The new-build versus older choice hinges on tax, condition and yield. A new-build (bought from a developer under VAT) is taxed at 21% VAT on the construction value rather than registration duties, comes with a high EPC (PEB) rating, needs little maintenance for years, and attracts tenants who value comfort and low energy bills. The price of all that is a higher purchase cost and, usually, a lower gross yield.
Older property is the classic Walloon yield route. You pay 12.5% registration duties on a rental purchase (wallonie.be, 2025) rather than 21% VAT, and the entry price is far lower, Charleroi apartments from about 120,000 euros or Liege apartments near 169,000 euros (Fednot via La DH, 2026). Lower price for a given rent means higher yield, which is why most high-yield strategies in this silo use existing stock.
Energy performance is the pivot between the two. Older homes rated EPC F or G face letting restrictions in Wallonia, including limits on rent and indexation, so an old property may need renovation before it can be let profitably. New-builds sidestep this entirely, and a mid-life older home with a decent EPC can be the practical middle ground.
The counter-intuitive point: new-build is not the safe default it appears. Its low maintenance and easy letting are real, but the higher entry cost and lower yield mean your capital works less hard, and the 21% VAT is not recoverable for a private landlord. For pure return, a sound older property with a reasonable EPC usually wins; for a hands-off, worry-free let, new-build earns its premium.
At a glance
| Criterion | New-build | Older property |
|---|---|---|
| Purchase tax | 21% VAT on construction value | 12.5% registration duties (wallonie.be, 2025) |
| Entry price | Higher | Lower (e.g. Charleroi flats from 120,000 euros) |
| EPC (PEB) | High rating, no letting limits | May be F or G, with Walloon letting restrictions |
| Maintenance | Low for years | Higher, may need renovation |
| Gross yield | Lower | Higher |
| Best fit | Hands-off, comfort-focused let | Maximum yield, value-add |