Belgium Luxury Residential Real Estate Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 4.00 % |
| Market Concentration | Low |
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*Disclaimer: Major Players sorted in no particular order |
Belgium Luxury Residential Real Estate Market Analysis
Belgium's luxury residential real estate market is expected to register a CAGR of more than 4% during the forecast period (2023-2028).
- Belgium (officially the Kingdom of Belgium) is a nation that is a part of NATO, WTO, United Nations, Council of Europe, Schengen, and the Eurozone. The weather is temperate maritime, with mild, rainy winters and warm, muggy summers. In the winter, snow, and frost are infrequent. The market is driven by a growing number of high net worth individuals looking for luxury homes in prime locations. With Gen Z, millennials, and the emerging middle classes so focused on new experiences, they're looking at where those experiences come from, such as leisure.
- Purchasing prices in Belgium remained on the rise throughout 2022, although the number of deals saw a first dip in several years. Price hikes, tightened financing conditions, higher inflation, and higher energy prices restrict the acquisition opportunities for households, whereas the investment market showed a slightly weaker performance.
- Households in Belgium are increasingly concerned about the environmental impact of their dwellings, increasingly aware of the sustainability challenges, and looking for ways to reduce their energy consumption.
- Regional governments have set ambitious targets and aim to achieve carbon neutrality by 2050 for the residential stock. They have also implemented indexation limits based on the EPC performance of the dwellings.
- In June 2023, Hillewaere Group - led by entrepreneur Roel Druyts - will become the exclusive affiliate of Christie's International Real Estate in Belgium for the next 10 years. This means that Hillewaere - an established player in residential real estate for many years - is the only authorised broker to market the exclusive range of luxury properties on the Belgian market under the Christie's International Real Estate brand. Additionally, Hillewaere gains access to the international network of Christie's International Real Estate. The new partnership with Christie's International Real Estate in luxury real estate is the next step in the group's growth strategy. Hillewaere indicates that the luxury real estate market continues to flourish. 2022 also saw record sales of million-euro properties in our country. In fact, the total of 1,927 property sales was 12 per cent more than in 2021
Belgium Luxury Residential Real Estate Market Trends
IoT-enabled home automation is driving the market
Smart home technology is becoming more and more popular. Even luxury homes are starting to adopt smart home technology. Smart home technology allows homeowners to control and monitor their homes remotely. Smart home technology improves both security and ease of use for homeowners. Luxury developers are starting to incorporate innovative home technology into their properties. Innovative home technology includes voice-activated controls. Automated lighting and temperature control are just a few of the innovative features that luxury developers are incorporating into their properties. The inclusion of smart home technology enhances the overall luxury experience. Innovative home technology has become a major selling point for buyers who want the latest technological advancements.
In third place, Belgium ranks highly in terms of smart alarm usage (17.24%). Greece is in fourth place, followed by Ireland. It is estimated that one in three households worldwide will have some form of "smart home" technology by 2027, which is a significant increase from the current number. Recent research has revealed that Belgium is a global leader in the adoption of smart home technology.
Rise In Disposable Income is driving the luxury residential real estate market
Luxury housing is booming like never before in Belgium, driven by rising disposable incomes and rising aspirations. The increasing disposable income of the Belgian households continued in 2020-21 and only slightly decreased in 2022, amid rising inflation. The positive overall picture does not change the fact that there were more and more signs in 2022 that the Belgian housing market was becoming more dynamic. According to the Belgian real estate agency Het Lappe Nieuws, in 2021 there were 1,247 properties for sale with a value of EUR 1 million (USD 1.09 million) or more, which was almost 50% higher than the previous year's total of 446 properties for sale.
In Flanders, the highest number of transactions was 1,222. In the Brussels Region, 302 properties were sold. In Wallonia, 169 properties were sold. The municipality of Knokke (Heist), renowned for its beachfront properties, leads the Belgian municipalities in terms of sales with 288 properties. The luxury property market in 2021 reached a turnover of EUR 2.2 billion (uDF) (USD 2.39 billion). According to Bart Van Delm, one of the top real estate agents in the upper segment, the boom is due to low bank interest rates, low mortgage loans, high inflation, the introduction of more luxury properties, and the popularity of new constructions.
Belgium Luxury Residential Real Estate Industry Overview
The luxury residential real estate market in Belgium is competitive and fragmented. Market leaders are using alliances, purchases, and mergers to increase their market share. Be Luxe, BellesDemeures, BARNES, Sotheby's International Realty Affiliates LLC, and Mexx are key market participants.
