Comparison of Real Estate Prices Across Cities in Belgium

Published on April 22, 2026 and written by Cyril Jarnias

Belgian real estate has never been talked about so much. Between soaring prices in certain Brussels neighborhoods, a discreet boom in Wallonia, and persistent tensions in housing supply, buying a property in Brussels, Antwerp, Ghent, Liège, or Charleroi clearly doesn’t cost the same thing. Yet, on paper, it’s the same country, the same interest rates, and a largely common regulatory framework.

A national market in moderate growth, but under strong pressure

On a national scale, the figures give an impression of relative calm. The average house sells for around €355,371, while the average apartment sells for around €271,218. In terms of square footage, houses average between €2,049 and €2,400 per square meter, compared to €3,064 to €3,483 for apartments, depending on the period and sources.

This overall dynamic, however, masks strong tensions. The country suffers from a chronic housing shortage: approximately 45,000 new households are formed each year, but construction only delivers 35,000 to 40,000 new homes. The residential vacancy rate is thus expected to fall below 5%. In such a context, any drop in building permits issued – they fell by about 13.9% in the first nine months of 2024 – mechanically contributes to maintaining price pressure, especially in large cities.

Add to this heavy transaction costs: between 11 and 15% of the price for an existing property, potentially climbing to 22% for a new build. These costs notably include registration fees (from 2% to 12% in Flanders, 12.5% in Brussels, 6% to 12.5% in Wallonia under the old regimes and 3% for primary residences in the reformed Wallonia), as well as notary fees, around 1 to 1.6% of the price.

Three regions, three price levels

The Belgian real estate market is first structured around its three main regions: the Brussels-Capital Region, the Flemish Region, and the Walloon Region. Each has its own prices and dynamics.

Brussels, the most expensive region

The Brussels-Capital Region is clearly at the top of the scale. For the first quarter of 2025 alone, the median price for a terraced or semi-detached house there reaches €525,000, while a detached house far exceeds a million, with a median of €987,500. Apartments have a median price around €265,000, even though averages and prices per square meter go higher.

Flanders, between relative affordability and very expensive pockets

Flanders occupies an intermediate position. For the first quarter of 2025, terraced or semi-detached houses show a median of €320,000, detached houses (four façades) €430,000, and apartments just over €256,000. Prices per square meter range, depending on the provinces, between €2,257 and €2,539 for houses, and between €2,890 and €3,260 for apartments.

This average hides two opposing realities. On one side, relatively affordable provinces like Limburg or West Flanders, where you can find terraced houses around €250,000 and apartments around €225,000 to €240,000. On the other, extremely expensive areas like the province of Flemish Brabant, the coast, or prestigious municipalities such as Knokke-Heist or Sint-Martens-Latem, where houses can far exceed €800,000.

Wallonia, the most affordable region… on the surface

Wallonia remains, on average, the cheapest region. For the first quarter of 2025, the terraced or semi-detached house sells for around €200,250, the detached house at €335,000, while the apartment has a median of €190,000. Per square meter, houses range between €1,411 and €1,708 depending on the provinces, and apartments between €1,847 and €2,292.

Regional summary: houses and apartments

To illustrate these differences, a summary table of median prices by region helps visualize the order of magnitude.

These averages, however, say nothing about the local realities in large cities, where a very significant share of transactions and rental demand is concentrated.

Brussels, Antwerp, Ghent, Liège, Charleroi, Namur: multi-speed cities

In Belgium, a few cities clearly dominate the real estate map: Brussels, Antwerp, Ghent, Liège, as well as regional centers like Bruges, Charleroi, Namur, or Leuven. Each combines specific price levels and rental yield profiles.

Brussels: European capital and price champion

The city of Brussels alone accounts for a large portion of transactions in the region. Prices there are both very high and extremely varied depending on the municipalities and neighborhoods. On average, you pay about €3,520/m² for an apartment and €2,968/m² for a house, but this average hides truly separate worlds.

In affluent municipalities like Ixelles, Uccle, Woluwe-Saint-Pierre or Woluwe-Saint-Lambert, prices per square meter exceed €4,000, sometimes €5,000. Some highly sought-after streets in Uccle or downtown even exceed €5,500 per square meter. In contrast, municipalities like Molenbeek-Saint-Jean, Anderlecht or Koekelberg offer more contained prices, with apartments around €2,700 to €3,200/m², which remains high, but significantly lower than the upscale neighborhoods.

