Brussels, Liège, Ghent, Antwerp or Bruges? A comparison of gross yields and tourism dynamics to help guide your next property purchase.
Belgium remains one of Europe's most attractive property markets for rental investors in 2026. Despite the rise in interest rates between 2022 and 2024, mortgage rates have stabilised between 3.2% and 3.8% for a 20-year fixed loan in 2026, once again making rental arithmetic favourable for well-positioned investors.
The short-term rental market in Belgium offers gross yields ranging from 6% to 14% depending on the city and location, i.e. 2 to 5 times the yields of classic long-term letting. But not all Belgian cities are equal. This guide analyses 8 urban markets with concrete data to help you choose your next investment.
The table below summarises the key indicators for each city, based on AirDNA, Statbel, Logic-immo and Immoweb data for Q1 2026.
| City | Price/m² | Gross LT yield | Gross ST yield | Avg. nightly rate | Occ. rate | Tourism trend |
|---|---|---|---|---|---|---|
| Brussels | 3 400 € | 3.8% | 8.2% | 140 € | 71% | +4%/yr |
| Bruges | 3 200 € | 3.5% | 10.8% | 135 € | 74% | +6%/yr |
| Ghent | 2 900 € | 4.1% | 9.5% | 120 € | 68% | +7%/yr |
| Antwerp | 3 100 € | 4.0% | 9.1% | 125 € | 67% | +5%/yr |
| Liège | 1 800 € | 5.2% | 11.4% | 80 € | 63% | +9%/yr |
| Namur | 1 950 € | 4.8% | 10.2% | 90 € | 60% | +8%/yr |
| Leuven | 3 050 € | 4.3% | 7.8% | 105 € | 65% | +3%/yr |
| Charleroi | 1 100 € | 6.1% | 8.5% | 65 € | 58% | +11%/yr |
Sources: AirDNA, Statbel, Immoweb, Logic-immo. Price/m² = 1–3 bedroom flats in central areas. ST yield = short term. LT yield = long term. Occ. rate = median Airbnb occupancy over a rolling 12-month period.
Bruges is the best-performing Airbnb market in Belgium in terms of short-term yield (10.8% gross). The city welcomes 8 million visitors a year for barely 120,000 residents, which creates structurally excess demand for tourist accommodation. Airbnb nights regularly reach 95% occupancy in July–August.
Districts to target: Sint-Anna (the most authentic, less touristy than the centre), Assebroek (residential but close to the canal), and the historic centre (higher prices but maximum yields).
It is probably the Belgian city offering the best risk/reward ratio in 2026 for a beginner investor. The Patershol district (renovated medieval houses, Michelin-starred restaurants) and the Dampoort area (undergoing full urban renewal) are the priority targets.
Antwerp combines cultural tourism with business tourism (diamonds, fashion, port logistics). Business travellers generate weekday demand year-round, smoothing out seasonality. High-potential districts: Zurenborg (exceptional, photogenic Art Nouveau architecture) and Dam/Borgerhout (rapidly gentrifying, prices still affordable at 2 200 €–2 500 €/m²).
Liège is systematically underestimated by Brussels and Flemish investors. Yet the figures speak for themselves: a gross short-term yield of 11.4% (the highest on our list), among the lowest purchase prices (1 800 €/m² in the central area), and record tourism growth since the reopening of Guillemins station and investment in the Cité Miroir. The Outremeuse district (a village within the city, home to the Batte market) and the area around Guillemins station (high-speed rail clientele) are the two priority zones.
Namur benefits from institutional tourism (the capital of Wallonia, numerous events) and growing appeal as a base for exploring the Ardennes. The Citadel of Namur, the street theatre festival (July) and the proximity of the Han-sur-Lesse caves create solid tourist demand. Expected yield: 10.2% gross for a well-positioned property near the centre or the station.
Leuven is Belgium's most dynamic university city (KU Leuven, 60,000 students). It generates permanent rental demand (visiting parents, academic conferences, tech incubators). The short-term market is less seasonal than in Bruges, making it more stable. Prices are rising steadily (+5% a year since 2020).
