Buyers Guide

Advice on buying Belgium Property

You have found a property you wish to purchase in Belgium what next?

Belgium Property Buyer's Guide explains the legal fees,legal procedures, purchase taxes and mortgage procedure.

Below are some brief points in purchasing property in Belgium.

Location and Climate of Belgian property
Belgium, a member of the European Union is situated at the western edge of Europe, bordered to the north by the Netherlands, to the east by Germany and the Grand Duchy of Luxembourg and to the south and the west by France.
Belgiums' location has made it the economic and urban nerve centre of Europe. The climate is generally mild.

Languages in Belgium
Linguistic and culturally, Belgium has three Communities today, based on language: the Flemish Community, the French Community and the German-speaking Community.

Belgium has recently increased in popularity for foreign property ownership due to the head quarters of the European Union being based at Brussels. This has resulted in rising Belgium properties values, especially close to Brussels, although less expensive Belgium property can be found in the countryside.

There are no restrictions on Foreign Ownership of Belgium property.

Belgium Real Estate Prices
Range varies, for example:
From around £170,000 for a villa / house
From around £60,000 for a flat / apartment
From around £130,000 for a Maison de Maitre / Townhouse

Locations for buying Belgium real estate
Antwerp is the largest Belgium city with a population of 500,000.
Brussels is popular with government workers, to the East, being popular for young commuters and residents. East and West Brussels tend to have larger English speaking areas.

Living Costs in Belgium
Freehold Belgium property near to Brussels is generally more in demand.

Buying real estate in Belgium
A sales agreement is binding from day one - the notary will issue a deed which completes the sale. Put your signature under a sales agreement and you have to come up with the Euros - it is often misunderstood that if you sign a sales agreement with a 10% advance payment (common practice) that you can get out of it if your loan isn't approved or that you only lose 10% if you don't go ahead with the deed after all. Make no mistakes - you are owner the moment you sign the sales agreement! If you sent a proposal, the moment it has been counter signed by the seller for the agreed purchase price, you are officially the owner of the property. All particularities, including loan approval, building or renovation permits, etc, have to be mentioned as a suspensive condition in the sales agreement. In such case it is also advisable to hand over the advance payment to the notary, another common practice, who will keep the money until the signature of the deed (which doesn't allow any suspensive conditions). The property transaction should always be officially registered with the governmental authority within four months of conclusion.

Solicitor / Lawyer
A Belgian solicitor/lawyer or notary should be used to draw written contracts for submission to the public notary.

Fees
Property registration should incur duty of 12.5% for land and buildings is payable by the buyer.
V.A.T is charged at 21% on buildings less than two years old with the same rate applicable for the renovation of old buildings.
Notary fees will cost between 0.1-0.5% of the properties value.
V.A.T is also applicable for foreign Real Estate investments at the relevant rate of their country.

Belgium Real Estate Tax
Tax is payable on the deemed rental value of the property which is dependent on the location and use of the property as set in the "Cadastal Register".
National rates are between 1.25-2.5% and municipal and provincial surcharges also apply.

Mortgages
Mortgages are available from various banking and mortgage providers. Repayment terms and the rights of the mortgager will be agreed within a written contract before a sale is agreed.

Capital Gains tax is chargeable on all income from the sale of Real Estate which includes non-resident companies and is liable at the basic rate, which would be 40%.

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These guidelines are meant for guidance only and describe a straightforward purchase scenarios. However this information is not meant to replace proper legal advice, which we always insist you take.

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