Since 2021, buyers have been required to report the purchase of foreign real estate to the Belgian tax authorities. Precisely the reason why we now know that an estimated 1.19 million compatriots own at least one second residence. Moreover, according to a study by BNP Parisbas Fortis, this number continues to rise steadily.

A second home abroad

Researchers estimate that the number of Belgians having at least one second home abroad in 2022 sits at 200,546. Compared to 2021, this would be an increase of 30 percent.

Just under 23,571 of them owned multiple vacation rentals and homes abroad in 2022. The year before, 9,024 Belgians bought a vacation home or residence abroad. This amounts to about 25 per day.

It is interesting to note that the average purchase price was 288,592 euros. What is striking here is that the value is considerably lower. ‘De Tijd’ reports that figures from the Federal Public Service Finance put this value at about 180,000 euros.

Own use versus rental

Most people with second homes in their own country purchase them with the aim of generating rental income, according to BNP Paribas Fortis. This is a whopping 65 percent. On the coast, the situation is different. Here, 7 percent of the second homes purchased are on the coast, 60 percent of which are for personal use.

A second home in your home country

As many as 985,000 Belgians own a second home (or more) in their own country. In 2022, an average of 236,700 euros was borrowed for its purchase. An increase of 6.7 percent. Fun fact is that more than nine out of ten mortgage loans for a second home are for a purchase in Belgium.

Which countries are popular?

Buyers have a pronounced preference for Spain: 42 percent of purchases are made in that country. Followed by France (32 percent) and fast-growing Italy (7 percent).

Looking at all owners with properties abroad, France is the top country. A total of 81,291 French properties are owned by Belgian taxpayers, accounting for 27.9 percent of foreign properties.

Spain is number two, with 73,862 properties (25.4 percent). This is followed by Italy (14.2 percent), the Netherlands (9.7 percent) and Portugal (3.8 percent).