Property in Belgium
Having property in Belgium has become very popular with foreign investors, as the EU’s headquarters are based in Brussels. Property prices are considered to be relatively cheap compared to other European countries. However, the property market in Belgium is strongly influenced by the economy and prices tend to fluctuate constantly.
If you are planning on staying in Belgium for less than five years, it is recommended to rent instead of buying a home. Owning a property isn’t seen as a good investment, and generally people don’t think it’s important to own their home. Transfer costs are high and tax benefits tend to vary greatly, which also discourages residents to invest in properties.
Brussels is one of the main property markets in Belgium, therefore, prices are higher than in the rest of Belgium. There is a great number of town houses, villas and estates in the city. Other main property markets near Brussels are the Flemish Brabant and the Walloon Brabant.
Investing in property in Belgium
If you are planning on buying a property in Belgium you can visit real estate agencies for help. You can also do your own search by looking for signs reading à vendre/te koop in windows.
If you decide to engage a real estate agent in the process, take into account they are usually regionally bond to properties. Also, they may not want to work with someone who doesn’t speak the region’s language (or isn’t enrolled in language classes). Official real estate agents are members of the Professional Institute of Real Estate Agents.
The deposit on the purchase can be from 5% to 10% of the price of the property in Belgium. This deposit is blocked until both you and the seller sign an officially notarised deed of sale (acte notarié/notariële akte). The deed of sale must be signed within four months of the purchase agreement.
You may be required additional official documentation or registration to purchase a property in Belgium. The additional documentation can be a soil sample, a third party verification of the size of the property, or any other documentation that proves that the price of the property isn’t estimated.