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Apartment prices up 6.5% in one year
Luxembourg

Apartment prices up 6.5% in one year

16.12.2013 From our online archive
Apartment prices in the third quarter of 2013 were up by 6.5 percent compared to the same time in 2012, while they rose by 1.6 percent compared to the second quarter of the year.

(CS) Apartment prices in the third quarter of 2013 were up by 6.5 percent compared to the same time in 2012, while they rose by 1.6 percent compared to the second quarter of the year.

The increase in prices was less pronounced for older apartments, which saw a decrease in prices per square metre, but nonetheless an average increase in price by 1.5 percent between the second and third quarter of this year.

Apartments under construction meanwhile saw an average price-jump of 2.4 percent over the same time, with the price per square metre even increasing by 6.5 percent.

Year-on-year the price per square metre of apartments under construction rose by a staggering 14 percent.

The most expensive communes in Luxembourg in the third quarter of 2013 were Luxembourg City (5,340 euros per square metre), Strassen (5,17 euros) and Bertrange (5,081 euros).

The cheapest flats were meanwhile available in Bissen (3,175 euros per square metre), Clervaux (2,864 euros) and Wiltz (2,810).

Apartment sales decreased during the third quarter of 2013 compared to the previous quarter, but remained above first quarter levels and above sales the same time in 2012.

Luxembourg Prime Minister Xavier Bettel had announced last week, as part of his first official speech in parliament outlining the new government's programme, that the state would try to intervene in the housing market.

Bettel said that the state was planning on acquiring more building land, as well as launching an investment programme to build more affordable housing. By increasing the amount of available housing, the DP, LSAP and “déi Gréng” hope to curb costs.