Real Estate - Belgium | Statista Market Forecast

In 2024, the Real Estate market market in Belgium is projected to reach a value of US$2.60tn.
The residential sector dominates this market, with a projected market volume of US$2.02tn in the same year.
It is expected that the market will experience an annual growth rate of 2.11% from 2024 to 2029 (CAGR 2024-2029), resulting in a market volume of US$2.89tn by 2029.
When compared globally, United States is expected to generate the highest value in the Real Estate market market, reaching US$132.0tn in 2024.
Belgium's real estate market is experiencing a surge in demand for sustainable and energy-efficient properties.

Definition:

The real estate market refers to the transaction of properties, including residential properties (such as houses and apartments) and commercial properties, such as office buildings and industrial properties. Apart from property sales, this market includes leases and the value of real estate.

Structure:

The real estate market comprises residential and commercial real estate. The residential real estate market covers real estate transactions and leases, and residential real estate leases are divided into apartment and house leases.

Additional information:

The market contains the following KPIs: real estate value aggregated for all countries and regions, average real estate value, real estate transaction revenue, number of real estate sold, number of leased and owned real estate, average room per resident, and dwelling type shares. The dwelling type shares comprise the share of the population that lives in houses and apartments. These shares are displayed for real estate owners and real estate renters as well.

Residential real estate (houses and apartments)
Commercial real estate (office buildings, retail spaces, warehouses, industrial properties)

Real estate agencies
Construction companies
Accommodation services, such as Airbnb
Commercial real estate leases and transactions
Publicly owned buildings used by the local government
Buildings used for public health care services

The Real Estate market in Belgium has been experiencing significant growth and development in recent years. Customer preferences in the Belgian Real Estate market have been shifting towards more sustainable and energy-efficient properties. This trend is driven by increasing awareness of environmental issues and a desire to reduce energy consumption and costs. As a result, there is a growing demand for properties with energy-efficient features such as solar panels, insulation, and smart home technology. Additionally, customers are also looking for properties that are located in close proximity to amenities such as schools, shops, and public transportation. One of the key trends in the Belgian Real Estate market is the increasing popularity of urban living. Many people are choosing to live in cities due to the convenience and amenities they offer. This has led to a high demand for properties in urban areas, particularly in major cities like Brussels, Antwerp, and Ghent. As a result, property prices in these areas have been steadily increasing. Another trend in the Belgian Real Estate market is the rise of co-living and co-working spaces. With the growing popularity of remote working and the gig economy, more people are looking for flexible and affordable living and working arrangements. Co-living and co-working spaces provide a solution to this demand by offering shared living and working spaces with flexible lease terms. This trend is particularly popular among young professionals and digital nomads. Local special circumstances in the Belgian Real Estate market include the high population density in urban areas and strict zoning regulations. The high population density in cities like Brussels and Antwerp has led to a scarcity of available land for development, driving up property prices. Additionally, strict zoning regulations make it challenging to build new properties, further contributing to the limited supply of housing. Underlying macroeconomic factors that have contributed to the development of the Belgian Real Estate market include low interest rates and a strong economy. Low interest rates have made it more affordable for people to borrow money to purchase properties, increasing demand. The strong economy has also boosted consumer confidence and spending power, further fueling the real estate market. In conclusion, the Real Estate market in Belgium is experiencing growth and development driven by customer preferences for sustainable and energy-efficient properties, the popularity of urban living, and the rise of co-living and co-working spaces. Local special circumstances such as high population density and strict zoning regulations contribute to the limited supply of housing. Underlying macroeconomic factors such as low interest rates and a strong economy further support the growth of the market.

Data coverage:

Figures are based on value of residential and commercial real estate, average real estate value, residential estate transactions and leases.

Modeling approach / Market size:

Market sizes are determined by a combined Top-Down and Bottom-Up approach, based on a specific rationale for each market segment. As a basis for evaluating markets, we use data from international organizations and industry associations. Next we use relevant key market indicators and data from country-specific associations such as GDP, price level index, household wealth, household size, number of renter and owner households, housing consumer spending per capita. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing. The main drivers are GDP per capita, population, number of renter and owner households, price level index, housing consumer spending per capita.

Additional Notes:

The market is updated twice per year in case market dynamics change. The impacts of the Russia-Ukraine war are considered at a country-specific level.

This report presents a comprehensive analysis and additional information on the Financial market, in a PDF format.

The global housing market has slowed amid high inflation and soaring borrowing costs. Homeownership is one of the most universal signs of success and prosperity: It serves both as a source of stable and secure housing and a long-term investment. After the global financial crisis, property prices rose in many countries and especially in advanced economies. For more than a decade after that, the housing market has been on an upward trajectory, culminating in the housing boom during the COVID-19 pandemic. However, housing shortages in highly competitive markets, the recent rapid house price growth, soaring inflation, and consequently, some of the highest mortgage interest rates recorded in the past 10 years have led to the market cooling.

Japan is a country with very limited space for buildings, as mountains make up about three-quarters of its landmass. The country’s fairly large population is concentrated in major cities. The metropolitan area of Tokyo, home to a staggering one-third of the population, is the center of economic and political activity. As such, it boasts the highest property prices across the country. Driven by the weak yen, a tourism boom, and global investment, property and land prices surged in 2023 and 2024. Even some rural regions, which are generally confronted with economic stagnation and depopulation tendencies, have been affected by this trend.

The real estate market all around the world has been affected by the global pandemic. This historic event has changed the way we live, consume, and work. The real estate market in the Asia-Pacific region has experienced some turbulent and diverse changes depending on the sector, property type, and location. The commercial real estate segment, which includes offices, retail outlets, logistics centers, and many more, had to adapt to new conditions and demands. Furthermore, residential real estate suffered decreases in rental and capital values in some areas, with the exception of prime real estate, which experienced healthy growth in most locations.

Soaring inflation and aggressive mortgage interest rate hikes cooled the European housing market after a nearly decade-long period of growth. Since 2015, house prices in the European Union have grown by about 50 percent. When inflation in Europe started to rise at an alarming rate in 2021, the European Central Bank increased interest rates, resulting in substantially higher mortgage interest rates and a decline in homebuying. But how important is homeownership for Europeans?

Real Estate - Belgium

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