Seasonal Rental Opportunities in Belgium

Published on January 15, 2026 and written by Cyril Jarnias

Seasonal rentals have scaled up in Belgium. Long confined to studios on the North Sea and holiday cottages in the Ardennes, it has become a real market, structured by platforms like Airbnb, Booking, or Vrbo, sometimes complex regional regulations, and investors who now think in terms of yield, occupancy rates, and return on investment. Behind the controversies over housing, Belgium nevertheless offers real opportunities for those who know how to read the numbers… and the rules.

An Attractive but Regulated Belgian Market

Belgium ticks several boxes sought by short-term rental investors. Recent studies highlight the country’s economic and political stability, a real estate market considered relatively affordable on a European scale, and a quality of life that supports rental demand. On average, gross rental yields hover around 4.2% nationally, with peaks above 5% in certain cities like Liège or Brussels for apartments.

The trade-off is increasingly tight regulation, which varies greatly between Flanders, Wallonia, and the Brussels-Capital Region, and which requires any serious host to learn to juggle tax obligations, urban planning permits, and safety standards. Sanctions can be heavy in case of non-compliance, but a well-prepared operator still has a significant window of opportunity.

Three Regions, Three Regulatory Frameworks

Belgium is a federal state: seasonal rentals, or “short-term rentals” (less than six months), are largely managed by the Regions. It is therefore impossible to think in terms of “Belgium” without distinguishing between Flanders, Wallonia, and Brussels-Capital.

Brussels-Capital: High Potential, Strict Rules

Brussels concentrates a disproportionate share of short stays in Belgium, driven by urban tourism, European institutions, and a steady flow of business travelers. According to various sources (AirDNA, AirROI, International Investment), the city has between 1,200 and over 4,700 active listings on Airbnb, depending on the methodology used. The market there is described as “medium” in size, but with marked seasonality and a largely international clientele: up to 97% of travelers come from abroad, with a strong presence of French and Americans, and half of the clients from post-2000 generations.

In terms of performance, aggregated data for Brussels indicate an interesting combination of average daily rate (ADR) and occupancy rate.

Key Indicator (Brussels)	Indicative Value*
Average Occupancy Rate (all sources)	≈ 53.5%
Median Occupancy Rate (AirDNA)	≈ 80% (292 nights/year)
Average Daily Rate (ADR) – range of sources	€106 to $159
Average Annual Revenue per Listing (Brussels, AirDNA)	≈ €29,000
Median Monthly Revenue (market)	≈ $2,400
Monthly Revenue Top 10%	≥ $5,366

The variations reflect different methodologies (periods, type of listings considered, €/$ conversion).

The constraints don’t stop there: the Region in principle limits tourist rentals to 90 nights per year and prohibits taking a housing unit off the residential market to make it exclusively an Airbnb. In practice, a portion of the stock has long escaped these rules. But since the EU Court of Justice validated the possibility for cities to restrict short-term rentals to preserve housing (Case C‑724/18), Brussels has toughened its stance: targeted checks, fines that can reach €100,000, and even reclassification of properties as “vacant” subject to high taxes if no resident is officially domiciled there.

The example of 2025 is telling: around 2,000 Brussels hosts received retroactive tourist tax reminders, accompanied by fines of €1,000 per undeclared room. The amounts were calculated on the assumption of 365 rented days per year, at €3 tourist tax per night, leading to bills of several thousand euros for some. Hosts nevertheless have a period to contest, with supporting evidence (Airbnb screenshots, booking calendar…).

This regulatory pressure does not cancel out opportunities, but it paints a landscape where the “multi-property investor renting 365 days a year” profile is clearly in the crosshairs, while occasional, regulated, and transparent activity is intended to be tolerated, even facilitated in the long run.

Flanders: A Clear Framework, Favorable to Organized Hosts

In Flanders, the decree on tourist accommodation (Logiesdecreet) has been in force since 2017. It requires online notification to Toerisme Vlaanderen for any tourist accommodation, even occasional, and the issuance of a registration number to be displayed on each listing.

