The third quarter of Belgian real estate activity closed with an index of 119.4 points. Never seen in a decade!
At the end of September 2017, the national index was 119.4 points, the best result in 10 years! Indeed, the last high index was last displayed in 2007.
While in the summer the real estate market is generally running at a slower pace, it is clear that this was not the case last year!
Real estate effervescence
For the whole of Belgium, the 3rd quarter of 2017 was characterized by an increase in real estate transactions. At the end of September, increases of 5.7%, 2.5% and 3.7% were recorded for Brussels, Flanders and Wallonia.
Yet, at the same time, mortgage demand had decreased by almost 7%. So how do you explain this increase in sales? Simply by increasing real estate purchases without recourse to mortgage credit.
Increasing the average price of a house
The increase in real estate transactions can be explained in particular by the rise in real estate prices. In fact, Belgian houses were 1.7% more expensive on average this quarter. In Flanders, the increase was 2.4% whereas in Wallonia it was only 0.3%. Nevertheless, it should be noted that the average price of a property was at its highest level in the whole country.
Slight decline for apartments
The only drop recorded in this quarter 2017 was for apartments. Indeed, the competition in this area was then very large. The average price of an apartment had decreased by 0.1% compared to the 2nd quarter of the same year.
Barometer of the notaries
All of these observations come from the barometer of notaries, which is based on sales for the past quarter. The data is collected electronically and allows notaries to get a better idea of the state of the real estate market in Belgium.