Belgium: Real Estate Starts Falling

I live in Belgium and follow the real estate market closely. I said previously that Belgium's housing is in a housing bubble. Now that prediction starts to come true. We already knew that in the first quarter, real estate was dropping. Today we have new numbers and we see that Flanders is continuing with its drop in apartment prices. Also construction site costs are falling.

Goldman Sachs is saying Belgium real estate is 60% overvalued. That means prices are still to fall 40% in the future.

We already see how the sales are doing, not good (Chart 1).

Chart 1: Home Sales in Belgium