Guide for Canadians Buying Property in Belgium

Whether you are looking to buy a perfect vacation home in Europe or an investment property, Belgium is a great choice. From charming coastal towns to vibrant cityscapes, Belgium offers possibilities for every lifestyle and preference.

Nestled in the heart of Europe, Belgium shares its borders with France, the Netherlands, Germany, and Luxembourg, making it a perfect hub for exploring the continent. Known for its medieval cities, stunning architecture, and rich cultural heritage—including famous chocolate, world-renowned beers, and a lively café scene—Belgium is a country where every region has a unique character. Whether you dream of a home by the coast, a retreat in the countryside, or a chic urban apartment, Belgium has a property to suit every taste.

This guide will walk you through the essential steps for buying property in Belgium. We’ll cover what you need to know about legal requirements, how to control the cost of international payments, any restrictions for foreign buyers, and much more. Let’s make your journey to owning a property in Belgium as smooth and informed as possible.

Can foreigners buy property in Belgium?

Belgium is an ideal destination for international property buyers. Belgium attracts many Canadians with its historic charm and modern conveniences. Canadians, whether inside or outside Belgium, enjoy equal property rights, making buying real estate in Belgium relatively accessible. However, non-residents do face distinct tax obligations that differ from permanent residents. Understanding these tax requirements is essential for smooth investment planning.

While transaction costs in Belgium might be higher than in some parts of Europe, Belgium's property market is appealing due to its transparent and straightforward process. The country's flexible regulations for foreigners reduce bureaucratic complexities, making it easier for Canadians to buy property in Belgium.

Belgium offers a high quality of life with excellent healthcare, education, and cultural attractions, adding to its property investment location's appeal. Its central location in Europe, with easy access to neighbouring countries like France, Germany, and the Netherlands, further enhances its attractiveness, especially for those looking for a property that combines leisure with connectivity across Europe.

Why buy property in Belgium?

Belgium is a highly attractive destination for real estate investors looking to purchase property in Europe. The country offers an ideal combination of amenities, cultural richness, and quality of life. Here are some key reasons why buying property in Belgium is an excellent choice for international buyers looking for value and lifestyle.

Low property prices

Compared to many other European nations, property prices in Belgium remain relatively affordable, making it an excellent market for buyers on a budget. Despite its central location and economic stability, real estate prices in Belgium are much lower than in countries like France or the Netherlands. This affordability factor enables buyers to access a range of properties for sale in Belgium, from city apartments to countryside homes, without compromising on value.

High standard of living

Belgium is known for its high standard of living, offering residents a comfortable and balanced lifestyle. The country ensures quality living for individuals and families with easy access to modern amenities, cultural attractions, and green spaces. For those buying property in Belgium, the lifestyle benefits include excellent public services, safe communities, and a rich mix of cultural experiences, contributing to an enhanced quality of life.

Best healthcare in Europe

One of Belgium's standout features is its healthcare system, recognized as one of the best in Europe. The country's universal healthcare provides residents with high-quality medical services at affordable rates. This reliable healthcare infrastructure gives property buyers peace of mind, knowing they and their families will receive top-tier medical care. This aspect is particularly attractive to retirees and families investing in properties in Belgium.

Quality education system

Belgium’s education system is globally respected, offering high standards and a comprehensive curriculum. Students have access to well-regarded schools, including international options, which prepare them for successful careers. For families interested in buying property in Belgium, this education system assures their children can thrive academically in a supportive environment emphasizing skill development and personal growth.

Excellent infrastructure

Belgium boasts highly developed infrastructure, making connecting within and beyond its borders easy. Belgium's infrastructure supports business and leisure activities with efficient public transportation, well-maintained roadways, and modern ports. Buyers will find several properties for sale in Belgium that allow them to benefit from this accessibility, providing convenience for commuting, travel, and logistics, making the country ideal for both residents and investors.

Best places to live in Belgium

Belgium is an attractive destination for those looking to purchase a property in Belgium, offering historic cities, cultural richness, and easy access to Europe. Whether you're seeking urban excitement, historic charm, or coastal beauty, Belgium has diverse locations that meet various investment needs. Here are the top places to buy property in Belgium.