This framework is perceived by stakeholders as relatively “clear” and “balanced”. A memorandum of understanding between Airbnb and Visit Flanders even allows Flemish tourism to regularly cross-check its lists with those of the platform to verify notifications, fire safety, and minimum compliance. Checks are targeted or random, with fines ranging from €250 to €25,000 depending on severity.

In this context, opportunities remain significant, provided you calibrate your strategy well (primary residence vs. secondary home, city vs. coast) and stay within administrative lines.

Wallonia: Tourist Relaxation, Urban Planning Tightening

In Wallonia, the Tourism Code was simplified in 2017 to facilitate renting out rooms in one’s home and holiday cottages. The conditions remain classic: fire safety certificate or simplified attestation, civil liability insurance, absence of serious convictions, a stay of at least one night, and an obligation to declare compliance to the Commissariat général au Tourisme, which can organize checks.

But the recent major shift comes not from tourism, but from urban planning: since January 30, 2023, the Code du Développement Territorial (CoDT) requires an urban planning permit for any property intended to be rented to tourists, even occasionally, with exceptions (less than six rooms in the main house, free provision, or buildings already authorized as tourist accommodations before this date). In other words, converting a house into a holiday cottage or multiplying small rental units now implies formal urban planning regularization.

A new Walloon decree adopted in February 2024, but not yet in force, also announces tighter controls. In return, the model “declared tourist accommodation, with insurance and fire certificate, rented without time limit” remains possible: an opportunity for those aiming for a structured activity, particularly in the Ardennes, an emblematic region for nature and wellness stays.

Where to Invest: Cities, Coast, Ardennes

Belgium is not short of promising micro-markets for seasonal rentals. Between large cities, the coast, and the countryside, the dynamics are not the same – nor are the expected yields.

Cities: Brussels, Antwerp, Ghent, Liège and Others

Analyses by AirROI and Airbtics regularly rank Antwerp, Brussels, Ostend, Ghent, Bruges, and Liège at the top of Belgian Airbnb and short-term rental markets. The criteria used: number of properties, average monthly revenue, ADR, occupancy rate, and regulatory environment.

An excerpt of average performances allows for comparison of these major cities.

City	Active Listings (AirROI/Airbtics)	Average Monthly Revenue (AirROI, $)	Average ADR (AirROI, $)	Occupancy Rate (AirROI)
Antwerp	≈ 1,933	≈ 1,595	≈ 147	≈ 44.5%
Brussels	1,283 to 1,349	≈ 1,975–2,115	≈ 152–159	≈ 53–54%
Ghent	≈ 1,045	≈ 2,042	≈ 157	≈ 51%
Bruges	≈ 834	≈ 2,768	≈ 207	≈ 50%
Liège	≈ 739	≈ 1,094	≈ 112	≈ 43%
Ostend	≈ 1,076	≈ 1,766	≈ 189	≈ 39%

In Airbtics analyses, we find consistent figures: Brussels shows, for example, 4,900 to 5,000 listings, an average occupancy rate of 80%, an ADR around €106, and an average annual revenue close to €31,000. Bruges stands out with an occupancy rate of around 78% and annual revenue often exceeding €37,000, fueled by 8.3 million visitors in 2023, nearly 90% of whom were foreigners.

Beyond these averages, each city has its positioning:

Coast: From Second Homes to Highly Profitable Apartments

With some 65 to 67 km of coastline, Belgium has a densely urbanized, highly touristic coast dotted with second homes. It is estimated that in Flanders, nearly 104,000 second homes are located on the coast, accounting for almost half of the region’s second-home stock; in some municipalities like Middelkerke or De Haan, nearly 60% of homes are second homes.

This abundance translates to the short-term market. Ostend, Knokke‑Heist, Koksijde, or Nieuwpoort feature prominently in AirROI rankings.

