The Belgian real estate market has been going through a normalization phase for several months. Prices are still increasing, but at a significantly more moderate pace, with a rise of about 2.7% year-on-year in June 2026, compared to over 5% a few years ago.
This deceleration changes the game for any real estate project in Belgium: buyer selectivity replaces the rush to acquire. Two variables now weigh more than the rest in the equation: the energy performance certificate (EPC) and the precise location of the property.
Energy performance and price per square meter: the new/existing gap in Belgium
Classic guides contrast new and old in terms of comfort or aesthetics. The real divide in 2026 is financial and regulatory. In Brussels, the new EPC requirements strengthen obligations for landlords, directly affecting the rental profitability of poorly rated older properties.
A new property incorporates these standards from the construction phase. An existing property with a poor EPC score requires energy renovation work, the cost of which can absorb the initial price gap between the two segments. This data is rarely quantified in general comparisons.
| Criterion | New Property | Existing Property (Low EPC) |
|---|---|---|
| Average Purchase Price | Higher for the same area | More accessible for purchase |
| EPC Compliance | Integrated from delivery | Mandatory work to be planned |
| Net Rental Profitability | Predictable, few unforeseen charges | Variable depending on renovation costs |
| Medium-term Resale Capacity | Stable if location is correct | Depends on EPC score post-renovation |
The purchasing strategy in Belgium thus relies on a trade-off between the initial cost of new properties and the renovation budget of existing properties. To compare the available offers on the Belgian market, a useful resource is: https://www.immolabel.be/, which lists certified properties with their technical characteristics.
Notary Fees and Registration Duties: What the Sale Deed Really Costs
The visit to the notary represents a cost often underestimated in a real estate project in Belgium. Notary fees are regulated by the state and generally range from 1 to 2% of the purchase price, plus VAT. This is not where the main financial burden lies.
Registration duties constitute the heaviest charge. Their rate varies by region: Flanders, Wallonia, and Brussels each apply their own scale, with possible reductions for first-time buyers. The gap between regions can represent several thousand euros on the same transaction.
- In Flanders, a reduced rate exists for the primary and sole residence, subject to income and occupancy conditions within a specified timeframe.
- In Brussels, a reduction on the first tranche of the purchase price applies for first-time buyers, which lowers the bill on properties priced below a certain threshold.
- In Wallonia, reductions also apply, but the eligibility conditions and caps differ significantly from those in the other two regions.
Each region applies its own registration duties and reductions, making any national estimate misleading. A purchase in Liège and a purchase in Brussels, at the same price, do not generate the same fees.
Brussels Market vs. Walloon Cities: Where Prices Diverge the Most
The average price increase of houses in Belgium, which reached 346,648 euros on a national average in the first half of 2025, masks considerable disparities. The Brussels market remains the most expensive in the country, with pressure on apartments that does not weaken despite the overall normalization.
In contrast, cities like Liège, Namur, or municipalities in the province of Luxembourg are attracting an increasing number of buyers, including French investors drawn by significantly lower prices than in Île-de-France. This cross-border dynamic alters local competition and drives prices up in certain well-served neighborhoods.
Precise location makes the difference. Proximity to transport, neighborhood services, and level of nuisances now weigh as much as the area in evaluating a property. A well-located apartment in a medium-sized Walloon city may offer a better appreciation perspective than a property located on the outskirts of Brussels.
Rental Profitability: The EPC as an Investment Filter
For a rental investment, the EPC is no longer just an administrative document. In Brussels, the strengthened requirements in 2026 mean that a poorly rated property can become difficult to rent legally without prior work. This regulatory risk adds to the classic financial risk.
A property with a good EPC score rents faster and retains its value better upon resale. Buyers who integrate this criterion from the start avoid a costly trap. Conversely, acquiring a low-priced property without checking its energy rating is akin to betting on an uncertain renovation budget.
Optimizing Financing: The Mortgage in Belgium
The cost of credit is becoming central in the decision-making of Belgian households. Comparing mortgage offers from several banks remains the most direct method to reduce the total cost of a real estate purchase. Even minimal rate differences translate into significant differences over the total repayment period.
The borrowing capacity depends on the ratio between net income, existing charges, and personal contribution. Belgian banks also assess the loan-to-value ratio, which is the percentage of the property’s price covered by the loan. A higher personal contribution allows for a more favorable rate, which mechanically reduces the overall cost of the operation.
Several recent analyses highlight that young Belgian households are increasingly giving up on homeownership, precisely because of this combination of price-rate-savings. For those with sufficient personal contributions, this period of reduced competition may paradoxically represent a favorable buying window, provided they target a property where the location-EPC combination justifies the asking price.