The housing market reflects the same divide. Municipalities like Ixelles, Woluwe-Saint-Pierre or Uccle have medians of €705,000 to over €900,000 for a house, while Anderlecht and Molenbeek hover around €335,000 to €370,000. Yet, these more affordable municipalities still remain well above the levels seen in many Walloon cities.

On the rental segment, Brussels has the highest rents in the country. The average rent there is around €1,321 and is still rising (+5% year-over-year). A two-bedroom often rents for around €1,250 to €1,500 per month, more in upscale municipalities. Gross yields for apartments vary between 4.87% and 6.02%, with an average around 5.56%. For an investor, it’s a trade-off between security (strong demand from international managers, European officials, students) and a yield slightly lower than what can be found in some Walloon cities.

Antwerp: Flemish engine and champion of ten-year growth

Antwerp positions itself as the other major real estate hub in the country. Per square meter, an apartment trades around €2,819 to €2,934, a house close to €2,393 to €2,614/m² depending on sources and dates. At the city level, detached houses commonly sell between €400,000 and €500,000, typical apartments between €250,000 and €350,000.

Over ten years, Antwerp has recorded one of the strongest price increases in the country, with a price rise exceeding 50%, even surpassing Brussels over that period. This dynamic is explained by the city’s economic attractiveness (port, industry, diamond, fashion), an improved historic center, and rental demand supported by students and working professionals.

In terms of yield, Antwerp offers rents averaging around €1,050 for a two-bedroom. The gross yields for apartments are around 5.09% on average, with ranges from 3.31% to over 6%. For a small well-located studio or one-bedroom, yields can exceed 5%, while larger family apartments in the most sought-after neighborhoods show more modest yields, around 3 to 4%.

Ghent: sought-after balance between growth and profitability

Ghent is often cited as a city offering a good compromise between appreciation potential and rental yield. Apartments there are around €3,470/m², houses around €2,763/m², with slightly lower ranges in some sectors (some reports indicate €2,920-€2,950/m² for apartments and just over €2,200/m² for houses in some neighborhoods).

Ghent rents remain a bit below those in Antwerp: a two-bedroom often rents between €900 and €1,000 per month. Net yields are generally between 4.5% and just over 5%, making it a favored playground for investors seeking a good balance between risk, liquidity, and return.

Liège: Walloon capital of rental opportunities

Liège illustrates well the contrast between relatively modest purchase prices and interesting rental yields. Apartments there cost about €2,241 to €2,426/m², houses around €1,689 to €1,790/m². A detached house averages around €290,000, an apartment sometimes starts around €175,000.

Rental yields there are particularly attractive: the gross yield for apartments is between 4.3% and 5.38%, with an average around 4.75%. Some neighborhoods like Outremeuse have already shown remarkable performance, with annual returns on the order of 8.4% according to a cited study.

For an investor, the entry price remains moderate, while rental demand is supported by a mixed public of workers, students, and cross-border commuters (the city is connected by high-speed train to Brussels in just over half an hour). This is one of the reasons Liège is often ranked at the top of Walloon cities with potential.

Charleroi: rock-bottom prices, above-average yields

Charleroi is among the most affordable markets in the country. Prices per square meter there are significantly lower than in other major centers: about €1,610/m² for an apartment and €1,310/m² for a house. You can still find apartments with a median around €125,000 and houses often under €200,000.

Namur: administrative center and human-scale city

Namur, the regional capital, shows intermediate prices for Wallonia: about €2,795/m² for an apartment and €2,105/m² for a house according to the latest available data. Prices remain well below those of major Flemish cities or Brussels, but higher than those of some industrial Walloon cities.

Rental yields there are also interesting, often around 5% gross for apartments. Namur benefits from a pleasant quality of life, fast rail connections (notably to Brussels and Liège), and urban renovation projects that support demand.

Comparison of prices per square meter in the main cities

A summary table allows for a quick comparison of average prices per m² for apartments and houses in several major Belgian cities (August 2025 data and Statbel/real estate portal sources):

Beyond the clear hierarchy between Brussels, major Flemish cities, and major Walloon centers, this table highlights another phenomenon: in Brussels as in Leuven, prices per m² rival those of second-tier European capitals like Berlin or Vienna, while in Hainaut or parts of the province of Liège, prices approach levels seen in intermediate French cities.

