Housing prices rose over 44% in 6 Luxembourg communes
(JB) It may come as little surprise that the cost of buying an existing flat in Luxembourg has grown by 44% or more over the past six years.
Perhaps what is more surprising is that a similar explosion in prices was also noted in the communes of Niederanvaen, Kehlen, Strassen, Bertrange and Dippach, a new STATEC report has found.
The growth is perhaps understandable when one considers that these communes surround the city district and the opening of the European School II in Bertrange further pushed up prices in these areas.
Prices also rose in other communes surrounding the capital but not quite on the same scale.
In Steinsel, Kopstal, Hesperange and Contern the sale price of an existing flat rose by between 36% and 44% over the same period.
A similar growth was noted in Dalheim, Frisange, Remich and Weiswampach, in the north of Luxembourg.
The STATEC report showed that during the second semester of 2016, the Canton of Luxembourg City remained the most expensive per metre square for buying flats, followed by Capellen-Mersch, East, Esch-sur-Alzette and the North.
The price per metre square varied depending on the size of a flat with the cheapest rate found among large existing flats spanning 130m2 or more.
The report recorded at 5.6% annual increase in property prices in the second trimester of 2016, compared to the same period in 2015.
The average price of a family house was 594,379 euros while the average cost of a flat was 4,613 euros per m2 for an existing flat and 5,764 euros per m2 for a new build.