Second-Quarter Resilience Masks a More Challenging Outlook for Belgian Housing – ING Analysis

Key Takeaways

• 1.Belgian housing activity and prices remained resilient in Q2 2026, with transactions rising 2.4% QoQ and house prices increasing 0.2% QoQ (5.3% YoY).
• 2.Underlying momentum is expected to slow due to restrictive financing conditions, higher long-term interest rates, and a 10% YoY contraction in mortgage lending during the first eight months of the year.
• 3.Rising energy prices and stricter renovation standards are expected to widen the valuation gap in favor of energy-efficient properties over energy-intensive homes.

Table of Contents

• Housing market activity remains resilient, but momentum is likely to weaken
• Higher interest rates point to a more challenging outlook
• Higher energy prices could further widen the gap between efficient and inefficient homes

Report data

Belgium's housing market remained resilient in the second quarter, but weaker mortgage lending and higher interest rates point to slower growth ahead

Reports in this series

THINK Economic and financial analysis is shown in chronological order through this edition, published on September 23, 2026.

Part of the THINK Economic and financial analysis series — view all 25 editions

Looking for the latest edition? ING Think europes pitch book why trade troubles could be the nudge europe needs (Oct 6, 2026)

1. Sep 22ING Think transport and logistics faces a cost shock as trade imbalances grow
2. Sep 22ING Think revenue growth masks growing pressure on retail profitability in the netherlands
3. Sep 22ING Think transport logistics resilience amid disruptions and cost inflation
4. Sep 22ING Think dutch hospitality 2026 consumer caution keeps volume growth flat