Market Size of Belgium Luxury Residential Real Estate Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 4.00 % |
| Market Concentration | Low |
Major Players_-_Copy.webp)
*Disclaimer: Major Players sorted in no particular order |
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Belgium Luxury Residential Real Estate Market Analysis
Belgium's luxury residential real estate market is expected to register a CAGR of more than 4% during the forecast period (2023-2028).
- Belgium (officially the Kingdom of Belgium) is a nation that is a part of NATO, WTO, United Nations, Council of Europe, Schengen, and the Eurozone. The weather is temperate maritime, with mild, rainy winters and warm, muggy summers. In the winter, snow, and frost are infrequent. The market is driven by a growing number of high net worth individuals looking for luxury homes in prime locations. With Gen Z, millennials, and the emerging middle classes so focused on new experiences, they're looking at where those experiences come from, such as leisure.
- Purchasing prices in Belgium remained on the rise throughout 2022, although the number of deals saw a first dip in several years. Price hikes, tightened financing conditions, higher inflation, and higher energy prices restrict the acquisition opportunities for households, whereas the investment market showed a slightly weaker performance.
- Households in Belgium are increasingly concerned about the environmental impact of their dwellings, increasingly aware of the sustainability challenges, and looking for ways to reduce their energy consumption.
- Regional governments have set ambitious targets and aim to achieve carbon neutrality by 2050 for the residential stock. They have also implemented indexation limits based on the EPC performance of the dwellings.
- In June 2023, Hillewaere Group - led by entrepreneur Roel Druyts - will become the exclusive affiliate of Christie's International Real Estate in Belgium for the next 10 years. This means that Hillewaere - an established player in residential real estate for many years - is the only authorised broker to market the exclusive range of luxury properties on the Belgian market under the Christie's International Real Estate brand. Additionally, Hillewaere gains access to the international network of Christie's International Real Estate. The new partnership with Christie's International Real Estate in luxury real estate is the next step in the group's growth strategy. Hillewaere indicates that the luxury real estate market continues to flourish. 2022 also saw record sales of million-euro properties in our country. In fact, the total of 1,927 property sales was 12 per cent more than in 2021
