Credit: Immotop
On Wednesday 17 January 2024, Immotop published an analysis of the real estate market in the Grand Duchy of Luxembourg, showing that sale prices have dropped just 0.1% over twelve months to 2023 Q4.
Prices have been measured per m2, with €8,541 / m2 being the average sale price in 2022 Q4, with the figure falling to €8,531 / m2 in 2023 Q4. With a rebound of property prices in 2023 Q1, prices again started to slide in Q2, Q3 and Q4, with an average drop of 0.9% between 2023 Q3 and Q4.
In 2023 Q4, the average price of energy class A and G properties for sale in Luxembourg was €9,547 / m2 (-0.1% compared to 2023 Q3) and €7,156 / m2 (-1.8% compared to 2023 Q3) respectively.
Across regions, the evolution in real estate prices was even more marked, particulating in the south and north regions of Luxembourg:
- Centre region: +2.0% over one year, +0-7% over one quarter
- West region: -2.1%, -1.9%
- East region: -0.7%, -0.5%
- South region: -5.8%, -2.5%
- North region: -5.9%, -3.8%
Within Luxembourg city, Belair remains the most expensive neighbourhood (prices staying level at €14,571 / m2), followed by Kirchberg (€13,014 / m2), Cents (€12,655 / m2), Limpertsberg (€12,627 / m2) and Gasperich (€12,346 / m2, showing a 1.0% rise).
Overall, 2023 saw a decrease in the average size of properties offered for sale. Along with the decrease in price per m2, this reduction in size has directly influenced the average price of properties for sale. With this in mind, average prices have dropped 6.6% between 2022 Q4 and 2023 Q4.
The significant decrease in the average price of existing properties for sale (6.2%) contrasts with the almost stagnation of prices for new properties (-0.1%). In 2023, the stock of new properties listed increased by 28%, suggesting an extension of the sales period.
