Market Size of Belgium Luxury Residential Real Estate Industry
| 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 |
Major Players_-_Copy.webp "Belgium Luxury Residential Real Estate Market Major Players")
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
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 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 Size Summary
Belgium's luxury residential real estate market is experiencing a notable expansion, driven by an increasing number of high net worth individuals seeking upscale homes in prime locations. The market is characterized by a growing interest from younger generations, such as Gen Z and millennials, who prioritize unique experiences and sustainable living. Despite challenges like rising prices, tighter financing conditions, and higher energy costs, the demand for luxury properties remains robust. The market is further bolstered by strategic partnerships, such as Hillewaere Group's exclusive affiliation with Christie's International Real Estate, which enhances the visibility and appeal of luxury properties in Belgium. This partnership allows access to a global network, reinforcing the market's competitive edge.
The integration of smart home technology is becoming a significant trend in Belgium's luxury real estate sector, with developers incorporating advanced features to enhance security and convenience. This technological advancement is a key selling point for buyers seeking modern amenities. The market's growth is also supported by rising disposable incomes and a dynamic housing landscape, with a notable increase in high-value property transactions. Key players in the market, including Be Luxe, Sotheby's International Realty, and Engel & Völkers, are leveraging alliances and strategic moves to expand their market presence. The luxury residential real estate market in Belgium is poised for continued growth, driven by innovation, strategic partnerships, and a strong demand for high-end properties.
Belgium Luxury Residential Real Estate Market Size - Table of Contents
-
1. MARKET INSIGHTS AND DYNAMICS
-
1.1 Market Overview
-
1.2 Luxury Residential Real Estate Buying Trends - Socioeconomic and Demographic Insights
-
1.3 Government Initiatives, Regulatory Aspects for the Luxury Residential Real Estate Sector
-
1.4 Supply Chain/Value Chain Analysis
-
1.5 Market Dynamics
-
1.5.1 Market Drivers
-
1.5.1.1 Smart Homes and Automation
-
1.5.1.2 Wellness and Health focused Amenities
-
-
1.5.2 Market Restraints
-
1.5.2.1 High Cost
-
-
1.5.3 Market Opportunities
-
1.5.3.1 The Integration of Sustainable Features and Eco-friendly Technologies in Luxury residential Real Estate
-
-
-
1.6 Porter's Five Forces Analysis
-
1.6.1 Threat of New Entrants
-
1.6.2 Bargaining Power of Buyers/Consumers
-
1.6.3 Bargaining Power of Suppliers
-
1.6.4 Threat of Substitute Products
-
1.6.5 Intensity of Competitive Rivalry
-
-
1.7 Impact of COVID-19 on the Market
-
-
2. MARKET SEGMENTATION (Market Size By Value)
-
2.1 By Type
-
2.1.1 Apartments and Condominiums
-
2.1.2 Landed Houses and Villas
-
-
2.2 By Region
-
2.2.1 Walloon Region
-
2.2.2 Brussels Region
-
2.2.3 Flemish Region
-
2.2.4 Rest of Belgium
-
-
Belgium Luxury Residential Real Estate Market Size 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.