AirROI

Coastal Resort	Active Listings (Airbtics)	Average Occupancy Rate	Average ADR (Airbtics, €)	Average Annual Revenue (Airbtics, €)
Ostend	≈ 1,184–1,238	≈ 56–59%	≈ 125–149	≈ 26,500–33,000
Knokke‑Heist	≈ 791–865	≈ 50–51%	≈ 172–202	≈ 32,500–38,800
Koksijde	≈ 682–1,032	≈ 50–51%	≈ 128–197	≈ 24,800–29,900
Nieuwpoort	86 to 312	≈ 50%	≈ 137–157	≈ 26,000

Nieuwpoort illustrates well the mechanics of a seasonal coastal market. Recent data shows:

– A monthly revenue peak in August, with a peak month around $4,100 for the best properties;

– A trough in February, where median revenues drop to around $1,200–1,300;

– A median ADR around $157, rising above $200 in high season;

– A highly differentiated occupancy rate: over 70% for the top 10% of listings, but only 19% for the bottom quartile.

The stock is almost exclusively entire homes (98%), mostly apartments (a little over 70%) and houses (about 25%). The most sought-after capacities are properties with 1 to 2 bedrooms for 4 to 6 people; on average, a property can accommodate 4.8 people. The clientele is mostly Belgian (64% of travelers), with a strong presence of German visitors.

Ardennes and Charming Towns: The Nature and Romantic Card

In contrast to the very dense coast, the Ardennes and many small Walloon towns and villages play the nature, wellness, and romantic getaway card. Municipalities like Durbuy, Spa, Bouillon, Vielsalm, La Roche‑en‑Ardenne, Stoumont, or Houffalize feature in AirROI’s Belgian Top 100 for short-term rentals.

Nightly prices reflect the appeal of this offering: a charming cottage with a hot tub or pool often starts around €150 per night and easily climbs to €250 or more in high season. Many properties explicitly target couples or small groups seeking privacy, a sauna, a whirlpool bath, or a fireplace, with a clientele willing to pay a premium on the ADR.

These markets are however more diffuse: fewer listings, more sensitive urban planning regulation (the CoDT applies), but a favorable tourist environment and land often more affordable than by the sea. Here too, the key lies in urban planning compliance (permits, change of use if applicable), fire safety, and the ability to stand out on the quality of the experience offered.

Understanding Taxation: A Mandatory Step

In Belgium, revenues from seasonal rentals are, except in very specific cases, taxable. The tax architecture is complex because it combines several layers: real estate income (the property), movable property income (the furnishings), miscellaneous income (ancillary services), possible VAT, and in some cases a shift to professional activity.

Private Rental: The “Cadastral” Regime

For an individual renting furnished property to another individual for private use, the basic rule remains the same as for long-term rentals: tax on the “property” portion is not based on collected rent but on the cadastral income (RC). This is indexed (coefficient 2.1763 for 2024) and then increased by a flat rate of 40%. The resulting amount is added to other income and taxed at the progressive rate of personal income tax (25% to 50%), increased by municipal surcharges (5 to 9% depending on the municipality).

For the “furnishings” portion, administrative practice applies a standard 60/40 split: 60% of the rent corresponds to the building, 40% to the furnishings. This 40% is considered movable property income: 50% of this amount is deductible as standard expenses, and the balance is taxed at 30%. Ultimately, the effective tax burden on the furnishings portion is about 15% of the declared amount (and, if we stick to a 60/40 split, around 6% of the total rent).

Platforms like Airbnb now systematically transmit revenues to tax authorities under the European DAC7 directive, at least for individuals. From a certain threshold (€2,000 or 30 annual transactions), data is automatically sent. Non-declaration exposes the owner to surcharges of up to 200% of the evaded tax and fines ranging from €50 to €1,250 per infraction.

