Annual house price change in Belgium 2007-2020, per quarter

Belgium's house prices grew by more than 3.5 percent year-on-year (or 2.7 percent when adjusted for inflation) in early 2020, a slowdown from previous quarters. Nonetheless, figures from the first quarter of 2020 followed a similar pattern as earlier numbers, because house prices in the country continued to rise. Although not at the level of the housing boom of the years prior to 2008, residential property prices in Belgium followed economic performance. House prices grew when Belgium's economy performed well, but stagnated when the economy slowed down. What the influence of COVID-19 will be for the housing market remains to be seen, although many banks already lowered their economic outlooks in March 2020.