Executive summary
The research focused on two major Belgian real estate developers active in Brussels: Atenor and Immobel. We analyzed how these companies are financed, how they've grown, and what types of housing they're building. While gathering that data, we kept in close contact with Brussels-based organizations working on affordable housing and urban policy. We did this to ensure our output would be relevant for their advocacy and public awareness campaigns.
In the end, based on their input, we wrote an accessible online article in Dutch and French explaining what financialization is and what its possible impacts are. We also created a poster that explains the concept and links it to concrete projects in Brussels. This poster is still used today in training sessions by IEB about financialization.
The main conclusion of the research was that Brussels stands at a critical turning point. While financialization hasn't yet taken full hold of the city's housing market, the first warning signs are clearly visible. Both Atenor and Immobel are scaling up rapidly, constructing tall residential towers throughout Brussels with financial backing from banks and investors. To generate profits for these financial backers, developers prioritize building many small, expensive luxury apartments—which yield maximum returns but don't address Brussels' actual needs for affordable, family-sized housing with adequate green space.
Another concering evolution was the growing interest from massive international investment groups—particularly BlackRock, Vanguard, and State Street (collectively known as "The Big Three"). These firms, which manage trillions of dollars globally, now hold shares in several Belgian developers. While their stakes remain relatively small, their sudden presence signals that Brussels’ real estate market has appeared on the radar of global finance capital.
Currently, local communities and politicians can still influence Belgian developers through pressure and regulation. However, if international mega-investors take control, this leverage disappears entirely. The research concludes that action is needed before financialization accelerates beyond the point where such local control remains possible.
We ended the project with a (sold-out) panel discussion where it became clear that plenty of possible measure to combat financialisation and defend affordable housing already exist, but more political pressure and mobilization are needed to implement them.
Why it matters
Brussels, like most European cities, faces a housing crisis: rental prices are skyrocketing while social housing waiting lists grow impossibly long. The research tried to show this isn't just a supply problem, but that it's about who controls housing development and whose interests are prioritized.
When financial investors dominate real estate projects, housing stops being about shelter and becomes purely a financial product designed to maximize profits. This means developers tend to build expensive luxury apartments instead of the affordable, family-sized homes Brussels residents actually need. This process directly affects ordinary Brusselaars struggling to find decent, affordable housing. It also matters for neighborhood communities watching their areas transform around them without meaningful input.
By documenting financialization while it's still emerging, this project provided both civil society and policymakers with concrete evidence and visuals to inform campaigns and policy debates. The findings also created a necessary sense of urgency: there's still time to act, but the window is closing.
Project objectives
Objective 1: Empirically check how far advanced two Brussels developers are on several indicators of financialisation.
Objective2: Set up discussions with Brussels-based organisations working on affordable housing to exchange on the impacts of financialisation and brainstorm about possible measures to take (leading up to a final panel discussion).
Objective 3: Create an infographic/visuals that explain financialisation in an easily understandable way and link it to concrete projects in Brussels; taking into account feedback from the above organisations so they will actually use these deliverables.
Key findings
Key finding 1: Both Atenor and Immobel were growing in the years leading up to the research (2021 was a record year for both), and they increasingly relied on the financial sector to make this possible. Especially Atenor massively increased its debt levels to finance their growth, while Immobel also created its own investment branch.
Key finding 2: The “Big Three” index fund managers (BlackRock, State Street, Vanguard) were absent on the Brussels real estate market for a long time but suddenly increased their presence in the second half of 2020 (see Figure 1). Although the amounts remain relatively small, a few million euros, the research concluded that the Belgian real estate market – or at the very least Atenor and Immobel – is on the radar of these American mega-investors. If the current shareholders want to sell, they know who to turn to.
