Heatwaves have exposed a blind spot in Belgium’s housing stock
The pressing issue of thermal comfort in Belgian homes amid rising global temperatures highlights a significant but often overlooked aspect of housing stock renovation. Per the full note from ING, an alarming 90% of Belgians reported their homes felt uncomfortably hot during summer 2026, challenging the assumption that energy efficiency equates to summer comfort. As the country grapples with energy efficiency and climate adaptation, stakeholders must also consider indoor climate challenges that have profound effects on residents' health and well-being. This twin dilemma not only impacts housing policy but could also influence economic factors, such as energy consumption and renovation sectors, as the urgency grows. The data from the ING Renovation survey indicates that 82% of residents in newer homes still reported discomfort, emphasizing the urgency for a broader scope in renovation strategies.
What the desk is arguing
The desk frames this as an emerging housing crisis in Belgium, driven by both climate change and inadequate residential infrastructure. According to ING's survey, only 10% of respondents reported no discomfort during the heatwaves of 2026, underscoring a systemic issue in the housing market where even newly constructed homes face challenges in thermal regulation.
The evidence is striking—about half of the respondents reported negative impacts on sleep, health, and concentration, which were notably amplified in homes that remained uncomfortably hot for longer periods. This suggests that adaptation measures in renovation must go beyond energy efficiency to encompass thermal comfort solutions.
Where it sits in our coverage
While we currently lack institutional forecasts on the currency pairs that might be directly impacted, this assessment significantly diverges from the broader economic consensus on housing and labor dynamics in post-heatwave contexts. Yet, the urgency reflected in the residential adaptability could drive value and investment in renewables and energy-efficient technologies, practices that may align with upcoming shifts in energy policy.
How other firms see it
As this issue becomes more prominent, aligned firms such as jpmorgan view development in energy-efficient retrofitting as a growing sector, while contrary firms like bofa seem skeptical, cautioning against potential costs versus benefits in investment. The renovation sector's evolution is likely to impact related areas such as the EUR/USD exchange rate, particularly as it relates to changes in energy policy through European Central Bank actions designed to combat inflation and stimulate economic growth.
What the calendar says
There are no significant scheduled events over the next month that would directly influence these dynamics, leaving the market to react organically to ongoing global factors and local adaptations in real estate and energy sectors.
How firms align with this view
Aligned with the desk view
Contrary positioning
Key takeaways
- 0190% of Belgians reported their homes were uncomfortably hot during summer 2026.
- 0282% of newer homes (post-2011) still faced thermal discomfort.
- 03Half of respondents reported negative health impacts related to prolonged heat exposure.
- 04There is an urgent need for housing adaptations that prioritize thermal comfort alongside energy efficiency.
Market implications
Investors should monitor developments in the Belgian housing and renovation sectors, particularly as adaptation plans roll out. Furthermore, any shifts in the EUR/USD could occur in response to changes in energy policy driven by the findings of this survey, emphasizing the relationship between current residential challenges and future economic indicators.
Risks to this view
A significant reversal could occur if subsequent surveys reveal a marked decrease in reported discomfort levels or if the government implements proactive measures to improve indoor climates effectively. Any major public or private investment in energy efficiency could also mitigate the effects of extreme heat on residential health outcomes, altering market expectations.
Articles Heatwaves have exposed a blind spot in Belgium’s housing stock Published 10:00 Belgium Share X LinkedIn E-mail Copy link Share X LinkedIn E-mail Copy link Download Nearly nine in 10 Belgians say their home was uncomfortably hot in 2026, exposing a blind spot in the renovation debate: energy efficiency alone does not guarantee summer comfort. Belgium therefore faces a dual renovation challenge of cutting energy use while adapting homes to a warmer climate Alissa Lefebre Belgium faces a dual renovation challenge of cutting energy use while adapting homes to a warmer climate Heatwaves affected daily life in Belgian homes this summer Heat affected a significant number of Belgian homes in 2026. According to our ING Renovation survey of 1,001 Belgians, nearly nine in 10 said their home was uncomfortably hot for several days, while one in four said the discomfort lasted more than two weeks.
Only 10% experienced no uncomfortable heat at home. The problem is not confined to older housing stock: 82% of residents in homes built after 2011 reported uncomfortable indoor temperatures. This suggests that newer homes, while often better insulated, are not automatically better protected against summer heat.
