1In the Brussels-Capital Region, the property sector is a cornerstone of the economy. In 2023, it accounted for 8 % of the Region’s economic activity, through the wealth generated by the property owned by Brussels residents [Wilmotte, 2026: 19]. Beyond the economic weight of the sector, an analysis of housing prices provides key insights into the structure and dynamics of the region. In particular, the spatial distribution of prices reflects the relative appeal of different areas [Thisse and Thomas, 2010]: higher prices generally indicate stronger spatial appeal, and vice versa. Price trends, in turn, shed light on broader issues such as housing affordability, household wealth, economic activity and the financial stability of the property sector [Reusens et al., 2022].
- 1 https://ibsa.brussels/sites/default/files/publication/documents/4044170-PerspectiveBrussels-cahier_ (...)
- 2 Unlike the purchase segment, rental data do not allow a distinction between houses and flats.
2This fact sheet presents the main findings of a study examining the position of Brussels within the Belgian economy through housing prices1. Two segments of the residential property market are analysed, taking into account the specific features of the country's urban structure. Firstly, the rental segment2 is examined using monthly rents (excluding service charges) for new leases registered between 2011 and 2024. The data come from the federal database of lease contracts (MyRent) registered with the Administration générale de la Documentation patrimoniale (General Administration of Property Documentation). They are enriched by Statbel and processed by the Institut Bruxellois de Statistique et d'Analyse (IBSA) for the purposes of this study. Secondly, the purchase segment is analysed using median sale prices for houses and flats between 2010 and 2024, calculated by IBSA on the basis of individual property transaction data provided by Statbel.
3To account for the specific features of the urban structure of Belgium, the analysis draws on the concept of the urban residential complex (URC), defined according to the urban regions methodology [Vanderstraeten and Van Hecke, 2019], which has recently been updated (Figure 1) [Bernier et al., 2026 – forthcoming]. In practice, a city’s URC is made up of its urban area, its suburbs and the residential areas of its commuters. This analytical scale serves a dual purpose, in line with the approach adopted by Thisse and Thomas [2010]: first, to assess the influence of Brussels beyond its administrative boundaries; and second, to highlight spatial contrasts which go beyond the traditional oppositions between the north and south of the country. Two types of URC are used as a scale of analysis alongside the administrative regions: regional URCs, comprising all major and regional cities (as shown in Figure 1); and the URCs of the five largest cities in Belgium considered individually (Brussels, Anvers, Gand, Liège and Charleroi). For regional URCs, municipalities belonging to the URC of a major or regional city were selected. Median prices were then calculated for all Flemish and Walloon municipalities meeting this criterion.
4Before presenting the main findings, the limitations of the study should be noted. Median prices are analysed without controlling for property characteristics (surface area, energy status, etc.). Furthermore, the study does not seek to explain the determinants of the positioning of Brussels, to provide precise estimates of rent levels, or to address directly the broader issue of housing costs. Its primary focus is the geography of housing prices in Belgium and the position of Brussels.
Figure 1. Urban residential complexes used in the study
The delimitation of urban residential complexes using the urban regions methodology was updated in 2026 by Bernier, Maldague, Bianchet and Wilmotte (Lepur-ULiège), on the basis of the municipal boundaries as of 1 January 2025.
Source: IBSA based on [Bernier et al., 2026 – forthcoming]
5Housing rents vary considerably across Belgium (Table 1). The Brussels region records the highest rents. Even when accounting for the degree of urbanisation – which reduces interregional disparities – Brussels remains the most expensive of Belgium’s major cities.
6In 2024, rents in Brussels were 18 % higher than in Flanders and 31 % higher than in Wallonia. When comparing urban residential complexes, the gaps narrow but remain substantial. Rents in the Brussels URC are 12 % higher than in Flemish URCs and 27 % higher than in Walloon URCs. At the level of major cities, rents in Brussels are:
-
8 % higher than in Anvers and Gand;
-
23 % higher than in Liège;
-
32 % higher than in Charleroi.
