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Residential Real Estate - Belgium

Belgium
  • The Residential Real Estate market market in Belgium is projected to reach US$2.02tn in 2024.
  • It is expected to show an annual growth rate (CAGR 2024-2029) of 2.47%, resulting in a market volume of US$2.28tn by 2029.
  • In global comparison, the highest value of Real Estate is expected to be generated China, reaching US$112.9tn in 2024.
  • Belgium's residential real estate market is experiencing a surge in demand for sustainable and energy-efficient properties.

Definition:

The residential real estate market covers the leases and transactions of residential properties. Residential real estate leases refer to the market where landlords and tenants enter into agreements for the rental of residential properties, such as apartments, houses, and condominiums, while residential real can be defined as buying, selling, or transfer of ownership of residential properties.

Structure:

The residential real estate market covers real estate transactions and leases, and the section, residential real estate leases, is 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 for real estate renters as well.

In-Scope

  • Residential real estate transactions
  • Residential real estate leases

Out-Of-Scope

  • 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
Residential Real Estate: market data & analysis - Cover

Market Insights report

Residential Real Estate: market data & analysis

Study Details

    Value

    Notes: Data was converted from local currencies using average exchange rates of the respective year.

    Most recent update: Jul 2024

    Source: Statista Market Insights

    Notes: Data was converted from local currencies using average exchange rates of the respective year.

    Most recent update: Jul 2024

    Source: Statista Market Insights

    Notes: Data was converted from local currencies using average exchange rates of the respective year.

    Most recent update: Jul 2024

    Source: Statista Market Insights

    Volume

    Most recent update: Jul 2024

    Source: Statista Market Insights

    Most recent update: Jul 2024

    Source: Statista Market Insights

    Analyst Opinion

    The Residential Real Estate market in Belgium has been experiencing significant growth and development in recent years.

    Customer preferences:
    One of the main customer preferences in the Belgian Residential Real Estate market is the desire for modern and sustainable housing options. Buyers and renters in Belgium are increasingly looking for properties that are energy-efficient, have eco-friendly features, and incorporate smart home technology. This preference for sustainable living is driven by a growing awareness of environmental issues and a desire to reduce energy consumption and carbon footprint. Additionally, customers in Belgium value properties that offer a high level of comfort and convenience, with amenities such as parking spaces, outdoor spaces, and proximity to public transportation.

    Trends in the market:
    One of the key trends in the Belgian Residential Real Estate market is the increasing demand for urban living. As the population in Belgium continues to grow, particularly in major cities such as Brussels, Antwerp, and Ghent, there is a higher demand for housing in urban areas. This trend is driven by the desire for proximity to employment opportunities, cultural amenities, and vibrant city life. As a result, developers are focusing on building residential properties in city centers or areas with good connectivity to urban centers. Another trend in the market is the rise of co-living and co-housing concepts. This trend is particularly popular among young professionals and students who are looking for affordable and communal living arrangements. Co-living and co-housing offer shared spaces and amenities, fostering a sense of community and providing an affordable housing option in expensive cities. This trend is also driven by the desire for social interaction and the sharing economy mindset.

    Local special circumstances:
    One of the local special circumstances in the Belgian Residential Real Estate market is the high population density in urban areas. Belgium is a small country with a dense population, leading to a scarcity of available land for new residential developments. This scarcity of land drives up property prices in urban areas, making it more challenging for first-time buyers to enter the market. As a result, there is a growing demand for smaller, more affordable housing options, such as apartments and studio flats.

    Underlying macroeconomic factors:
    The growth and development of the Residential Real Estate market in Belgium can be attributed to several underlying macroeconomic factors. Firstly, Belgium has a stable economy with a high standard of living, making it an attractive destination for both domestic and international investors. Additionally, low interest rates and favorable mortgage conditions have made it easier for buyers to finance their property purchases. Finally, government initiatives and incentives, such as tax benefits for first-time buyers, have also contributed to the growth of the market. In conclusion, the Residential Real Estate market in Belgium is experiencing growth and development driven by customer preferences for modern and sustainable housing, the trend towards urban living, and the rise of co-living and co-housing concepts. Local special circumstances, such as high population density in urban areas, and underlying macroeconomic factors, including a stable economy and favorable mortgage conditions, further contribute to the market's growth.

    Transaction Value

    Notes: Data was converted from local currencies using average exchange rates of the respective year.

    Most recent update: Jul 2024

    Source: Statista Market Insights

    Revenue

    Notes: Data was converted from local currencies using average exchange rates of the respective year.

    Most recent update: Jul 2024

    Source: Statista Market Insights

    Household Type

    Most recent update: Jul 2024

    Source: Statista Market Insights

    Real Estate Type

    Most recent update: Jul 2024

    Source: Statista Market Insights

    Living Space

    Most recent update: Jul 2024

    Source: Statista Market Insights

    Methodology

    Data coverage:

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

    Modeling approach:

    Market size is determined by a combined top-down and bottom-up approach. We use national statistics, international organizations, and industry associations to analyze the markets. To estimate the market size for each country individually, we use relevant key market indicators and data from country specific industry associations such as GDP, price level index, household wealth, household size, number of renter and owner households, housing consumer spending per capita.

    Forecasts:

    We use a variety of forecasting techniques, depending on the behavior of the market, for instance, 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:

    Data is modeled using current exchange rates. 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.

    Financial

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    Residential Real Estate: market data & analysis - BackgroundResidential Real Estate: market data & analysis - Cover

    Key Market Indicators

    Notes: Based on data from IMF, World Bank, UN and Eurostat

    Most recent update: Sep 2024

    Source: Statista Market Insights

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