The extremes: millionaire municipalities and ultra-affordable villages

Belgium is also a country of real estate extremes. On one side, municipalities ranked among the most expensive in Western Europe for their segment, on the other, villages where a house can still be bought for less than €100,000.

The most expensive municipalities

For houses, a few names consistently top the ranking:

– Knokke-Heist on the Flemish coast, where the median for a house is around or exceeds €900,000 and where prestige villas far exceed a million.

– Sint-Martens-Latem, near Ghent, with medians around €845,000 and more.

– In the Brussels periphery, municipalities like Kraainem or Tervuren show medians exceeding €580,000 to €640,000.

– On the Brussels side, Ixelles, Uccle, Woluwe-Saint-Pierre, and Watermael-Boitsfort present medians roughly between €650,000 and over €900,000 for houses.

For apartments, Knokke-Heist also dominates the ranking, with medians around €523,750 to over €560,000, especially on the waterfront. In Walloon Brabant, Waterloo is among the most expensive cities for this segment, with medians close to €360,000. In Brussels, Woluwe-Saint-Pierre, Ixelles, or Uccle frequently exceed €340,000 to €380,000 as the median price for an apartment.

The most affordable municipalities

At the other end of the spectrum, some municipalities have price levels that seem almost disconnected from those of large cities.

For apartments, cities like Charleroi or some municipalities in eastern Wallonia (La Calamine, notably) have medians barely above €100,000 for a home. These prices are explained by a often more fragile socioeconomic context, an older housing stock, and sometimes a less valued external image.

In Flanders, municipalities like Menen or Ronse are among the cheapest, with median houses just below or above €200,000 and apartments around €150,000 to €160,000. They nonetheless remain connected to the main Flemish job markets, making them interesting markets for some investors seeking a compromise between affordability and revaluation potential.

Residential vs. rental: where are the yields highest?

Comparing prices between cities only makes full sense when related to rental income. On this front, the Belgian geography reorganizes: the most expensive markets are not always the most profitable.

Yields in large cities

Available data show average gross yields for apartments of about 4.24% nationally, but with strong local variations.

A table helps illustrate these differences:

We note that: trends are constantly evolving over time.

For an investor, these differences are crucial: a Brussels apartment will guarantee high liquidity upon resale and near-permanent rental demand, but its net yield will be lower than a property acquired in Liège or Charleroi for a much more modest budget.

Rent, prices, and tenant profiles

Tenant profiles also vary strongly from one city to another, which influences income stability and appreciation prospects.

In Antwerp, demand comes from port workers, employees of large companies, the diamond and fashion sectors, as well as thousands of students. Ghent is dominated by its student population and its tech ecosystem, while Liège and Charleroi serve as both university centers and hubs for cross-border or interregional commuters.

This diversity explains why some low-price cities, well located along major highways (E40, E42) or near high-speed train stations, show higher yields despite lower absolute rents.

Why such differences between cities?

Comparing prices per square meter between Brussels, Antwerp, Ghent, Liège, or Charleroi is not enough. We must also understand the structural factors that fuel these differences.

A widespread housing shortage, but more acute in cities

Everywhere in the country, the number of new homes coming onto the market remains lower than household growth. Permit procedures are long, urban planning rules strict, and environmental or heritage constraints limit construction possibilities in many urban centers.

This tension is particularly visible in Brussels, in Flemish Brabant, on the coast, and in several major Flemish cities. In Flanders, it is estimated that about three-quarters of the price increase since the 1970s results from the rise in land prices. The higher population density, especially around Brussels and Antwerp, has created a true land scarcity.

Tax policies that accentuate movements

Registration fees, largely regional, also have a non-negligible effect. The reduction to 2% in Flanders for primary residences and the dramatic drop to 3% in Wallonia for the same type of purchase helped stimulate transactions in early 2025, particularly in these regions. In Wallonia, authorities note a jump in the number of house sales above €300,000, which mechanically pulled prices upward.

In Brussels, where registration fees remain at 12.5% (though with an exemption on the first €200,000 for certain purchases), the entry cost remains higher, which can curb some demand from local households. But international pressure and supply scarcity continue to keep prices at a very high level.

