While the rise in real
estate prices is on everyone’s lips and in all media, it is
important to get the opinion of a professional real estate agent on the
matter. What is the reality on the ground? What type of buyers are
currently active, and what kind of property is most sought after?
Coraline Jacquemotte, real estate advisor at Hermanns Real Estate, shared her opinion and observations with us.
Buyers and Sellers: Analysis
“Regarding
sellers, we noticed an increase in the number of properties for sale as soon as the
recovery began in May 2020. The market then calmed down, but now it isfluctuating. For several weeks now, we have again received many
requests for valuations of properties for sale.” , Coraline Jacquemotte
explains.
While the halt of economic activities during lockdown significantly influenced these trends, it is also important to note that we are currently entering the peak real estate season, especially for properties with outdoor space and/or a garden.
Motivated Prospective Buyers
Many
prospective buyers are in an active search phase. “We even have
people contacting us to be entered into our database
with their criteria, because they cannot find available properties that
match their expectations,” adds the real estate agent.
These buyers are mainly young adults, coupled or single, under thirty. “It can also be older investors who are actively looking for studios or small apartments to then rent them out.” For 2 and 3-bedroom apartments or townhouses, the most interested demographic is also couples or single individuals, aged up to 30 years.
Different Behavior for each Property Type
While the Brussels real estate market is currently booming, it goes without saying that the behavior of sellers and buyers can vary depending on the property type. Regarding the sales period, in particular, “if we have an apartment for sale priced between €150,000 and €350,000, it will sell within a few weeks,” specifies Coraline Jacquemotte, “provided, however, that the selling price has been correctly evaluated.”
Studios and One-Bedroom Apartments
“Currently, smaller properties like studios and one-bedroom apartments sell very quickly and at the owner’s asking price, or even higher,” Coraline Jacquemotte tells us. The competition among buyers is so high for these properties that offers are now submitted to the real estate agent during the first viewing. “There is no more room for negotiation; those who secure the property do not haggle because they would risk missing a great opportunity.”
Two or Three-Bedroom Apartments, and Beyond
For these properties, the behavior of prospective buyers is very different. It is common for second viewings to be scheduled, and the real estate agent does not always receive purchase offers at the end of the first day of viewings. For these properties, owners should expect a short delay between listing and receiving an offer.
Houses up to €550,000
While apartments are
highly sought after during this period, houses are not
to be outdone. Indeed, for houses priced between €350,000 and €600,000 with
outdoor space, offers must be submitted quickly after the viewing,
ideally within the same day.
One of the factors that could
explain the high demand for this price range is the tax allowance
applied in the Brussels Region for properties with a selling price
below €500,000. However, a few conditions must be
met to benefit from it:
- Live in the property for a minimum of 5 years;
- Purchase a property with a selling price below €500,000.
-
The Winning Criterion: Outdoor Space
Currently, the criterion that
adds real value to properties is outdoor space. “The
terrace is now an important criterion for buyers, and it can
even become a negative point during viewings for properties that do not
have one. If the property is a house, a yard or
a garden will be essential.” , explains Coraline Jacquemotte.
Indeed, properties that offer
an outdoor space sell very quickly. “If we compare
two similar properties, and one has a terrace while the other does not, the first
will sell for more and faster than the second. During valuations
as well, if there is a genuine outdoor space where one can
settle, it is a positive point and is taken into account when calculating the
selling price.”
The reason for this enthusiasm for outdoor space? The lockdown. Indeed, since the end of the very strict measures that forced Belgians to stay confined to their homes, many prospective buyers wish to move to a property with a garden or a terrace, in order to enjoy the outdoor air while remaining at home.
And the Future in all this?
As many
media outlets point out, everything suggests that the real estate market will continue its
rise in the coming months. The lack of negotiation, properties selling at
a price higher than the asking price, the reduced number of available properties
currently… are indicators that suggest the real estate
sector is not expected to calm down anytime soon.
Therefore, do not postpone your real estate project, at the risk of finding yourself frustrated in a property that no longer suits you. Contact us without delay to sell your apartment or to be assisted in finding the ideal property!
