Secondary homes: Spain leads in sales among Belgians, surpassing France, where prices are declining.
Belgians have a stone in their stomach and travel with it. In 2022, 200,000 Belgians owned a second home abroad, of which 23,000 had even several such properties. These figures are likely to stabilize by the 2023 report, considering the rise in interest rates and stagnation in the market both in Belgium and beyond. However, some neighboring countries are facing turbulence in the real estate market, particularly in France. This may inspire some Belgians with ties to France to take action, as France remains the number one destination for Belgian tourists.
200,000 Belgians have a second home abroad: Spain remains the preferred paradise for Belgians, but Italy is also popular.
"The reduction in the number of transactions has led to a decrease in prices. This now applies to most areas. Thus, no major city has been left out, except for Nice, where prices continue to rise by 2% per year, although they have decreased by 0.3% in the last 3 months, according to the specialized magazine Agence. By March 1, 2024, the average transaction price has dropped by 2.6% year-on-year over the last 3 months, as reported by Fnaim, the Housing Economics Laboratory."
Although Belgians enjoy making real estate deals in France, Spain confidently leads in the number of secondary homes purchased by Belgians, with a share of 42% of transactions, ahead of France (32%) and Italy (7%). In 2023, sales in Spain soared, making Belgians the fourth largest group of foreign buyers.
Unlike France, real estate prices continue to rise beyond the Pyrenees, but with lower starting points, making Spain an attractive value for money destination.
Belgium also has a market for secondary homeowners. According to the number of declarations of secondary housing at SPF Finances and estimates from BNP Paribas Fortis, at least 1.19 million Belgians had more than one property in Belgium or abroad by the end of 2022. It is important to consider the number of properties intended for rent throughout the year, which means that the share of secondary homeowners among Belgians in Belgium is low. Recently, a 19.9% decrease in transactions was noted on the North Sea coast in 2023. This is a larger decline than the average in Flanders (-16.9%) and nationwide (-15.2%). The good news is that this decrease in transactions may lead to some deals being made in the coming months for those interested in buying a house or apartment on the coast. Fewer buyers puts pressure on sellers and lowers prices, a real estate agent specializing in coastal purchases tells us. Similar situations are also occurring in France...
Regardless of the crisis, the number of multi-property owners continues to grow: 1.19 million Belgians own a second home!
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