7Between 2011 and 2024, at the level of administrative regions, regional URCs and major cities, median rents for new leases increased faster than the cost of living. Adjusted for inflation, median rents have therefore continued to rise. In addition, a comparison of trends at regional and URC levels shows that rents have increased more rapidly within the Brussels Region than in its surrounding area.
8At regional level, rent increases were strongest in the Brussels Region (+13 %), compared with Flanders (+5 %) and Wallonia (+4 %). However, this pattern differs at the level of urban residential complexes (Table 1):
-
+3 % in the Brussels URC;
-
+5 % in Flemish URCs;
-
+6 % in Walloon URCs.
9At the level of major cities, Brussels (+3 %) recorded a smaller increase in median rents than Anvers (+10 %), Liège (+10 %) and Gand (+4 %).
Table 1. Change in median rents (2024, in euro) according to analysis scale between 2011 and 2024
|
Median rent 2011
|
Median rent 2024
|
Change (%)
|
|
At the level of administrative regions
|
|
Brussels Region
|
€ 865
|
€ 980
|
13 %
|
|
Flemish Region
|
€ 789
|
€ 830
|
5 %
|
|
Walloon Region
|
€ 721
|
€ 750
|
4 %
|
|
At the level of major and regional cities
|
|
Brussels URC
|
€ 892
|
€ 920
|
3 %
|
|
Flemish URCs
|
€ 783
|
€ 825
|
5 %
|
|
Walloon URCs
|
€ 686
|
€ 725
|
6 %
|
|
At the level of major cities
|
|
Brussels URC
|
€ 892
|
€ 920
|
3 %
|
|
Anvers URC
|
€ 776
|
€ 850
|
10 %
|
|
Gand URC
|
€ 817
|
€ 850
|
4 %
|
|
Liège URC
|
€ 684
|
€ 750
|
10 %
|
|
Charleroi URC
|
€ 686
|
€ 695
|
1 %
|
Source: Statbel 2025, IBSA calculations (deflator: health index, reference year 2024)
10The Belgian purchase market is likewise characterised by significant variations in housing prices (Table 2). Taking account of the degree of urbanisation significantly reduces the price gap for houses between Brussels and Flanders. For flats, however, price differences remain broadly similar across scales, with Brussels still more expensive than Flemish URCs.
11In 2024, the median price of a house in the Brussels-Capital Region was € 505,000 – 53 % higher than in Flanders and two and a half times higher than in Wallonia (+153 %). Brussels remains the most expensive area when compared with Flemish and Walloon URCs, although the differences are less pronounced than at regional level. Thus, a house in the Brussels URC sells for 8 % more than in a Flemish URC and for just under twice as much (+98 %) as in a Walloon URC. At the level of major cities, the Brussels URC has a median house price comparable to that of Anvers and slightly higher (+5 %) than that of Gand.
12For flats, Brussels also remains the most expensive region, with a median price of € 260,000 in 2024. At the level of regional URCs, Brussels again records the highest median price. However, the trend changes between major cities: the Gand URC has the highest median price for flats, followed by the Brussels and Anvers URCs.
13Between 2010 and 2024, median prices for both houses and flats increased more strongly in Flanders than elsewhere, regardless of the scale of analysis (Table 2, “change” columns).
- 3 The reduction in registration duties for the purchase of a primary residence in Wallonia came into (...)
14At regional level, the median house price rose most sharply in Flanders (+17 %), followed by the Brussels Region (+10 %) and Wallonia3 (+1 %). A similar pattern is observed for regional URCs: Flanders has seen the biggest increase (+19 %, including +25 % in the Gand URC and +19 % in the Anvers URC), followed by Brussels (+9 %) and Wallonia (+3 %, including +8 % in the Liège URC and +6 % in the Charleroi URC).
15For flats, the same ranking applies: the Flemish Region shows the biggest increase (+18 %), followed by the Brussels Region (+15 %) and the Walloon Region (+8 %). This hierarchy is also observed at the regional URC level: increases reached 20 % in Flanders (including +24 % in Anvers and +20 % in Gand), 15 % in Brussels, and 5 % in Wallonia (including +9 % in Liège and a decrease of −6 % in Charleroi).