Charleroi has the most tarnished reputation in Belgium, but the 2026 reality is more nuanced. Charleroi Airport (Brussels South) attracts 9 million passengers a year and generates structural Airbnb demand from low-cost travellers. The gross LT yield of 6.1% is the highest in Belgium. For short-term lets targeting travellers in transit through the airport, studios near the airport (Gosselies) can achieve 85–90% occupancy. Risk: the city's brand image, which may deter some premium travellers.
After the 2022–2024 rise, Belgian mortgage rates stabilised in 2025–2026. In May 2026, indicative mortgage rates were:
For a rental property investment, Belgian banks generally require a deposit of 20 to 30% of the purchase price (unlike a main residence, where 10% may be enough).
Cost of setting up an SRL: 1 500 €–3 000 € (notary + accountant). Worthwhile from 2–3 rental properties generating more than 30 000 € in annual income.
| City | Net income over 10 yrs (ST) | Estimated appreciation | Value at yr 10 | Total 10-yr gain |
|---|---|---|---|---|
| Brussels | 133 250 € | +35% | 337 500 € | +220 750 € |
| Bruges | 175 500 € | +40% | 350 000 € | +275 500 € |
| Ghent | 154 375 € | +38% | 345 000 € | +249 375 € |
| Antwerp | 147 875 € | +36% | 340 000 € | +237 875 € |
| Liège | 185 250 € | +30% | 325 000 € | +260 250 € |
| Namur | 165 750 € | +28% | 320 000 € | +235 750 € |
| Leuven | 126 750 € | +42% | 355 000 € | +231 750 € |
| Charleroi | 138 125 € | +20% | 300 000 € | +188 125 € |
Indicative projections. Property appreciation based on 2015–2025 historical trends by city. Charges of 35% include: concierge commission 20%, Airbnb fees 3.5%, cleaning/linen 8%, maintenance 3.5%.
To put these figures in context, here is how Belgium compares with other European short-term rental markets:
For investors discovering the Belgian market, here are the key steps in the purchase process:
Laeken has been undergoing accelerated transformation since 2023, driven by the renovation of the Royal Park, the rise of the maritime district (Tour & Taxis) and an influx of young Brussels professionals priced out of Ixelles and Saint-Gilles. Current prices: 2 600 €–2 900 €/m², rising by 8% a year since 2022.
Forest is benefiting from gentle gentrification driven by its arts scene (Recyclart, Variétés) and its large community of EU expatriates. Prices: 2 700 €–3 100 €/m². Tram line 4 to the European institutions makes the district very appealing to business travellers.
The Dam district (north of Antwerp's centre) is undergoing a major shift as port warehouses are gradually relocated. Many industrial buildings are being converted into contemporary lofts and flats. The proximity of the MAS and the Red Star Line Museum makes it an emerging tourist destination. Prices: 2 200 €–2 600 €/m².
Borgerhout, nicknamed "Borger Hollywood" by its residents, has seen an influx of young creatives, art galleries and trendy restaurants over the past 5 years. Prices are still affordable at 1 900 €–2 300 €/m² for attractive Airbnb yields.
In 2026, the window of opportunity for property investment in Belgium geared towards short-term letting is still open — but not indefinitely.
For a more experienced investor with a budget above 250 000 €, Bruges and Ghent offer the strongest prospects for appreciation and income over 10 years.
In every case, the quality of short-term rental management will determine 40 to 50% of your net yield. A specialist concierge service such as Hexuvium can turn an ordinary property into an exceptional income generator through dynamic pricing optimisation, review management and operational excellence. Contact us for a free estimate of the potential income from your property investment project in Belgium.
On video
Practical tips in under a minute, captioned on screen.
Ready to delegate your property management?
Hexuvium manages your short-term rental from A to Z so you earn the maximum without effort.
Get a free estimateOn the same topic