Brussels real estate context

Differences in income and economic dynamism

Price differences also reflect divergent economic realities. Flanders has on average higher incomes, lower unemployment, and a denser economic fabric. Wallonia has more industrial areas in transition, higher unemployment (8 to 9% in some cases), and slower growth. Brussels, for its part, hosts high incomes but also a significant modest population, creating a particularly sharp contrast between wealthy neighborhoods and struggling areas.

The growing impact of energy performance

The growing obligation to renovate energy-inefficient homes has introduced a new variable. In Flanders, the implementation of renovation requirements for energy-guzzling properties has already created a price gap between well-insulated homes and energy sieves. Nationally, properties rated A can command a premium of 12 to 22% on the price compared to a D-rated property, all else being equal.

Public programs that establish a reduced VAT of 6% for eco-efficient demolition-reconstruction projects, or subsidies for installing heat pumps and solar panels (valued respectively at €15,000-€25,000 and €10,000-€20,000 in resale price) reinforce this trend. In large cities, renovated and energy-efficient properties are snapped up at prices significantly higher than older homes needing renovation.

Belgium compared to other European capitals

On a European scale, Belgium is in a paradoxical position. On one hand, analysts estimate that the market remains expensive relative to incomes, with studies still pointing to an overvaluation on the order of 17 to 36% depending on the method (price-to-income, interest rates, econometric models). On the other hand, prices remain lower than those of several neighboring capitals.

On average, Belgian apartments are estimated around €3,050 to €3,100/m² compared to nearly €3,800 to €3,900/m² for France as a whole. Belgian houses are around €2,040 to €2,080/m², compared to €2,480 to €2,930/m² for France. However, Belgium stands out for often higher transaction costs, overall heavier property taxes, and housing costs sometimes 5 to 10% higher than on the other side of the border.

What are the prospects for the coming years?

Projections converge toward a continuation of price increases in Belgium, but at a more moderate pace than in the past decade. Major banks and institutions generally mention growth on the order of 3% per year for 2025 and 2026, or even a bit more according to some scenarios.

Several elements argue for a soft landing rather than a sharp downturn:

At the same time, households’ ability to keep up with prices is reaching its limits. More than half of Belgians already consider housing unaffordable, and nearly two-thirds believe young people will have even more difficulty buying in the future. Price-to-income ratios have reached high levels, and studies by the National Bank or the OECD have long pointed to an overvaluation of the market, even if this seems to have partly corrected thanks to a form of real-term slowdown.

In the short term, it is likely that: current trends will continue to influence economic and policy decisions.

– already very expensive markets like certain Brussels or coastal neighborhoods will experience more contained growth, or even phases of stagnation in real terms;

– still affordable but well-connected regions – Hainaut, Namur, part of Liège, some secondary Flemish towns – will continue to attract buyers seeking more reasonable prices, which could sustain price increases there slightly above average;

– demand for energy-efficient properties will continue to drive their values upward, widening the gap with homes needing renovation.

Conclusion: one country, several markets

Comparing real estate prices between cities in Belgium means accepting the idea that there is not one single market, but a mosaic of local markets. Brussels remains a national exception, with prices per square meter and rental pressure bringing it closer to other European capitals than to the rest of the country. Antwerp and Ghent, supported by a powerful Flemish economic fabric, show high price levels and marked progression over the last decade, but retain competitive rental yields.

For a buyer looking for a home, the trade-off will be between proximity to urban centers, quality of life, budget, and renovation costs, in a context where energy standards are becoming more stringent. For the investor, the choice between Brussels or Antwerp – more liquid but more expensive – and cities like Liège, Charleroi, or certain Flemish or Walloon municipalities in full development will be a matter of compromise between security, yield, and capital appreciation potential.

Cyril Jarnias

Cyril Jarnias is an independent expert in international wealth management with over 20 years of experience. As an expatriate himself, he is dedicated to helping individuals and business leaders build, protect, and pass on their wealth with complete peace of mind.

On his website, cyriljarnias.com, he shares his expertise on international real estate, offshore company formation, and expatriation.

Thanks to his expertise, he offers sound advice to optimize his clients' wealth management. Cyril Jarnias is also recognized for his appearances in many prestigious media outlets such as BFM Business, les Français de l’étranger, Le Figaro, Les Echos, and Mieux vivre votre argent, where he shares his knowledge and know-how in wealth management.

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