Belgium in Brief: Renovating your home?

Belgium in Brief: Renovating your home?
Credit: Belga

In 2022, more than twice as many loans for energy-saving renovations have been taken out in Belgium compared to last year, despite rising interest rates.

Partly due to the rise in energy prices, a record number of homeowners figured that now would be a good time to make ecological renovations – which, while a large cost upfront, many expect to pay off very quickly, given the high price of gas and electricity.

Especially today, however, many people do not have the capital for the costly affair that renovating is, which is why Belgium's four major banks (BNP Paribas Fortis, Belfius, KBC and ING) granted a lot more loans than usual.

ING even recorded a +275% growth in loans granted since 2018, which the bank put down to a realisation that the energy crisis will not be fixed in the near future, meaning green investments make more financial sense than ever.

"The energy crisis and its impact on bills mean that ecological renovation is now recognised as necessary and urgent by the majority of homeowners," the bank said.

Therefore, numerous premiums and regional subsidies to assist and encourage property owners to make renovations have been created, extended or expanded: from interest-free loans up to €60,000 in Flanders to loans of €25,000 with fixed interest rates of 1% in Brussels.

So, were you among those taking out a loan this year? Or are you waiting a bit? Let @Maajtee know.

Belgium in Brief is a free daily roundup of the top stories to get you through your coffee break conversations. To receive it straight to your inbox every day, sign up below:

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