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ING Bank N.V.

June 12, 2026

Airbnb Only Part Of Belgium's Housing Affordability Problem

Macro ThematicReal EstateOther

While short-term rentals like Airbnb exacerbate housing supply shortages in Belgian cities, the core of the affordability crisis lies in structural issues like low construction rates and supply-demand mismatches. Effective solutions must go beyond regulating platforms to address these underlying construction and investment constraints.

Key Takeaways

  • 1.Short-term rental platforms reduce housing supply in Belgium, but are not the primary driver of the country's housing affordability crisis.
  • 2.Structural bottlenecks, including low construction activity and a mismatch between housing supply and demand, are the primary constraints on affordability.

Table of Contents

  • Short-term rentals: a small but meaningful share of housing supply
  • Airbnb is estimated to have removed nearly 5,000 homes from the regular housing market
  • Structural bottlenecks lie at the heart of housing affordability challenges

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