In Belgium

A property portfolio (patrimoine immobilier) encompasses all real estate owned by an individual or entity: primary residence, investment properties, second homes, land, garages, and commercial premises.

In Belgium, each property in the portfolio has separate tax implications:

How it works

Valuation. Portfolio value is the sum of all properties’ market values. Net portfolio value deducts outstanding mortgage balances.

Diversification. A well-built portfolio diversifies across: property types (apartments, houses, studios), locations (different cities, Regions), and tenant profiles (families, students, professionals).

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Good to know
Belgium has no wealth tax on property. The property portfolio is only taxed through property tax (annual) and income tax (on cadastral income). There is no additional tax on total portfolio value, unlike some neighbouring countries.

Practical example

Marie’s property portfolio: primary residence (350,000 EUR), 2 rental apartments in Brussels (240,000 + 195,000 EUR), 1 studio in Leuven (155,000 EUR). Gross portfolio value: 940,000 EUR. Outstanding mortgages: 380,000 EUR. Net portfolio value: 560,000 EUR.