Price of housing rises almost 17% in year
Housing prices in Luxembourg are continuing to increase year-on-year, rising by almost 17% in the last quarter of 2020 compared to the same period the previous year, according to figures from the country's statistics agency, Statec.
The annual increases show no signs of abating, in keeping with the trends of previous years, when prices jumped 7.1% in 2018 and 10.1% in 2019, Statec said on Thursday. The cost of real estate in the country almost doubled in the decade between 2010 and 2020, Eurostat, the EU's official statistics agency, reported last year.
The number of transactions had “only been slightly impacted” by the Covid-19 pandemic, Statec said, with the overall figure for 2020 sales down 6.3% compared to 2019.
Housing sales returned to pre-crisis levels in the final two quarters of the year, after initially experiencing a huge drop in the second quarter during the initial Covid-19 outbreak.
The average price of a house in Luxembourg City now stands at €1.35 million, more than twice the cost of a property in the north of the country.
In January, Eurostat said that Luxembourg had recorded the highest house prices rises in the bloc last summer - at 14%.
The majority of Luxembourg's residents live in a house rather than an apartment, Eurostat revealed last year.