The effects extend well beyond temporary discomfort. Around half of Belgians report experiencing sleep, health or concentration problems during heatwaves, with these issues becoming more common the longer homes remain uncomfortably hot. Only 17% of those whose homes were never uncomfortably hot report sleep or health problems during heatwaves, compared with 72% among those affected for more than two weeks.
The longer homes stay hot, the more problems residents experience % of respondents experiencing problems (sleep/health and concentration), based on how long their home was uncomfortably hot in 2026 Source: ING renovation survey september 2026 "> Source: ING renovation survey september 2026 Energy efficiency does not tell the full story Seventy-six percent of those surveyed believe that a good EPC rating (an EPC rating shows how energy efficient a home is. A better rating generally means the home requires less energy) increases the value of a home, while just over half say the EPC label helps them assess how much energy renovation is still needed. However, many Belgians feel the EPC does not capture all aspects of housing quality.
Half say it fails to adequately reflect comfort during hot summers. That could become increasingly important. More than seven in 10 Belgians expect heatwaves in Belgium to become more frequent and more intense.
And three-quarters expect protection against heat to become just as important as energy efficiency when buying a home in the future. Heat resilience could therefore become another factor in housing decisions, alongside EPC, location, size and the overall condition of the property. There are already signs that attitudes are shifting.
Almost half of Belgians say recent heatwaves have changed their views on the investments needed in their home, with renovation intentions being higher among homeowners who experienced longer periods of heat discomfort. Summer comfort can outweigh EPC considerations Making homes more resilient to heat does not necessarily mean installing air conditioning everywhere. Belgians primarily favour measures that prevent heat from entering the home.
Nearly 80% consider external shading, screens or shutters among the most important measures for keeping a home cool, followed by insulation adapted to hot weather and active cooling. Still, six in 10 Belgians see a cooling system as more of a necessity than a luxury, while a similar share believe that the government should subsidise their installation. Interestingly, the impact on EPC appears to carry relatively little weight when households consider a cooling system.
Although most Belgians associate a good EPC rating with a higher property value, only 13% rank the impact on the EPC rating among the most important criteria when choosing a cooling system. Moreover, one in three Belgians say they would not mind if installing a cooling system worsened their EPC rating. This suggests that when households face a trade-off between energy performance and summer comfort, EPC is not always the deciding factor.
High costs and an information gap complicate the dual renovation challenge Belgium's housing stock thus faces a dual renovation challenge. Homes need to become more energy efficient, while also becoming better equipped to cope with hotter summers. But for many households, the barriers remain substantial.
Two in three Belgians rank high investment costs among the three biggest obstacles to making housing more energy efficient, while half point to a lack of own funds. Uncertainty about subsidies and government support, future regulation and payback periods adds further complexity to renovation decisions. The challenge is not only financial.
There is also a clear information gap. Almost two in three Belgians find it difficult to estimate renovation costs upfront, while only one in three feel sufficiently informed about how to make their home more energy efficient. Total renovation costs are particularly difficult to assess.
Seven in 10 Belgians rank them among the three aspects most often underestimated when carrying out energy renovations. Finding suitable contractors, navigating the complexity of the renovation process and estimating how long the works will take are also frequently underestimated. As renovations increasingly need to improve summer comfort as well as energy performance, households need clear information on which measures work, what they cost and how they affect comfort throughout the year.
Preparing Belgium’s housing stock for the future therefore means protecting homes not only against cold winters, but also against warmer summers. Real estate Housing market EPC Energy efficiency Climate change Belgium Content Disclaimer This publication has been prepared by ING solely for information purposes irrespective of a particular user's means, financial situation or investment objectives. The information does not constitute investment recommendation, and nor is it investment, legal or tax advice or an offer or solicitation to purchase or sell any financial instrument.
Read more Share X LinkedIn E-mail Copy link Share X LinkedIn E-mail Copy link Download Author Alissa Lefebre Economist Alissa is an economist at ING Belgium. She joined the firm in 2024 and covers the Belgian real estate and construction sector. Prior to this, she was a PhD student at KU Leuven.
In this article Heatwaves affected daily life in Belgian homes this summer Energy efficiency does not tell the full story Summer comfort can outweigh EPC considerations High costs and an information gap complicate the dual renovation challenge
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