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Over the past five years, fewer flats priced above 1 million euros have been sold than in 2024. This is according to an analysis of figures from the FPS Economy carried out by Hillewaere Vastgoed | Christie’s International Real Estate Belgium. Last year, 357 flats priced at over 1 million euros changed hands, a drop of no less than 13 per cent compared with the previous year. Sales of properties priced at over a million euros, however, remained stable, with 1,264 transactions.

The luxury property market in Belgium has broken record after record in recent years. But since 2023, the luxury market has begun to stabilise. Nevertheless, luxury properties – and in particular those priced at over a million euros – remain highly sought after. In 2024, sales of properties costing millions were at a similar level to 2023, with 1,621 transactions. That is just 3 per cent less than the previous year. In 1,264 cases, the property in question was a house, the same figure as in 2023 (1,262). Sales of million-euro flats, on the other hand, fell sharply: from 411 to 357 transactions. Knokke, which accounted for almost half of all million-euro flats sold in Belgium, epitomised this decline in 2024 with a 12 per cent drop in transactions. This comes as no surprise to Hillewaere Vastgoed | Christie’s International Real Estate Belgium.

“The target market for properties priced above 1 million euros is primarily looking for a property in which to settle permanently, whereas the target market for million-euro flats more often views the property as a second home and, therefore, partly as an investment property. Due to a combination of three external factors, these buyers have become somewhat more cautious about purchasing such properties. The ongoing geopolitical uncertainty – including the wars in Ukraine and Gaza – and its impact on the global economic climate have eroded the confidence of high-net-worth buyers looking to invest. In addition, lending conditions have tightened. Banks have become more cautious about granting mortgages, and buyers must provide a larger deposit to secure a loan or more favourable terms. Finally, the supply of luxury new-build flats has fallen significantly. This is due to rising construction costs, higher interest rates and new policy measures, such as the ‘bouwshift’, which have resulted in stricter planning permission requirements.” – Bart Van Delm, Managing Director of Hillewaere Vastgoed and Christie’s International Real Estate Belgium

Higher median price for flats; properties on the market for up to two years

These circumstances, and in particular the limited supply, consequently led to higher sale prices. In 2024, the median price in the million-euro segment stood at 1,400,000 euros for flats, an increase of 3 per cent compared with 2023. For properties in the ‘millions’ segment, by contrast, the median price stood at 1,289,500 euros, or 8,000 euros less than the previous year. “Properties priced between 1 and 2 million euros were on the market for an average of 330 days. As soon as prices exceed 2 million euros, they remain on the market for almost twice as long on average (600 days)”, the property expert explains.

Brussels charts its own course

Whilst the luxury property market in Flanders and Belgium stagnated for the second year running, the experts at Christie’s International Real Estate Belgium observed a different trend in the Brussels-Capital Region. There, 282 properties priced at over one million were sold last year, 10 per cent more than in 2023. The number of houses sold (218) increased, whilst the number of flats sold (64) remained stable. Despite the rise in sales, the median prices for million-euro houses and flats there were 31,000 and as much as 118,000 euros lower, respectively, than the Belgian median price.

“Unlike Flanders, the Brussels-Capital Region is not experiencing any adverse impact from the so-called (Flemish) ‘construction shift’. As a result, Flanders has focused heavily in recent years on limiting additional land take, which has led to stricter planning permission conditions and, consequently, a reduced supply of, amongst other things, new-build flats in the higher luxury segment. Furthermore, the mandatory renovation scheme in Brussels has only been introduced in phases since this year, meaning that energy efficiency awareness is higher in Flanders than in Brussels. In the Brussels region, a proportionally higher number of properties worth millions with a poorer energy rating – and often rich historical value – are being sold than in Flanders. Furthermore,the European capital remains a magnet for international executives, entrepreneurs and expats”, says Bart Van Delm, Managing Director of Hillewaere Vastgoed | Christie’s International Real Estate Belgium

West Flanders: Knokke remains the frontrunner

In line with previous years, West Flanders continues to be the province with the highest number of million-euro properties sold (433). This represents a decline of just 4 per cent compared with 2023. Knokke remains the most popular Belgian municipality for million-euro properties, accounting for 60 per cent of the province’s million-euro property sales. In 2024, 96 houses and 163 flats found new owners there. In Bruges, meanwhile, 32 properties worth over a million were sold, just one fewer than in 2023.

Antwerp: a loyal runner-up

As is customary, the province of Antwerp takes second place behind West Flanders in terms of sales of properties worth over a million. Historically, the northern part of the province has been home to numerous residential villa districts, with Schilde and Brasschaat being the best-known municipalities. And although 17 million-euro properties fewer were sold in this province than in 2023, the total still stands at 307 million-euro properties. The city of Bruges, in particular, experienced a decline, with 11 per cent fewer million-euro homes sold (from 100 to 89).

East Flanders overtakes Flemish Brabant

In 2023, the province of Flemish Brabant had overtaken it, but last year East Flanders reclaimed third place. In 2024, 214 million-euro properties were sold, one more than the previous year. Ghent accounted for the highest number of properties sold (67, unchanged), followed by Sint-Martens-Latem (39). The latter enjoyed a record year with a 40 per cent rise in the number of properties sold for over a million.

In Flemish Brabant, however, sales fell by 12 per cent, with a total of 199 properties sold for over a million. Leuven, which has been Flanders’ most expensive city centre for several years now due to high demand coupled with a limited property supply, remains firmly in first place with 30 million-euro homes and flats sold, followed by Sint-Genesius-Rode (22) and Tervuren (19).

Limburg: a stable market

As is customary every year, Limburg brings up the rear. Last year, 48 properties worth over a million were sold, 41 of which were homes. That is almost the same number as in 2023 (47 properties). Hasselt remains the most popular choice for high-net-worth buyers, with 9 properties sold. The market for million-euro flats remains very limited, which is logically linked to the lower property prices and limited supply in the region.

Forecast for 2025: another shift towards flats

Hillewaere Vastgoed | Christie’s International Real Estate Belgium got off to a positive start in the first quarter of this year.

“Our sales figures for properties worth millions in the first four months of this year point to a stable trend, comparable to the same period last year. However, we are seeing a slight shift in terms of property type. We have noted a 15 per cent increase in the number of transactions for million-euro flats.” – Bart Van Delm, Managing Director of Hillewaere Vastgoed | Christie’s International Real Estate Belgium

The fact that the luxury property market is performing well in our country is also evident from the ambitions of the brand, which has been active in our market since 2023. This month, the Brussels office is celebrating its first anniversary, and this spring the Antwerp office opened its doors.