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As the self-proclaimed "capital" of an enlarged EU, Brussels is witnessing a housing boom, particularly in the European Quarter. We investigate furtherIt may not have the architectural chic of Paris or speculative edge of London, but the property scene in Brussels is really hotting up and none more so than the area known as the European Quarter.
By 2008-09 almost 1,000 new homes are to be built in the area of the city which houses most of the EU institutions. These homes will be spread over 11 building sites.
The construction work will provide residential accommodation for the scores of people who have moved to live and work in Brussels since the EU expanded in 2004.
Back then, no one was really sure exactly how big an impact the entry of a substantial part of the former Soviet bloc would have on the property scene in Brussels. The European Quarter has become a highly-sought after area
Fewer still knew how much money diplomats from, say Slovenia or Poland, would have to spend on property.
However, real estate agents say that much of the demand for property — particularly in the rented sector — is being generated by people from the 10 new member states.
"A few years ago there was little interest in the area, but we have seen some of the biggest rises in interest in the European Quarter," Intercontinental Brussels Properties spokesman Stavros Malaxos says.
His comments were echoed by Minako Shoubuike, of Eurohouse, which caters for a large international community.
Shoubuike says the "enormous" influx of people from the new EU states — including civil servants, lobbyists, parliamentary staff and journalists — has "undeniably" had an impact on the property market.
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