2024-04-04 19:03:02
House prices in Luxembourg continue to fall. This is one of the main conclusions of the atHome portal’s analysis of data relating to the first quarter of 2024 in the real estate sector.
Statistics reveal an overall drop in prices of around -9.3%, reinforcing the idea that values continue to adjust in relation to the first quarter of 2023 and favoring the resumption of transactions in the market.
The decline was more pronounced for apartments (-10.1%) than for houses (-7.7%). The prices of existing properties and new properties are evolving at the same rate (-9.5% and -9%, respectively).
This trend extends to all regions of Luxembourg. It was in the south that there was a greater decline (-11.6%), especially in apartments (-12.9%). However, this continues to be the third most expensive region to buy – after the center and west -, with an average price of 6,654 euros per square meter.
North has the lowest prices
The cheapest region to buy continues to be the north, which had the second biggest drop in prices (-10.5%), with an average of 5,395 euros per square meter.
The second cheapest region is the east (-10.3%), which had the steepest drop in house prices in the country (-11.2%). The average price is 6,314 euros per square meter.
Housing prices fall 1.1% in the euro zone in the fourth quarter of 2023
The center, which continues to be the most expensive region in the country to buy in – 9,512 euros per square meter -, recorded the smallest drop in prices (-6.7%). This applies to both apartments (-7.5%) and houses (-4.1%).
When analyzing the evolution of prices per quarter, atHome experts found that the decline accelerated as 2023 progressed, finally stabilizing at the end of that year and the beginning of 2024. “This price adjustment is associated with a resumption of activity in the market real estate. With adjusted prices, transactions increase again”, reads the report.
According to data from Eurostat, housing prices fell by 1.1% in the euro zone and 0.2% in the European Union (EU) in the fourth quarter of 2023, compared to the same period last year.
Luxembourg (-14.4%) was the country that recorded the biggest drop, followed by Germany (-7.1%) and Finland (-4.4%).
2024-04-04 19:03:02