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The deposit acts as a guarantee and you will lose this if you back out of the sale at a late stage. If you find a place in Belgium you want to buy, you will typically be asked to make a formal offer in writing. As with many other countries, the custom in Belgium is to negotiate the price. This means that you can bid below the asking price (typically anywhere between 5-15% below the asking price). The quality of the local area – check the amenities, public safety levels, how nice the surroundings are, etc. Read our guides on where to live in Belgium or Brussels’ neighborhoods.
This needs to be done within four months of the contracts being signed. Registration tax – payable by the buyer, this varies across the regions. There is an exemption on the first €80,000 on purchases below a certain amount.
Property Trends: Residential is In-Office is Out
In Belgium, you’re often asked to sign a “commitment to buy agreement” at the point of making an offer. This ties you into the sale legally, unlike in countries such as the UK where you can pull out at any point before the final contracts are signed. Thoroughly research the market to understand the regional variations rather than just looking at the national picture. Prices can sometimes rise in certain areas (e.g., Brussels) while decreasing overall in the same period.
For Brussels, there is an exemption on the first €175,000 when buying a house or apartment. In Wallonia, there is an exemption on the first €20,000 and the rate is 6% when buying smaller properties. Search for Belgium luxury homes with the Sotheby’s International Realty network, your premier resource for Belgium homes. Homes listings include vacation homes, apartments, penthouses, luxury retreats, lake homes, ski chalets, villas, and many more lifestyle options. Each sale listing includes detailed descriptions, photos, amenities and neighborhood information for Belgium. Local connections can be very helpful in finding your ideal property.
Belgium's Property Market: 2022 Trends and Numbers
Before even thinking of making an offer, you need to get the finances sorted. With record low interest rates, it’s worth shopping around for a mortgage loan. Get your calculator out to work out if a fixed or variable repayment rate suits you best, as well as deciding on the repayment period . Don’t forget to check the conditions of each loan offer, such as obligatory life insurance.
When a translator or interpreter is hired, the respective costs will be handled by the buyer. Likewise, all of the costs related to translating his personal documents into Dutch or French will be included in the overall costs for property purchase. Some estate agents and property websites now offer online remote viewings using webcams. These can be great to get a feel for the place if you are abroad, but it’s advisable to carry out at least one viewing in person if possible. Failing this, try to send along a friend or colleague to check it out.
Moving into your Belgian property
In Belgium, negotiating the price is customary, much like in many other nations. As a result, you can offer less than the asking price (typically anywhere between 5-15 percent below the asking price). The vendor will next decide whether to accept your offer or not. The technique you use to search for a property in Belgium will affect how you see it. They will often be willing to accompany you on viewings if you are working with an agency or property hunter. Tax breaks are offered to many homeowners with a mortgage.
The team at our law firm in Belgium can help individuals with adequate counseling, legal advice, and representation in cases involving real estate. Detailed information about the taxes which you must pay when you buy a house or a building plot in French or Dutch. On JamesEdition you can find luxury homes in Belgium of any size between 1 and 30 bedrooms with an average of 392 ㎡ in size. The average price price of a home in Belgium is 2,015,752 USD, and range in price between 498,633 USD and 13,791,991 USD.
Use our handy form to contact agents and developers with listings matching your specific search criteria. Although insuring your property isn’t a legal requirement, both building and contents insurance are sensible considerations to protect your investment and belongings within it. If the valuation survey identifies any major defects that reduce the property value, you are within your rights to reduce your initial offer accordingly. You can expect to pay somewhere in the region of €250–1,000 to buy property through an agent. Ownership freedom v renting flexibility – do you want a place you can truly call your own that you can take ownership of and gives the freedom to renovate as you please?
According to the above ULI and PWC report, Brussels is one of the top ten European cities for development and investment prospects in 2022. It's often perceived as having a young and innovative profile, with robust stock and increased yields despite the pandemic. It's no surprise that environmental sustainability will become a price-determining factor.
For example, one that dissolves the agreement without penalty if you are unable to secure a mortgage or if a structural survey reveals significant damage. Home insurance isn’t compulsory in Belgium, but you may find that mortgage companies have it as a requirement. If this is the case, you may need to provide details of insurance coverage before you can take out a mortgage. In Belgium most contracts must be in Dutch or French ; it is a legal requirement that the signer fully understands the contract.
Property for sale in Belgium can be more affordable compared to other neighboring countries and depending on the chosen city or region. This is why many foreign nationals, entrepreneurs or employed individuals, will consider this step. Homes for sale in Belgium have an average listing price of €1,899,999 and range in price between €469,999 and €12,999,999. A selected list of current properties from our portfolio for “buy a house“ follows.
These are a significant percentage of overall costs and vary according to region and whether the home is a new-build or an older property. Ensure that you budget for these, especially if you’re buying property as an investment as you’ll be liable for capital gains tax if you sell within the first 5 years. Most properties in Belgium are sold through real estate agents (agence immobilière/immokantoor), who charge between 3-5% of the property price. The downside is that transaction costs are higher than on older properties. You will pay VAT at 21% rather than the lower registration tax on the building, although the land price is taxed according to regional registration tax rates. The buyer and seller split the costs of buying a property in Belgium.
Exceptional property located in Rhode Saint Genèse, a few steps from the Golf de Sept Fontaines. A beautifully wooded land of around 50 acres, out of sight, serves as a backdrop.... Sumptuous recent villa located on the heights of Wavre in a bucolic and extremely calm environment. The property will only be available during the second half of 2023. You should receive the keys to your Belgian house once you have completed the necessary paperwork and made the required deposit.
Selling a property in Belgium
However, this is balanced somewhat by an annual tax on the estimated rental value of your Belgian property (even if it is owner-occupied) of between 1.25 and 2.5%. Estate agent fees – the bulk of the fees are usually paid by the seller and are around 3-5% of property costs. If you use an agent to find a property, expect to pay between €200-1,000. Valuation costs – you can pay to have the property valued to make sure that you are not paying over the asking price.
House and apartment prices dropped slightly in the first quarter of 2021 (by 0.2% and 0.8%, respectively) compared with the previous year. Hainaut is the cheapest province, and Walloon Brabant is the most expensive. According to KBC Economics, homes have almost always been the cheapest in Wallonia and the most expensive in Brussels . In 2020, the median price of houses sold in Wallonia was 30.3% lower than in Flanders. The median price for a semi-detached or attached house amounted to 245,000 Euros.
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