Low-Carbon Real Estate Barometer: Belgian investors, We Want Your Voice!

Last week, at the Low-Carbon Real Estate Fair (SIBCA) in Paris, Business Immo unveiled the 4th edition of its Low-Carbon Barometer. This study, conducted with around 40 investors representing more than €650 billion in assets on the French market, provides valuable insight into how the real estate industry is progressing on its low-carbon transition.

At pulse, we followed this presentation closely. Because while the French snapshot is illuminating, one question remains: what about Belgium?

• 53% of investors believe the French real estate sector is ahead in its low-carbon transition, while 46% feel progress is still insufficient.

• To accelerate decarbonisation, investors clearly identified three priorities:

1. a coherent regulatory framework (¾ of respondents),
2. a unified measurement methodology,
3. and a stable macroeconomic environment.

1. Carbon neutrality targets:

• 33% aim for neutrality by 2050,
• 23% by 2030 (up compared to 2024),
• only 15% have not yet set a target (vs 26.5% in 2021).

2. Main drivers:

• the climate emergency remains the leading motivation,
• asset liquidity has gained significant ground (33% vs 15% in 2023),
• regulatory pressure is less prominent (13% vs 31% in 2023).

3. Environmental certifications: still valued by most investors, but only 31% now see them as “very important” (vs 57% in 2024).

• 82% of investors prioritise renovating existing buildings as their main path to decarbonisation, compared to 13% who focus on low-carbon acquisitions.

• Main challenges: lack of common standards, shortages of products/materials, financial constraints, and regulatory complexity.

• Carbon footprint in acquisitions: almost 90% consider it, but only 31% see it as “very important”, continuing a downward trend since 2023.

• Disposals of non-compliant assets: half of the investors now plan to sell misaligned assets in the medium term (vs 31% in 2024).

• Expected discounts: 64% anticipate a 10–20% drop in value for non-compliant assets; only 18% expect no discount at all.

The French barometer confirms a strong trend: the low-carbon transition is now at the core of real estate strategy, with direct implications for asset value and liquidity.

But the big question is: how do Belgian investors see it?

• Where are they on their own transition journey?
• What carbon neutrality targets have they set?
• What levers and obstacles do they identify?

To answer these questions, pulse is launching a Belgian Low-Carbon Barometer. The goal is clear: to give Belgian investors and asset managers a voice and to compare their perceptions and strategies with those of their French counterparts.