Ancillary Services and Miscellaneous Income

Seasonal rentals often differ from classic rentals by the addition of services: cleaning, linen provision, breakfast, even transfers, excursions, etc. Tax-wise, these services are considered “miscellaneous income“, taxed at 33% (excluding municipal surcharges), after deduction of actual expenses incurred (water, heating, electricity, insurance, internet, cleaning service providers…). No flat rate is provided here: you must be able to justify expenses if you want to reduce the taxable base.

If the lease or general conditions do not detail the value of these services, the administration may consider, by default, that 20% of the total amount paid by the client remunerates the services, and that the remaining 80% is then split between property (60%) and furnishings (40%). In this “default” scenario, 48% of the sums are considered real estate income (via RC), 32% as movable property income (of which 16% taxed at 30%), and 20% as miscellaneous income (33%).

When Does It Shift to Professional Activity?

The boundary between private activity and professional activity is not defined by a simple number of nights. Authorities examine case by case: number of properties, rental frequency, organization (presence of a structure, a website, staff), links with a main activity, use of loans to finance a rental portfolio, etc. The EU Court of Justice has also confirmed that individuals who rent regularly via platforms can be considered “enterprises” for VAT and tax purposes (Case C‑83/21).

VAT: The Three-Month and Services Red Line

Since July 2022, Belgian VAT has clarified the treatment of short-term furnished accommodations. Three criteria in practice trigger VAT liability at the reduced rate of 6%:

If these conditions are met, the entire service (accommodation + services) is considered a hotel accommodation service subject to 6% VAT, from the first euro of turnover, even below the general €25,000 threshold. This requires VAT registration, appropriate bookkeeping, and issuing compliant invoices.

In return, the owner can deduct VAT paid on costs related to the taxable activity (renovations, furnishings, equipment, platform commissions, etc.), subject to distinguishing private use of the property. Major investments (e.g., renovating a vacation home) can thus benefit from partial VAT recovery.

A more flexible regime exists for the collaborative economy, but it is reserved for natural persons using platforms recognized by the state, with limited turnover (approximately €6,500 annual indexed amount). However, to date, Airbnb is not on the list of recognized platforms: hosts cannot invoke this regime to avoid VAT.

Social Charges, Tourist Tax, and Sanctions: Blind Spots Not to Overlook

Beyond income tax and VAT, three dimensions weigh on the profitability of a seasonal rental: social security contributions, local taxes (notably tourist tax), and the risk of sanctions for non-compliance.

Social Security Contributions: Only If It’s a Real Professional Activity

As long as the rental remains a private, accessory activity, social security authorities do not require contributions. However, if the activity is qualified as professional (high frequency, multiple properties, significant services, commercial organization), it is recognized as a main or supplementary self-employed activity. In this case, registration with a social security fund, payment of quarterly contributions, and regularizations based on actual income become mandatory.

For employers (e.g., an owner hiring cleaning staff), obligations are even heavier: registration as an employer, withholding 13.07% of contributions on the employee’s gross salary, paying about 27% in employer contributions, quarterly declarations, and associated sanctions in case of non-compliance.

Tourist Tax: A Cost to Integrate into the Business Plan

Belgian municipalities have the authority to establish a tourist tax on tourist overnight stays. Brussels-City applies €3 per night per accommodation, but each municipality can set its own rates. Unlike some foreign countries or cities, platforms do not automatically collect this tax in Belgium: in principle, it is up to the host to declare and remit it.

Fines, Inspections, and Closure: The Worst-Case Scenario

Sanctions vary by Region, but they have one thing in common: the potential cost of non-compliance far exceeds the savings made by circumventing regulations.

For an investor, these risks must be integrated from the purchase stage: checking the urban planning status, carefully reading condominium regulations (which may prohibit tourist rentals), consulting official sites (SPF Finances, Toerisme Vlaanderen, Commissariat général au Tourisme, Brussels-Capital Region) or a specialized advisor. The cost of an initial legal opinion is negligible compared to that of a litigation case.

