Record number of Belgians own second home

The number of Belgians who own a second home reached a record high in 2023. Around 1.15 million owned a second property last year, 7 per cent more than in 2022 and 16 per cent more than in 2019, report Het Laatste Nieuws and De Tijd, based on research by BNP Paribas Fortis.

The majority, more than 931,000 people, have a second property in Belgium, either a holiday home or a property to rent out. But more and more people in their 30s and 40s are buying a home abroad in order to telecommute.

The figures also show that BNP Paribas Fortis is granting more and more loans to finance buy-to-let properties. In 2023, they accounted for 66 per cent of loans for second homes, compared with 60 per cent in 2020 and 56 per cent in 2019.

However, the total number of loans fell by 36 per cent compared to 2022, due to higher interest rates. The average amount borrowed to buy a second home has also fallen, from 236,700 euros in 2022 to 219,700 euros last year. This is the first time in five years that the bank has recorded a decline.

^{© BELGA PHOTO BENOIT DOPPAGNE}