No. of Properties Listed For Sale Increases by Over 220% in Q1 2022

According to Luxembourg real estate advertising site Immotop.lu, the number of houses and apartments listed for sale in the Grand Duchy increased by 236% and 220% respectively between the fourth quarter of 2021 and the first quarter of 2022.

The number of offers available on the market is on the rise, with 6,049 houses and 13,439 apartments put up for sale on Immotop.lu in the first quarter of 2022, i.e. a respective increase of 236.00% and 220.51% over one quarter. Only the capital suffered a slight decrease in the number of advertisements published, with 446 advertisements for houses (down 8.42%) and 4,229 advertisements for apartments (down 7.78%) listed for sale on Immotop.lu during this period.

In the first quarter of 2022, the median advertised price for a house was €1,218,614, or €6,577/m2, whilst that of an apartment was €805,169, or €10,224/m2. This represents a quarterly decrease of 2.42% and 3.91% respectively.

In Luxembourg City, the median price of a house advertised for sale was €2,107,973.45, or €9,733.72/m2. For an apartment in the capital, the median price was €937,224.47, or €13,625.24/m2. This represents an increase of1.43% and 1.55% respectively between the fourth quarter of 2021 and the first quarter of 2022.

In the first quarter of 2022, the median surface areas of properties for sale across all municipalities in Luxembourg were 187.57 m2 for a house and 84.19 m2 for an apartment, compared to 192.89 m2 and 87.19 m2 respectively in the previous quarter. Real estate advertisements therefore focused more on slightly smaller dwellings overall, with a decrease in the surface areas offered of 2.76% for houses and 3.45% for apartments. In Luxembourg City, the median surface areas announced on Immotop.lu in the first quarter of 2022 were 204.73 m2 for houses and 72.96 m2 for apartments, compared to 206.31 m2 and 73.19 m2 respectively in the fourth quarter of 2021. The surfaces offered in the capital remained stable, with a slight quarterly decrease of 0.76% for houses and 0.31% for apartments. 

Looking only at houses, Bertrange emerged as the most expensive municipaliy in Luxembourg, at €10,439.02/m2, closely followed by Luxembourg City at €9,944.41/m2. However, the different districts of the capital remained the most expensive residential areas in the whole country for the acquisition of a house: Luxembourg-Belair was the most expensive district, at €13,132.29/m2 for a house. The municipality of Rambrouch had the lowest median price of €2,453.76/m2, followed by Esch-sur-Sûre (€3,741.67/m2). The Luxembourg City district with the lowest median price per square metre was Luxembourg-Dommeldange, at €7,020.90/m2 for a house.

Considering only apartments, the municipalities of Luxembourg (€13,513.26/m2), Bertrange (€12,701.33/m2) and Steinsel (€11,762.87/m2) still ranked first in terms of the most expensive apartments per square metre. In the Luxembourg-Weimershof and Luxembourg-Weimerskirch districts, prices per square metre (for an apartment) reached €16,597.82/m2 and €16,080.41/m2 respectively. Käerjeng was the least expensive municipality for apartments, with a median price of €6,655.60/m2. The municipalities of Wiltz (€6,738.26/m2), Pétange (€6,898.28/m2) and Differdange (€7,000.00/m2) were once again positioned among the most affordable municipalities in Luxembourg to buy an apartment. Luxembourg-Bonnevoie (€10,718.74/m2) and Luxembourg-Beggen (€10,932.59/m2) were the two most accessible districts of the capital for the purchase of an apartment in the first quarter of 2022.

According to Immotop.lu, several factors can explain the increase in the price per square metre in certain areas of the country. The establishment of new housing units (new constructions), certain shops or activities with a strong potential for attractiveness can contribute to the rapid growth of the value of market prices in a municipality. This hypothesis is confirmed for the municipalities of Mersch and Frisange, within which houses in housing estates are being marketed. Conversely, the advertisements published in the municipalities of Bettembourg and Sanem relate more to existing houses. The construction of new buildings often provides better energy performance, which can also be the source of greater interest in the acquisition of this type of housing. The landscaping and infrastructure proposed by the municipalities also play an important role in the development and attractiveness of certain districts.

Advertisements published in the municipality of Hesperange in the first quarter of 2022 also related mainly to new apartments, with the advantages and equipment offered by residences (parking, concierge, security, etc.). As for Dudelange, the offer was more contrasted with a balance between new and old apartments offered for sale. However, the municipality of Dudelange remained attractive, according to Immotop.lu, in particular owing to the latest developments managed by the municipality as well as its strategic geographical location. Kehlen mainly hosted new constructions, but these apartments benefited from a 21.22% increase in the median surface area offered, which partly explained the impact on the evolution of the price per square metre in this municipality.