Selling property in Belgium, you will be happy to know that there was never a better time to do so, as rich foreign investors in property, especially those from Russia and China are keenly interested in Belgium. Belgium has the advantage of being the sixth richest country in Europe. Belgium also has Brussels, which is the capital of the European Union.
So, by buying property in Belgium, foreign investors get an entry point into the heart of the European Union. Belgium’s property market has witnessed a steady rise since 2000, stopping for a brief while in 2009, following the global housing crisis. Since then, property prices in Belgium once again exhibited a strong upward trend.
In fact, property prices in Belgium are so high, there is a strong feeling that they are overvalued and that we are in the middle of a housing bubble in Belgium. In that case, this represents a great opportunity for you to sell property in Belgium at a high, just when things seem to be at their highest point.
It is important to sell property in Belgium right now, because even the world famous Economist magazine considers the Belgium property market “more overvalued than it was in America at the peak of its bubble.” According to the Economist, the Belgian housing market is overvalued by 25%.
There are a plenty of rich Russian and Chinese investors are willing to buy a Belgian property, even now, when everybody says that the market here is overpriced. So you should definitely take advantage of that and sell property in Belgium as soon as possible, as the housing market here has clearly reached its peak value.
Selling property in Belgium should not be too difficult because of the tremendous for Belgian property from foreign investors, especially cash rich Chinese and Russians. So it is crucial to pick a real estate agent who has extensive connections in these countries.
Be sure to be in contact with multiple real estate agents, as it is important to have as many options as possible. Don’t get into a mutually exclusive contract with any real estate agent.
If you are selling property in Belgium, it is important to keep in mind the financial aspect of the sale. In particular, you should know about the capital gains tax charged on the profits made by you on the sale.
A capital gain is what you get when you subtract the price you bought the property for, from what you sell it for. In Belgium, you will be charged a capital gains tax on the sale of the property of it hasn’t been your primary dwelling and also if you are selling the property within 5 years of buying it.
For individual home sellers, capital gains tax in Belgium is levied at 33%, which is among the highest rates in the world. If the capital gains tax does not apply to your situation, you will be charged a local tax, which amounts to 18%.
Finally, before selling your property you should spend a little on its renovation, so that it looks presentable when you show it to prospective buyers. Remember, the first impression is often the final impression when you are selling a property, whether in Belgium, or for that matter anywhere in the world.
If you need great advice on how to sell property in Belgium quickly and safely to high net worth overseas property investors, do contact us at www.worldwidegroup.eu immediately. We have sold many properties in Belgium over the last 8 years.