Belgium Luxury Residential Real Estate Market Leaders
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Be Luxe
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Sotheby's International Realty Affiliates LLC
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Christies International Real Estate
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Home Invest Belgium
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Engel & Völkers
*Disclaimer: Major Players sorted in no particular order
Belgium Luxury Residential Real Estate Market News
- June 2023: Christie's International Real Estate is now open in Belgium and they've teamed up with one of the top real estate brokerages in the country. As the only Belgian affiliate of Christie's International Real Estate, they'll get access to top-notch marketing and tech, get national and international exposure for their listings, and have a link to the world-famous Christie's auction house for referral art and luxury items.
- April 2022: A house worth more than EUR 30 million (USD 32.56 million) has been sold by BARNES Léman. A remarkable file was created in association with the Paris-based law firm COHEN AMIR-ASLANI.
Belgium Luxury Residential Real Estate Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Deliverables
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS AND DYNAMICS
4.1 Market Overview
4.2 Luxury Residential Real Estate Buying Trends - Socioeconomic and Demographic Insights
4.3 Government Initiatives, Regulatory Aspects for the Luxury Residential Real Estate Sector
4.4 Supply Chain/Value Chain Analysis
4.5 Market Dynamics
4.5.1 Market Drivers
4.5.1.1 Smart Homes and Automation
4.5.1.2 Wellness and Health focused Amenities
4.5.2 Market Restraints
4.5.2.1 High Cost
4.5.3 Market Opportunities
4.5.3.1 The Integration of Sustainable Features and Eco-friendly Technologies in Luxury residential Real Estate
4.6 Porter's Five Forces Analysis
4.6.1 Threat of New Entrants
4.6.2 Bargaining Power of Buyers/Consumers
4.6.3 Bargaining Power of Suppliers
4.6.4 Threat of Substitute Products
4.6.5 Intensity of Competitive Rivalry
4.7 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION (Market Size By Value)
5.1 By Type
5.1.1 Apartments and Condominiums
5.1.2 Landed Houses and Villas
5.2 By Region
5.2.1 Walloon Region
5.2.2 Brussels Region
5.2.3 Flemish Region
5.2.4 Rest of Belgium
6. COMPETITIVE LANDSCAPE
6.1 Overview (Market Concentration and Major Players)
6.2 Company Profiles
6.2.1 Be Luxe Belgium
6.2.2 Immpact Real Estate
6.2.3 Engel and Volkers
6.2.4 Christies International Real Estate
6.2.5 Home Invest Belgium
6.2.6 Sotheby's International Realty Affiliates LLC
6.2.7 Luxe Places International Realty
6.2.8 EMILE GARCIN
6.2.9 Redevco
6.2.10 IMMOBEL*
- *List Not Exhaustive
7. *List Not Exhaustive
8. FUTURE OF THE BELGIUM LUXURY RESIDENTIAL REAL ESTATE MARKET
9. APPENDIX
Belgium Luxury Residential Real Estate Industry Segmentation
Luxury residential real estate is used to describe homes that are exclusively built for human habitation and offer a charming, resort-style lifestyle with first-rate amenities.
The report provides a comprehensive background analysis of the market, covering the current market trends, restraints, technological updates, and detailed information on various segments and the competitive landscape of the industry. Additionally, the COVID-19 impact has been incorporated and considered during the study. Belgium's luxury residential real estate market is segmented by type (apartments and condominiums, villas and landed houses) and by region (Walloon Region, Brussels Region, Flemish Region, and the Rest of Belgium). The report offers market size and forecasts for the Belgium luxury residential real estate market in value (USD) for all the above segments.
| By Type | |
| Apartments and Condominiums | |
| Landed Houses and Villas |
| By Region | |
| Walloon Region | |
| Brussels Region | |
| Flemish Region | |
| Rest of Belgium |
Belgium Luxury Residential Real Estate Market Research FAQs
What is the current Belgium Luxury Residential Real Estate Market size?
The Belgium Luxury Residential Real Estate Market is projected to register a CAGR of greater than 4% during the forecast period (2024-2029)
Who are the key players in Belgium Luxury Residential Real Estate Market?
Be Luxe , Sotheby's International Realty Affiliates LLC, Christies International Real Estate, Home Invest Belgium and Engel & Völkers are the major companies operating in the Belgium Luxury Residential Real Estate Market.
What years does this Belgium Luxury Residential Real Estate Market cover?
The report covers the Belgium Luxury Residential Real Estate Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Belgium Luxury Residential Real Estate Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Belgium Luxury Residential Real Estate Industry Report
Statistics for the 2024 Belgium Luxury Residential Real Estate market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Belgium Luxury Residential Real Estate analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