1. Antwerp

Antwerp is an ideal choice for property buyers, especially with its prime location near the Dutch and German borders, providing convenient travel across Europe. The city offers a variety of housing options, from sleek, modern apartments to classic Belgian townhouses. Known for its vibrant arts scene, bustling port, and renowned fashion district, Antwerp also boasts a relatively low cost of living compared to other Belgian cities, making it a highly appealing investment destination.

2. Brussels

As Belgium’s capital, Brussels is a top real estate location, attracting locals and expats. Known for its blend of architectural styles, Brussels offers options from modern high-rises to historic townhouses. The city’s abundant amenities, including renowned restaurants, international schools, and diverse cultural venues, make it perfect for those seeking a cosmopolitan lifestyle in the heart of Europe. Additionally, its status as a global political hub adds long-term value to properties in this bustling city.

3. Ghent

In the Flemish region, Ghent is renowned for its historic architecture and charming canals, offering a picturesque setting for property buyers. The city has strong transport links, making reaching Paris, London, and Amsterdam easy. Ghent’s blend of historic charm and modern amenities makes it an attractive choice for those wanting tranquillity and accessibility. With a vibrant cultural scene and growing tourism, property values in Ghent are set for long-term growth.

4. Bruges

Bruges is a dream for those looking to invest in a city rich in history and culture. Known for its medieval buildings, scenic canals, and cobblestone streets, it offers a unique, fairytale-like atmosphere. As a popular tourist destination, properties in Bruges have excellent rental potential, making it appealing for personal and investment purposes. The city’s UNESCO World Heritage status adds prestige, drawing a steady stream of visitors year-round.

5. Leuven

Leuven is a lively university town with a youthful vibe, making it a fantastic choice for investors looking for a city with an active rental market. The city's solid academic presence, bustling social scene, and historic buildings add to its appeal. Leuven’s proximity to Brussels also provides convenient access to larger urban centers, making it an excellent investment for future growth. The city is also home to leading research institutions, enhancing its appeal to young professionals and academics.

6. Liège

Liège is known for its industrial heritage and affordable real estate options, making it an attractive destination for budget-conscious buyers. It is located near the German and Dutch borders and provides easy access to other European cities. Liège’s historic architecture, lively nightlife, and scenic riverside views make it an appealing choice for those seeking affordable properties with character. Liège’s revitalized economy and cultural diversity make it an emerging hotspot for real estate investment in Belgium.

Factors to consider before buying property in Belgium

Buying property in Belgium offers exciting opportunities for international investors. However, understanding key factors beforehand can help ensure a smooth process. Here’s what to keep in mind as you explore how to buy a property in Belgium as a foreigner.

Overview of the Belgian property market

Ranked among the top property markets in Europe, Belgium’s real estate sector is steadily growing, providing a promising investment climate. Unlike other European countries that experienced sharp price increases during the pandemic, Belgian house prices have remained relatively stable. This consistency in pricing and purchasing power makes Belgium an attractive option for those looking to buy a house in Belgium and benefit from a balanced economic environment.

Legal requirements for buying property

Foreigners purchasing property in Belgium should be aware of the legal requirements involved. Belgian law allows non-residents to buy property without restrictions. However, buyers must follow specific regulations, including securing a Notary for the transaction. This Notary oversees documentation, tax filings, and property transfers, ensuring a smooth process. Buyers should also be mindful of certain tax obligations, such as property registration fees and potential capital gains tax on properties sold within a few years. This ensures they can buy property in Belgium as a foreigner with peace of mind.

Additional formalities when buying property in Belgium

Several additional steps are essential for a seamless process when buying property in Belgium. Buyers are encouraged to conduct a property survey to assess the home’s condition, helping to prevent unexpected repair costs. Opening a Belgian bank account is also advisable, simplifying transactions for utilities and property-related payments. Additionally, while many Belgians speak English, knowing some French or Dutch, depending on the region, can aid in smoother communication, making it easier to buy a house in Belgium and handle daily responsibilities effectively.

Should you buy or rent property in Belgium?

