Easier Property Purchase in Brussels Starting in 2023

Good news for those looking to buy a home in Brussels: starting January 1, 2023, registration fees will be revised to make property purchases more advantageous. The Brussels regional government has presented a plan to improve the current system, which is expected to be discussed and approved in parliament soon. This means that the costs of purchasing property will be significantly reduced for many buyers.

What Changes Are Expected in 2023?

The revision of registration fees aims to reduce the financial burden on property buyers. The key changes are as follows:

1. Increased Tax Abatement

The current tax abatement, which applies to the first €175,000 of the property price, will be extended to €200,000. This allows buyers to benefit from a tax advantage on a larger portion of the purchase price. Amounts above €200,000 will still be subject to the standard registration fee of 12.5%. This change will allow buyers to save €25,000 compared to the current system, where the benefit is limited to €21,875.

2. Abatement for Energy-Efficient Renovations

Another significant change is the introduction of an additional tax abatement for buyers who purchase a property with poor energy performance and carry out major energy renovations. This abatement will be €25,000 for each improvement in the property’s energy class. To qualify, the property’s energy efficiency must be improved by at least two levels. For example, this could mean improving a property from energy class F to class D. This measure is designed to encourage sustainable renovations and motivate buyers to invest in energy-efficient properties.

3. Higher Threshold for Registration Fee Relief

The ceiling above which a property is no longer eligible for tax relief will be raised from €500,000 to €600,000. This means that buyers of more expensive properties will also qualify for the tax benefits, making the Brussels real estate market more accessible to a broader audience.

What Does This Mean for Buyers?

The revision of registration fees makes property purchases in Brussels much more attractive. The expanded tax abatement, new incentives for energy-efficient renovations, and the higher ceiling for registration fee relief all make it easier for more people to buy property, even in a city like Brussels, where property prices can be high.

Whether you’re buying your first home or looking for an investment property, the changes in 2023 will make purchasing property in Brussels more affordable. The incentives for energy renovations will not only help reduce long-term energy costs but will also contribute to meeting the region’s climate goals.

Conclusion

Starting in 2023, registration fees for property purchases in Brussels will be revised, making buying property easier for many buyers. The increased tax abatement, new energy renovation incentives, and the higher threshold for tax relief will provide significant benefits for anyone looking to buy property in Brussels. These measures will make the real estate market more accessible and encourage sustainable property improvements, which are both financially and environmentally advantageous.