Belgians are increasingly investing in second properties, with over 1.15 million individuals owning a property in addition to their primary residence. This is a significant increase compared to previous years, with a 7% rise from 2022 and a 16% increase from 2019.
Interestingly, more and more people in their thirties and forties are purchasing properties abroad to work remotely from. The majority of multi-property owners in Belgium have a second property within the country, totaling 931,000 individuals. These properties are often used as holiday homes or rental properties.
BNP Paribas Fortis has noted an increase in financing for properties intended for rent. In 2019, only 56% of second homes were financed for rental purposes, but this increased to 60% in 2020 and then to 66% in the following year.
In terms of loan trends, there was a notable shift in 2022 with a decrease in the number of loans granted by BNP Paribas Fortis for second homes due to increased interest rates. However, the average loan amount for purchasing a second home also declined, from €236,700 euros in 2022 to €219,700 euros in the most recent year. This marked the first time in five years that the bank observed such a decrease.
As more Belgians invest in second properties, it’s clear that there is growing demand for these types of loans and financing options.