Buying property in Belgium or renting depends on individual circumstances and priorities. Below are some key considerations to help you choose the best option:

1. Purchasing a home in Belgium may be more affordable than in other European regions.
2. Belgian mortgage credit options can make buying property in Belgium accessible for long-term residents.
3. Renting is ideal for short-term stays when homeownership may not be cost-effective.
4. Buying offers potential financial advantages and investment opportunities in Belgium if staying long-term.
5. Homeownership provides independence, allowing you to customize and create a more personal living space.
6. Renting offers flexibility without the commitment of ownership, which is ideal for those with changing plans.
7. Buying property in Belgium can be a wise long-term investment, depending on market conditions.

How much does it cost to buy a house in Belgium?

When you buy a property in Belgium, the costs are generally shared between the buyer and seller. Typically, buyers cover around 13-16% of the purchase price for older properties or up to 22% for newer properties. Sellers usually handle 3-5% of the transaction costs.

Registration tax: Buyers are responsible for a registration tax for properties older than two years, which varies by region. Rates are usually between 5-6%, though some areas may offer lower rates for affordable properties. This tax rate difference can make a significant impact on overall costs.

VAT: Property under two years old is subject to a Value Added Tax (VAT) of 21% on the purchase price. Due to this tax inclusion, this VAT applies only to new constructions or recently built homes, making them a pricier option than older properties.

Notary fee: Notary fees typically range from 0.2%-4% of the purchase price, with an average of around 1.6%. This fee includes consultations, document preparation, notarization, and registration. Buyers should account for these costs to ensure a clear and legally sound property transaction.

How to buy property in Belgium?

Buying property in Belgium can be an exciting and rewarding venture. Understanding each step in the process will help you navigate the market and secure a favourable deal. Here’s a simplified guide to ensure a smooth transaction:

Step 1: Define your property preferences and start searching

Begin by determining the type of property you’re interested in, along with your preferred location and budget. Once you’ve clarified these details, start your property search through online platforms or local real estate agents who can provide valuable insights into available listings that meet your criteria.

Step 2: Engage with a property agent and arrange viewings

Once you’ve shortlisted a few properties, contact a property agent. They’ll arrange viewings and offer additional information. A reliable agent can address any questions, make suggestions aligned with your budget, and offer insights about neighbourhoods, market trends, and property value.

Step 3: Select a property and make an offer

After viewing potential properties, choose the one that best meets your needs. Make an offer based on market prices and the property’s value. Your agent can assist with negotiating a fair price, ensuring that your offer aligns with local real estate standards. Be sure the offer is reasonable and leaves room for potential counteroffers.

Step 4: Hire a lawyer for legal guidance

Once your offer is accepted, hire a lawyer experienced in Belgian property law. Your lawyer will handle all necessary documentation, review legal terms, and confirm no property title issues. This step ensures that your interests are protected throughout the purchase process.

Step 5: Arrange a property survey and finalize contracts

Before finalizing, schedule an independent survey of the property. The survey will reveal structural issues or potential concerns affecting financing or resale. Once the survey is complete and approved by your lawyer, both parties can exchange contracts. This legally binding agreement signifies your commitment to purchase the property.

Step 6: Complete final arrangements and close the purchase

After signing the contract, you’ll need to pay a deposit, usually around 5-10% of the purchase price. Secure financing if necessary, arrange property insurance, and complete the payment transfer to the seller. With these arrangements completed, you are ready to take full ownership of your new property in Belgium.

Why does the CAD to EUR exchange rate matter when buying property in Belgium?

When purchasing property in Belgium as a foreigner, understanding exchange rates is essential for maximizing investment. Currency fluctuations can significantly impact the total amount you pay, especially when converting from CAD to EUR. Small changes in the exchange rate can add or save thousands, so timing your currency exchange wisely can help protect your funds and keep costs manageable.

Choosing a trusted foreign exchange provider instead of a traditional bank is often recommended to secure competitive rates and avoid hefty bank transfer fees when converting CAD to EUR. Foreign exchange specialists typically offer more favourable rates and transparent fee structures, which can make a meaningful difference in the overall property cost. Working with an experienced provider can also help you monitor exchange rates and lock in a rate when it’s most favourable.

In addition, planning ahead is crucial. Since currency markets are inherently volatile, staying informed through FX forecasts and timing your currency conversion can save a considerable amount on your property purchase. With proper research and the right financial partner, Canadians and other international buyers can navigate exchange rate fluctuations and ensure they get the most value when buying real estate in Belgium.

What are the ways Canadians can use to buy property in Belgium?

Canadians looking to buy property in Belgium as foreigners have a few reliable options to make secure international payments. Whether using a bank or an online foreign exchange service, choosing the right method can save costs and ensure a smooth transaction.

Banks

Banks are the traditional option for Canadians buying property in Belgium, allowing for familiar and regulated channels. However, using a bank for international payments often means higher fees, including conversion and transfer fees, which can increase overall costs. Additionally, banks may have limitations or delays on international transactions, slowing the purchase process. Buyers need to factor in these potential costs and timelines when opting for a bank-based payment approach.

Online global payment platforms

Online foreign exchange and international payment services offer a modern and cost-effective solution for Canadians purchasing property overseas. These services provide lower fees and better exchange rates than traditional banks, ensuring buyers get the best value for their investment. The process is usually streamlined, with transparent costs and fast transaction times, giving buyers confidence in the security and efficiency of each payment. This makes foreign exchange providers the best option for Canadians who want to invest in the Belgium market.

Why is MTFX the perfect option for international money transfers?

MTFX is the ideal choice for international money transfers with its fast, reliable, and secure services and much more:

1. Fast and reliable service – MTFX ensures your money reaches its destination quickly, with real-time exchange rate monitoring to get the best value.
2. Secure platform – Advanced security measures protect your funds at every transfer process step.
3. Competitive exchange rates – MTFX offers some of the best rates on the market, ensuring maximum value when transferring money abroad.
4. 24/7 customer support – A dedicated team of experts is available around the clock to assist with any questions or needs related to your transactions.
5. Diverse FX tools – MTFX provides tools like currency calculators and CAD to EUR rate alerts, allowing you to customize your transfer experience.

Whether buying property abroad or supporting loved ones, MTFX makes international transfers easy, cost-effective, and secure.

Why settle? Enjoy bank-beating rates on every payment

When it comes to international payments, MTFX offers you unbeatable value with our bank-beating rates. Save yourself from high fees and uncompetitive exchange rates. With MTFX, you can keep more of your money on every transfer. Whether sending funds abroad, supporting family, or investing, our competitive rates maximize your purchasing power and bring you significant savings.

Open your MTFX account today to enjoy simple, secure, cost-effective CAD-to-EUR conversions and international payments to buy property in Belgium.

FAQs

1. How to pay for property in Belgium as a Canadian?

Canadians looking to purchase property in Belgium must be aware of the current exchange rate for their Canadian Dollars into Euros. Also, you need to choose an online money transfer solution to simplify the process. With the right platform, you can make large transfers to buy property in Belgium. 

2. Can I use my bank to convert Canadian Dollars to Euros?

Yes, you can use your bank to convert Canadian dollars to Euros. However, banks do charge high fees and rates. Furthermore, banks can take days or weeks to process international money transfers compared to online money transfer solutions like MTFX, which offers fast and secure transactions.

3. Can foreigners invest in real estate in Belgium?

Yes, Belgium allows foreigners to purchase real estate without restrictions. Whether you’re an EU or non-EU resident, you can invest in property freely.

4. How much does it cost to buy a house in Belgium?

The cost of buying a house in Belgium varies based on location and property type. For instance, major cities like Brussels and Antwerp tend to have higher prices.

5. What is the property purchase tax in Belgium?

In Belgium, property purchase tax, or registration duty, varies by region, typically between 6% and 12%. Knowing regional rates is crucial when planning.

6. Do I need a Belgian bank account to purchase property in Belgium?

Although having a Belgian bank account to buy property is not legally required, having one can simplify the process of paying taxes, mortgage payments, and utilities. Some sellers and agencies may also prefer it for payment convenience.

7. Can I get a mortgage in Belgium as a Canadian?

Yes, non-residents, including Canadians, can apply for a mortgage in Belgium, but lending conditions may vary. Lenders might require a larger down payment from foreigners and will closely evaluate your income and creditworthiness.

8. What is the best time to buy property in Belgium?

The property market can fluctuate seasonally, with spring and summer generally seeing more listings. Monitoring the local market and exchange rates can help you find the best investment time.