Table 2. Change in median sale prices (2024, in euro) for houses and flats according to analysis scale between 2010 and 2024
|
Houses
|
Flats
|
|
Median price 2010
|
Median price 2024
|
Change
(%)
|
Median price 2010
|
Median price 2024
|
Change
(%)
|
|
At the level of administrative regions
|
|
Brussels Region
|
€ 459,831
|
€ 505,000
|
10 %
|
€ 226,378
|
€ 260,000
|
15 %
|
|
Flemish Region
|
€ 282,973
|
€ 330,000
|
17 %
|
€ 212,230
|
€ 250,000
|
18 %
|
|
Walloon Region
|
€ 198,081
|
€ 200,000
|
1 %
|
€ 162,710
|
€ 175,000
|
8 %
|
|
At the level of major and regional cities
|
|
Brussels URC
|
€ 339,568
|
€ 369,000
|
9 %
|
€ 226,378
|
€ 260,000
|
15 %
|
|
Flemish URCs
|
€ 287,218
|
€ 342,000
|
19 %
|
€ 205,155
|
€ 246,500
|
20 %
|
|
Walloon URCs
|
€ 180,395
|
€ 186,000
|
3 %
|
€ 152,805
|
€ 160,000
|
5 %
|
|
At the level of major cities
|
|
Brussels URC
|
€ 339,568
|
€ 369,000
|
9 %
|
€ 226,378
|
€ 260,000
|
15 %
|
|
Anvers URC
|
€ 311,270
|
€ 370,000
|
19 %
|
€ 194,544
|
€ 242,000
|
24 %
|
|
Gand URC
|
€ 279,436
|
€ 350,000
|
25 %
|
€ 229,208
|
€ 276,000
|
20 %
|
|
Liège URC
|
€ 183,933
|
€ 199,000
|
8 %
|
€ 155,635
|
€ 170,000
|
9 %
|
|
Charleroi URC
|
€ 155,635
|
€ 165,000
|
6 %
|
€ 127,338
|
€ 120,000
|
-6 %
|
Source: Statbel 2025, IBSA calculations (deflator: health index, reference year 2024)
16This study set out to position Brussels within the Belgian economic landscape through an analysis of the geography of housing prices, taking into account the rental and purchase markets. The findings underscore the central role of the urban structure of Belgium in shaping housing prices and show that regional disparities observed at national level partly conceal more detailed urban dynamics.
17In 2024, the Belgian rental and purchase markets exhibited marked regional price differences, with Brussels standing out as the most expensive area. These disparities are explained in part by levels of urbanisation rather than solely by administrative boundaries. The analysis reveals that housing prices are structured around major cities, with Brussels as the dominant centre, thus confirming its key role in price dynamics.
18On the rental market, the Brussels URC clearly emerges as the dominant centre. The trend is different on the purchase market: house prices in the Brussels URC are comparable to those in Anvers and slightly higher than in Gand, while for flats the Gand URC records the highest median prices.
19Between 2011 and 2024, rents increased faster than the cost of living, with stronger growth within the Brussels Region than in its surrounding area. As regards the purchase market, Flanders has seen the most pronounced increases in house and flat prices since 2010, ahead of Brussels and Wallonia.
20IBSA Working Paper No 16 provides a more detailed analysis at municipal level, highlighting local trends beyond the major and regional cities considered here.
21In light of these findings, further research could identify the factors underpinning the geography of housing prices and their evolution at various levels. This would involve linking rental and sale prices to property characteristics, as well as comparing price trends with demographic and economic developments. Such perspectives also point to the broader issue of housing data availability – often limited, particularly in Brussels – and the analytical implications in terms of housing, which remains a fundamental issue.
The author would like to thank those who reviewed this fact sheet and the IBSA working paper, whose suggestions helped improve the quality of these documents.