Luxembourg Property Prices per m2 Fall by 1.8% in Q4 2024

Luxembourg real estate portal Immotop.lu has published a report on property prices in Luxembourg in the fourth quarter (Q4) of 2024.

The figures in this report are based on property listings (for sale) published on the Immotop.lu platform. The data is calculated over a twelve-month period to allow for an in-depth analysis of the evolution of average prices per square metre.

In Q4 2024, the average price of properties for sale in Luxembourg was €8,374/m2, marking a decrease of 1.8% compared to the previous year (€8,835/m2 in Q4 2023). After several consecutive quarters of decline, the average price has decreased by 1.3% compared to the previous quarter (€8,488/m2 in Q3 2024).

Immotop.lu noted that there are "significant disparities" between real estate prices according to their energy class. In Q4 2024, an energy class G home cost an average of €7,334/m2, while an energy class A home reached an average price of €9,270/m2 - a difference of €1,936/m2.

Looking at the different regions of Luxembourg, the price decline continued (almost) everywhere except the North, which recorded an increase: prices in the Centre fell by 5.9% over one year and by 1.5% over one quarter; those in the West fell by 7.3% and 3.4%, respectively; those in the South dropped by 2.6% and 0.4%, respectively; prices in the East dropped by 2.5% over one year but rose by 0.2% over one quarter; in the North, prices rose by 3.5% over one year, but recorded no change over one quarter.

The average prices per square metre were respectively: €10,719/m2 for the Centre, €7,661/m2 for the West, €6,944/m2 for the South, €7,102/m2 for the East and €6,104/m2 for the North. Immotop.lu recalled the importance of taking into account local specificities in the analysis of the real estate market.

Regarding the impact of the energy class on the average price, there was a greater disparity between regions. For example, the difference in average price between energy class F-G properties and energy class A-C properties translates to +€1,438/m2 for the South, +€1,255/m2 for the Centre, +€751/m2 for the East, +€758/m2 for the West and +€693/m2 for the North region.

In Luxembourg City, the average price per m2 fell again, to reach €12,225 in Q4 2024 - a decrease of 1.9% compared to the previous quarter. The most expensive districts of Luxembourg City (for property) remained Belair (€14,618/m2), Gasperich (€12,795/m2) and Limpertsberg (€12,639/m2). On the other hand, Hamm (€9,892/m2) and Beggen (€9,376/m2) were the most affordable districts in Luxembourg City.

On the rental side, the average rent per m2 across the country amounted to €29/m2 in Q4 2024. This represents an increase of 7.8% over one year (€26.9/m2 in Q4 2023). Since Q4 2022, the price of rent per square metre has increased by 16.9% (€24.8/m2 in Q4 2022).