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Despite the health situation, property is still much in demand in Luxembourg, and prices are going up and up What’s the average cost of renting or buying a flat or a house? What's the price per square metre? To invest successfully in property, it's important to have good support. Property in Luxembourg is in shorter supply than demand, which is driving prices higher.
According to data based on property ads between March 2019 and March 2020, AtHome estimates that it costs around €1,616 to rent a flat and €2,963 to rent a house.
Purchase price history
(source Observatoire de l'Habitat - Q4 2019 and Q4 2020)
+14.4% for new flats (+15.8% for existing flats)
+19.7% for period houses
Average purchase price
In March 2020, AtHome estimated that the average price (across all sizes of property) for a resale flat was €559,873, for a new flat €650,378 and for a house €882,099.
Price per square metre
According to figures published in April 2021 by the Observatoire de l'Habitat, for a flat under construction of less than 50m2, the average price is €9,999/m2 (€8,659/m2 for an existing flat). For a flat under construction of 90m2 to 109m2, the price is €7,139/m2 (€6,591/m2 for an existing flat). Flat prices are twice as much in the capital compared to the north of the country.
New laws come into force in 2021 in response to increasing demand
From 1 January 2021, finance providers in Luxembourg will have to comply with the following legal requirements:
- maximum finance limit of 90% of the purchase price excluding costs for properties used as a main residence;
- maximum finance limit of 100% of the purchase price excluding costs for first-time buyers of a main home;
- maximum finance limit of 80% of the purchase price excluding costs for second-home properties and buy-to-lets;
The tax provisions for rental properties are changing. For new buildings acquired from 1 January 2021, the accelerated depreciation rate will be reduced from 6% to 4% and will apply for 5 years, compared to 6 years previously. This 4% rate will be increased to 5% for owners whose total depreciable bases are less than €1 million. Depreciable bases over €1 million will be depreciated at the rate of 4%.
How best to finance your property projects?
Financing your property projects fits naturally within the overall support we offer our clients. As each situation is specific and personal requirements differ, the solutions we propose are always tailor-made for you and take into account all aspects of your project.
(Internet sources - 21/06/2021)
www.athome.lu -les prix de l'immobilier continuent de grimper au Grand Duche
www.wort.lu - les prix de l'immobilier n'en finissent plus de grimper
5minutes.rtl.lu Observatoire de l’Habitat
Property exposure - 2021 - extract from Statec
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