History
Belgium is a multicultural, multilingual country; it boasts Brussels which is a member of the European Union and NATO. It is the meeting place of all the European countries and the country provides excellent hospitality to all its visitors. There are festivals, carnivals and pageants all year round; there is so much to see from medieval cities to castles and pubs.
Property Prices
Range varies according to what you wish to purchase as shown below:
From around £125,000 for 2 bed apartment
Villas from around £280,000+
Townhouses from around £150,000+
Where to buy
The most popular place to buy real estate in Belgium is Antwerp; Brussels is more popular with government workers. Belgium is very expensive when purchasing real estate.
Cost of Living
The cost of living in Belgium is really expensive as Brussels is the main EU headquarters and is very popular with investors.
Buying real estate
A 10% deposit is usually required as an advance payment; the sale of the property is agreed from the start. The buyer's notary will draw up a deed which will complete the sale. The buyer should not think that he can pull out once the sales contract is signed. When the contract is signed the buyer is the owner of the property. If the buyer sends a proposal for the property and it has been signed by the seller, the buyer is officially the owner of the property.
The deposit should be given to the notary who will keep hold of the money once the deed is signed. Loan approval, building and renovation permits are all mentioned in the sales contract. The purchase of the property should be registered officially with the government within four months of signing the deed.
Legal
A Belgium notary should be appointed to draw up contracts, deal with all legal proceedings and to deal with the public notary.
Fees payable
Notary fees are around 0.5% of the purchase property price, property registration is 12.5%.
Taxes
Capital gains tax is 40% for non-resident businesses. Property tax is between 1.25% - 2.5% and it is payable on the deemed rental value of the property. V.A.T. is charges at 21% for buildings less than two years old.
Finance
Can be arranged through banks in Belgium, a written contract is signed and drawn up outlining repayment terms and right of the mortgager. This written contract is agreed before the bank lends. Finance can be arranged through international banks which provide competitive interest rates and long term borrowing.
Embassy
103 Eaton Square
London
SW1W 9AB
Telephone: 020 7470 3700
Fax: 020 7259 6213
