Due to a lack of budget, some are beginning to “review” their projects, particularly in the field of construction. Purchasing power is falling and the prices of materials are constantly rising. According to a study by the Confederation-Construction, 12% of candidate-builders “hesitate” to pursue their dream.
Building a house, a project that worries more and more Belgians. According to a study by the Confédération-Construction published last June, more than one in ten people have doubts about their building project. 7% of them suspend their project, 5% cancel it definitively. “It’s clear that obviously purchasing power is under pressure because of inflation. Interest rates are starting to rise too. And alongside that, there is this psychological effect, subjective but real that ’caused the war in Ukraine that consumer confidence fell sharply’points Niko Demeester, managing director of the Construction Confederation.
If the Belgian hesitates, it is also because of the rise in the price of materials, directly linked to the Covid crisis and the war in Ukraine. Despite inflation, building or renovating remains a good investment. “If you want to build or build a house, there is no reason to wait a few more months or years since prices will continue to rise, probably interest rates too, and your money in your savings account will only continue to lose value. So if you want to invest, I would advise you to go for it anyway”insisted Niko Demeester.
More and more Belgians are hesitating, but nothing alarming for the Confederation-Construction. Demand remains very high, 88% of Belgians complete their project.