Luxembourg Property Prices Per m2 Down 2.1% in Q2 2023

Luxembourg real estate advertising site Immotop.lu has published a new report analysing the real estate market in the Grand Duchy in the second quarter of 2023 (Q2 2023).

According to Immotop.lu, the average price per m2 of properties for sale in Luxembourg decreased from €8,870/m2 in Q2 2022 to €8700/m2 in Q2 2023. This represents a quarterly decrease of 2.1% and a yearly decrease of 1.9%. Moreover, for Q2 2023, the average price per m2 for sale of energy class A properties decreased by 0.7% and the price of energy class G properties decreased by 3%. The reported difference between classes A and G was €2,151/m2.

Over one quarter, property prices fell by 1.2% in the Centre region, by 4.3% in the West region, by 2.9% in the East region, by 2.3% in the South region and by 2.1% in the North region. Over one year, prices fell in all regions in Luxembourg except in the North, where they increased by 2.2% (Q2 2022 versus Q2 2023).

The highest average prices per m2 of properties for sale in the districts of Luxembourg City were in Belair (€14,412/m2, up 2% from Q1 2023), Limpertsberg (€14,084/m2, stable compared to Q1 2023) and Kirchberg (€13,236/m2, down 1% from Q1 2023). At the lower end of these property prices were Eich (€10,348/m2, down 2% from Q1 2023), Bonnevoie-Verlorenkost (€10,256/m2, down 1% from Q1 2023) and Beggen (€10,169/m2, down 3% from Q1 2023). The average price per m2 of properties for sale in Luxembourg City was €12,475/m2, an increase of 0.1% compared to Q1 2023.