Housing Sales Prices Decline in Luxembourg, Rent Prices on the Rise

Luxembourg, March 27, 2024 - The National Institute of Statistics and Economic Studies (Statec) indicates that housing prices in the last quarter of 2023 have decreased for the fifth consecutive quarter, while, on the other hand, rent prices have resumed an upward trajectory.

According to Statec, the most significant decrease can be observed in the prices of existing houses, which saw a decline of 18.8% compared to 2022. