Multi-unit buildings in Belgium: price and yield by region
Average prices and yields of multi-unit buildings in Belgium by region: Brussels, Wallonia, Flanders. Comparison and investment simulation.
- 01 Prices by region
- 02 Yield by region
- 03 Simulation
- 04 Where to buy
Average multi-unit building prices by region
| Region | 2-3 units | 4-6 units | 7+ units |
|---|---|---|---|
| Brussels | 350,000-500,000 | 500,000-800,000 | 800,000+ |
| Wallonia (city) | 150,000-250,000 | 250,000-400,000 | 400,000+ |
| Wallonia (rural) | 100,000-180,000 | 180,000-300,000 | 300,000+ |
| Flanders (city) | 300,000-450,000 | 450,000-650,000 | 650,000+ |
The price per unit decreases with building size: a unit in a 6-unit building costs 15 to 25 % less than an equivalent apartment bought in co-ownership.
The most interesting opportunities are in Wallonia: prices remain low and the rental market is tight in university cities.
Yield by region
| Region | Gross yield | Net yield | Annual appreciation |
|---|---|---|---|
| Brussels | 5-7 % | 3-5 % | 2-4 % |
| Wallonia (city) | 7-10 % | 5-7 % | 1-2 % |
| Wallonia (rural) | 8-12 % | 5-8 % | 0-1 % |
| Flanders (city) | 5-7 % | 3-5 % | 2-3 % |
Wallonia offers the highest gross yields, but capital appreciation is lower. Brussels offers a better balance of yield plus capital gains.
The net yield accounts for the property tax, non-recoverable charges, vacancy and maintenance.
Investment simulation: 4-unit building in Wallonia
| Item | Amount |
|---|---|
| Purchase price | EUR 280,000 |
| Notary fees (12.5 %) | EUR 35,000 |
| Renovation works | EUR 25,000 |
| Total investment | EUR 340,000 |
| Gross rents (4 x EUR 650) | EUR 31,200/year |
| Property tax | -EUR 2,800 |
| Non-recoverable charges | -EUR 2,400 |
| Vacancy (5 %) | -EUR 1,560 |
| Maintenance | -EUR 2,000 |
| Net income before tax | EUR 22,440/year |
| Net yield | 6.6 % |
With an 80 % mortgage (EUR 272,000, 3.5 %, 20 years), the monthly cash flow is +EUR 300. The return on equity reaches 12 %.
Where to buy a multi-unit building in 2026
For yield: target Wallonia (Charleroi, Liege, Mons, La Louviere). For balanced yield + appreciation: target the outer ring of Brussels or mid-sized Flemish cities.
Consult our complete multi-unit building guide for details. Manage your leases with a rental management software and create them with our online generator.