Thornsett Group

On The Right Track

You don’t invest in Brussels because it’s exciting. Once you have toured the Grand Place, eaten some moules and see the statue of Manneken Pis, you may feel it is time to move elsewhere in Belgium. But one thing Brussels does have is a thriving business and political community. The city is the headquarters for the European Commission, NATO and about 1,500 international organisations – and therefore a large number of people looking to rent property.

The property market in Brussels has grown steadily over the past 10 years, albeit from a low starting point, with average prices between €232 and €465 (£162 to £319) a square foot. Rental yields are solid, particularly around the European Parliament buildings, and there is no tax to pay on residential rental income of privately owned property.

Irish developer Thornsett Group is marketing several projects in the Belgian capital, including the contemporary Leopold Village in the European quarter. This is a mixed-use project opposite the Council of Ministers building on Rue Belliand with 5,000sq ft of retail space and 108 apartments. Prices start at €140,000 (£97,800) for a compact studio and €265,000 (£185,200) for two bedrooms. The project is due for completion in autumn 2009.

Ixelles, east of the centre, is popular with a younger crowd who appreciate the Art Nouveau buildings. Thornsett is selling 28 off plan apartments at Boniface Square, within a mile of the European Parliament, at prices from €225,000 (£157,200) for a one bedroom flat. Externally, the apartments will fit in with the surrounding early 20^th century buildings but interiors will be contemporary.

Eurostar’s move to St Pancras and use of the high-speed rail line means that Brussels will now be within two hours of London. Where once it was mainly business people and Eurocrats who used the train, Belgium as a whole is increasingly popular as a tourist destination.

"Belgium has seen a real renaissance with travellers," says Tom Parker of Eurostar. "Antwerp is a fashion centre with great restaurants and bars, while Gent and Bruges are popular weekend destinations."