municipality to another. This is significantly higher than for the country as a whole, where the number of transactions rose by 16.7% in the first half of the year between 2019 and 2021.
“The strong increase in transactions on the coast is linked to the Coronavirus,” says Ostend notary Bart Van Opstal. “On the one hand, people who want to buy a second home are less interested in real estate abroad, and on the other hand, many investors want to secure their cash flow by investing in real estate.”
A two-speed activity
Activity has increased spectacularly, but prices have increased less significantly. The average price of a flat on the Coast has increased by 4.1% compared to 2020.
In 5 years, the average price of a flat has risen by 9.3% including inflation over the period, but this is much lower than the national level, which has risen by 13.4% after inflation.
“The property market on the coast is in fact two-speed: the prices of new flats are rising due to high demand and rising construction costs. The prices of older flats are not following this increase and are even tending to fall. These two trends partially offset each other,” explains Opstal.
“Prices have risen sharply in the best locations: villas near the sea, flats on the seafront, etc.” confirms Alex Dewulf, head of the eponymous real estate agency in Knokke. “On the seafront, people are now paying between 12,000 euros/sqm (in Duinbergen) and 20 – 25,000 euros/sqm (in Le Zoute) for a new apartment, as there is very little new development.”
More space for younger customers
The Fédération du Notariat notes that the higher the number of rooms, the more marked the price increase. The price of one-bedroom flats has remained relatively stable (-0.3%), two-bedroom apartments have increased more significantly (+5.7%) and three-bedroom apartments have increased even more (+13.1%).
“The coronavirus crisis has reinforced the fact that buyers are looking for larger flats more than ever, while the supply of such apartments is smaller. As a result, prices for three-bedroom flats are rising more”, explains Bart Van Opstal.
We are also seeing that buyers are younger. Five years ago, buyers of luxury properties were rarely under 50. Today, the trend is more between 40 and 50. This can be explained by teleworking, which has been strongly encouraged by the coronavirus, and thus the impossibility of travelling to the workplace. People therefore take advantage of the less frequent return trips to the coast and enjoy a pleasant living environment near the sea.
Read also > LUXURY REAL ESTATE: THE FRENCH CONTINUE TO INVEST IN PORTUGAL
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The Belgian coastal real estate market is not experiencing a crisis. Since the beginning of the year, transactions have increased by almost 50%, with a strong trend for high-end properties.
Real estate activity on the Belgian coast is up by 47.5% compared to the same period in 2020 and by 38.8% compared to 2019, with an average price that can vary by a factor of three from one municipality to another. This is significantly higher than for the country as a whole, where the number of transactions rose by 16.7% in the first half of the year between 2019 and 2021.
“The strong increase in transactions on the coast is linked to the Coronavirus,” says Ostend notary Bart Van Opstal. “On the one hand, people who want to buy a second home are less interested in real estate abroad, and on the other hand, many investors want to secure their cash flow by investing in real estate.”
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The Belgian coastal real estate market is not experiencing a crisis. Since the beginning of the year, transactions have increased by almost 50%, with a strong trend for high-end properties.
Real estate activity on the Belgian coast is up by 47.5% compared to the same period in 2020 and by 38.8% compared to 2019, with an average price that can vary by a factor of three from one municipality to another. This is significantly higher than for the country as a whole, where the number of transactions rose by 16.7% in the first half of the year between 2019 and 2021.
“The strong increase in transactions on the coast is linked to the Coronavirus,” says Ostend notary Bart Van Opstal. “On the one hand, people who want to buy a second home are less interested in real estate abroad, and on the other hand, many investors want to secure their cash flow by investing in real estate.”
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