Management, Standards, and Marketing: Professionalizing to Secure Income

Another striking feature of the Belgian market, particularly in Brussels, is the progressive “professionalization” of hosts. A study on Brussels showed that the share of listings managed by professional hosts increased from about 11.7% to 20.1% between 2015 and 2019; investors and professionals combined now exceed 47% of the stock. These players charge higher average prices, generate significantly higher annual revenues, and are better equipped to adapt to shocks (COVID, regulatory tightening, etc.).

Turnkey Management Offers

Several companies have positioned themselves in seasonal rental management in Belgium, particularly in Brussels and major Flemish cities. They offer services ranging from simple calendar management to full management: creation of multilingual listings, professional photos, dynamic pricing, guest selection and welcome, cleaning, maintenance, 24/7 assistance, revenue reports, help with regulatory compliance.

The displayed commissions generally range from 15 to 25% of turnover (excluding cleaning fees), sometimes with startup fees. Some companies highlight revenue gains of up to +25% thanks to better presentation of the property and price optimization.

Safety and Hospitality Standards

The platforms themselves have raised their requirements. Airbnb, for example, imposes Hospitality Standards and launched a global enhanced cleaning protocol after the COVID-19 crisis. In Belgium, the platform partnered with a specialist in sustainable cleaning, Ekoklean, to help hosts implement this protocol, with professional cleaning and disinfection services.

The Regions’ safety requirements align with these standards: fire extinguishers and detectors, emergency exits, evacuation plan, first aid kit, compliance of gas and electrical installations, occupancy limits, etc. A well-equipped property reassures travelers… and limits the host’s liability in case of an incident. Authorities also explicitly recommend that owners check their home insurance and civil liability policies, as not all cover damage caused by paying guests.

Visibility and Marketing: Standing Out in a Competitive Market

On the commercial side, seasonal rental in Belgium is now a game of algorithmic competition. The weight of major platforms makes the online battle fierce: polished photos, detailed and well-written descriptions, fine-tuned pricing strategy (notably through dynamic pricing tools), review management, and responsiveness to messages have become determining factors.

The difference often comes down to concrete elements: location, perceived quality of amenities (Wi‑Fi, well-equipped kitchen, efficient heating…), comfort (bedding, soundproofing), staging (professional vs. amateur photos), clarity of house rules, smoothness of arrival (self check‑in vs. complicated meeting), and the owner’s ability to anticipate the expectations of their target (families, couples, remote workers, etc.).

Underlying Trend: From a Wild West to a Regulated Model

Studies conducted notably on Brussels confirm what many major European cities have experienced: a rapid boom in seasonal rentals between 2015 and 2019, a stabilization, then a refocusing towards a more regulated model. In Brussels, it is estimated that before the pandemic, nearly 12,500 active listings per year were managed by over 9,000 hosts. Maximum density reached around 2.3 listings per 100 households in some neighborhoods, with about 5,000 housing units effectively withdrawn from the classic rental market, nearly 1% of the stock in the most attractive areas.

The underlying trend thus leans toward a hybrid model:

For investors, this requires a paradigm shift: Belgium is no longer a “Wild West” for seasonal rentals, but a mature, regulated market, where profitability is built more through quality, compliance, and professional management than by simply piling up listings.

Conclusion: Real Opportunities, Provided You Play the Long-Term Card

The figures show it: between gross yields of 4 to 5% on classic residential rentals, average annual revenues around €25,000 to €30,000 in the best cities for seasonal rentals, and high ADRs in tourist areas (coast, historic centers, Ardennes), Belgium remains an attractive playing field for short-term rentals.

But to turn this potential into a solid opportunity, three conditions appear essential:

Within this framework, seasonal rental opportunities in Belgium are plentiful: urban studios for digital nomads in Brussels or Antwerp, family apartments by the sea, character houses in the Ardennes, charming properties in the historic centers of Bruges or Ghent, even hybrid accommodations mixing short and medium-term rentals for expatriates and students. Provided you accept that the rules of the game, now, are those of a professional and regulated market, more than those of a naive and improvised sharing economy.