Press release: Prices of apartments in Limburg are falling faster than anywhere in Flanders
Ghent, February 16, 2023 - The average price of an apartment in Limburg decreased by 1.84% in the last quarter of 2022, according to figures from real estate data platform Realo. The price drop in Limburg is notably stronger than in the other Flemish provinces. The housing market also cooled off, but the decline in prices there is much more limited than for apartments. Hasselt strengthened its position as the most expensive city in Limburg in 2022.
An apartment of 95 square meters in Limburg cost an average of 218,266 euros at the end of 2022, or 2,298 euros per square meter. This represents a price drop of 1.84 percent compared to the third quarter of the previous year. Limburg remains the cheapest province for apartments, and the gap with the other provinces is even widening. For houses, West Flanders is cheaper than Limburg, but the expensive properties in coastal municipalities raise the average prices for apartments.
"Nowhere else in Flanders have apartment prices taken such a big dive as in Limburg," explains Fabrice Luyckx, data analyst at Realo. "This price drop may be explained by an oversupply of apartments. The number of new-build apartments in Limburg has increased sharply in recent years, making them harder to sell," says Fabrice.
Smaller price increase for Limburg houses
For a house of 170 square meters, you paid an average of 284,755 euros in Limburg in the last quarter of 2022, or 1,675 euros per square meter. This is a decrease of 0.15 percent compared to the third quarter. A small decrease, less pronounced than for apartments, but also in Limburg, the cooling of the real estate market seems to have started. The province is following the general trend that we also see in other Flemish provinces. Realo's real estate barometer shows a turnaround in the fourth and final quarter everywhere. The cooling of the real estate market, which has been predicted so many times, now seems to be a reality due to rising energy prices and increasing interest rates.
Hasselt remains the undisputed leader
Hasselt remains the most expensive municipality in Limburg. Only Zutendaal comes close. Even in the last quarter, a house in Hasselt was still almost 3 percent more expensive, against the national trend. You paid an average of 336,700 euros (or 1,981 euros per square meter) for a house of 170 square meters. The Limburg capital seems to be escaping the cooling real estate market.
Even for apartments, Hasselt remains the leader in Limburg with an average price of 272,440 euros for a 95 square meter apartment, although apartment prices did begin to decline in the fourth quarter. Hasselt is also the only Limburg municipality to make it into the top 100 of the most expensive municipalities in Belgium for apartments (at 83rd place). Peer and Lummen complete the podium, but these two municipalities follow at a distance from Hasselt and do not even make the Belgian top 150.
"We haven't noticed anything yet in Hasselt about the cooling down of the market. We don't see any difference in activity compared to the two previous years," said real estate agent Alexander Willems of Hillewaere Vastgoed Hasselt. "Hasselt is a city, but has managed to maintain the atmosphere and friendliness of a cozy village center. There is a large selection of restaurants and shops. The employment opportunities in and around the city also make Hasselt a desired place to live."