1 in 4 Belgians wants to take loan for second residence abroad

A quarter of Belgians are willing to borrow money from the bank to buy a second home abroad, especially those under the age of 55, writes Money Talk based on a study by real estate agency Hip Estates.

Of the 1,000 Belgians surveyed, 31% between the ages of 35 and 54 say they are willing to take out a mortgage for a second home abroad, compared to just 15% of the over-55s.

The results are not surprising, says Hip Estates director Leen Vermeulen, who points out that 37.5% of respondents see the purchase of property abroad as a smart investment. According to Vermeulen, buyers wait for the right moment to purchase a second home, such as an inheritance or a promotion at work. "The threshold to buy is often lower than you might think."

Only 13% of respondents have been saving for a second home. "But more than half of the respondents (50.8%) foresee a budget of between € 100,000 and € 200,000, which gives them a wide choice of housing," according to Hip Estates.

The Spanish property market is benefiting most from the interest in second homes. Since the beginning of 2015, 2,235 Belgians have bought a property in Spain.