Luxembourg Property Prices Per m2 Down 5% over 1 Year, 2% over 1 Quarter

Luxembourg real estate portal Immotop.lu recently published a report on property prices in the Grand Duchy for the third quarter of 2024, with a focus on the impact of the energy class on the sale price.

The report is based on data taken from properties currently listed for sale on the Immotop.lu platform.

In the third quarter (Q3) of 2024, the average price of a property for sale in Luxembourg was €8,488/m2, a decrease of 5.1% compared to the previous year (the average price per m2 was €8,946 in Q3 2023). After several consecutive quarters of decline, the average price for acquiring a property in Luxembourg has decreased by 2.1% compared to the previous quarter (€8,670/m2 in Q2 2024).

Immotop.lu noted "significant" disparities between the prices of property according to their energy class. In Q3 2024, a home with G energy class cost an average of €7,089/m2, while an energy class A home reached an average price of €9,467/m2 - a difference of €2,378/m2.

Looking at the different regions of Luxembourg, prices continued to drop in all regions: the average prices per m2 were respectively €10,883/m2 for the Centre region, €7,929/m2 for the West, €6,972/m2 for the South, €7,089/m2 for the East and €6,107/m2 for the North. Compared to Q2 2024, the West region recorded the largest decline (-3%), followed by the Centre (-2.5%), then the North (-2.7%), the East (-1.6%) and finally the South (-0.5%).

These price drops were also marked over a full year. The Centre region saw an annual decrease of 4.3%, the West 4.4%, the South 4.6% and the East 2.7%. In contrast to these general downward trends, the North region stood out with a slight annual increase of 0.2%.

According to Immotop.lu, these figures show contrasting dynamics in the different regions of Luxembourg in Q3 2024. While most regions record significant decreases, the North region remained stable over a full year.

In Luxembourg City, the average price per m2 is falling again and stood at €12,462 in Q3 2024 - down 1.4% over one quarter.

The districts of Luxembourg City where properties are the most expensive remain Belair (€14,647/m2), Neudorf-Weimershof (€12,802/m2) and Hollerich (€12,689/m2). On the other hand, the districts of Beggen (€9,596/m2) and Rollingergrund (€8,707/m2) displayed the most affordable prices in the capital.

On the rental side, the average rent per m2 across the country amounted to €29/m2 in Q3 2024. This represents an increase of 9.4% over one year (€26.5/m2 in Q3 2023). Compared to the figures for 2022, the increase is obvious, noted Immotop.lu: since Q3 2022, the price of rents per m2 has increased by 15.5% (€25.1/m2 in Q3 2022).