Unexpected rebound in the second home market despite the end of tax advantages
Despite the abolition of the mortgage interest deduction for owners of multiple properties on 1 January 2025, the Belgian second home market is rebounding. In 2025, BNP Paribas Fortis recorded a 56% increase in mortgage loan applications for second homes1. Meanwhile, the number of Belgians owning multiple properties continues to grow, with more than 905,000 people now owning several properties in Belgium and/or abroad. Buyers are also becoming younger. One issue remains, however: much of the property stock still requires renovation.
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After two years of slowdown caused by the rapid rise in interest rates, the second home market is regaining momentum. The recovery can be seen across the country. In 2025, BNP Paribas Fortis recorded a 56% increase in mortgage loan applications for second homes. The increase was 37% on the Belgian coast and 24% in the Ardennes. Currently, one in five mortgage loans at BNP Paribas Fortis relates to a second home. Consequently, the number of multiple-property owners in Belgium has never been higher, with 905,580 people1, representing almost 10% of the population, now owning more than one property. This is an unprecedented level, despite a more restrictive tax environment.
“We are seeing a gradual return of borrower confidence despite a less favourable tax framework,” explains Laurent Loncke, Head of Retail Banking at BNP Paribas Fortis. “This tax change is transforming the market and making it more selective. Buyers are paying closer attention to rental yields, energy costs and the tax implications of their purchase before making a decision. This is precisely where our lending, tax and succession experts can help.”
Investors replace holidaymakers
In 2025, 92% of mortgage loans taken out through BNP Paribas Fortis for a second home were for purchases in Belgium. This figure was unchanged from 2024. The decision to buy in Belgium is driven by three advantages: geographical proximity allowing more frequent stays, simpler rental management and easier access to mortgage financing through one’s usual bank. Nearly 660,000 Belgians own at least one second home in Belgium in 2025.
The average amount borrowed stabilised at around €222,700, while the average age of a borrower investing in Belgium was 42, compared to 47 years five years ago, reflecting the market's gradual rejuvenation.
At a regional level, Flanders accounted for 56% of transactions, ahead of the Walloon Region (33%) and the Brussels-Capital Region (11%). Apartments remain by far the most popular property type, accounting for 75% of transactions, well ahead of houses (21%) and land/parking spaces (4%).
In 2025, 25% of second homes were purchased with the aim of generating rental income. This stable figure confirms a long-term trend whereby second homes are increasingly viewed as property investments intended to generate additional income. This trend is even more pronounced in major university cities: 44% in Brussels, 59% in Mons and 64% in Leuven.
The Belgian coast alone accounts for 20% of second home purchases. Ostend (17%), Bruges (9%) and Knokke-Heist (8%) are the most popular destinations along the coast. The Ardennes region continues to attract both investors and private buyers (9,7% of second home purchases). Almost 10% of second home purchases financed by BNP Paribas Fortis are in the Ardennes region, with Bastogne (8%), Verviers (8%) and Marche-en-Famenne (4%) leading the way.
A new generation of buyers invests abroad
Over 252,000 Belgians now own a second home abroad, marking a 25% increase in the last two years2. At BNP Paribas Fortis, the volume of financing requests for purchasing a secondary residence abroad increased by 31% year-on-year (2024). This trend is being driven in part by a new generation of buyers. Since the pandemic, people in their thirties and forties have joined a market that was previously dominated by retirees. At BNP Paribas Fortis, one-fourth of borrowers purchasing property abroad are under 45.
Spain remains the number one foreign destination for multiple-property owners (41% of transactions), ahead of France (33%) and Italy (8%). Unlike purchases made in Belgium, acquisitions abroad are primarily motivated by personal use. Only 18% of property purchases abroad are intended to generate rental income.
“Buying a property abroad offers many advantages in terms of quality of life, but taxation and succession planning, in particular, require careful consideration. Two key questions arise: which law will apply to the estate, and therefore who will inherit what? And where will the heirs have to pay inheritance tax, and on what basis?” explains Bruno Halleux, Estate Planner at BNP Paribas Fortis.
Energy performance: a major renovation challenge
At a time when energy renovation obligations are becoming stricter and deadlines are approaching, an analysis of financed properties highlights the challenges linked to the energy transition.
Flanders presents the most favourable profile, with 41% of financed properties achieving an energy rating of A or B. Wallonia shows a more mixed picture, with only 18% of properties reach these performance levels and 42% are rated E or F. The situation in Brussels is most concerning: more than four in ten second homes financed by BNP Paribas Fortis (43%) have a poor energy rating (F or G), while fewer than 5,6% achieve a rating of B or higher. This illustrates the magnitude of the renovation challenge facing the Brussels and Wallonia property market.
1 The data’s are derived from the analysis of BNP Paribas Fortis' mortgage loan portfolio, a key player in mortgage lending with a 23% market share, and serves as a representative indicator of national market trends.
2 Source: number of second home declarations – FPS Finance
3 Source: number of second home declarations – April 2026- FPS Finance
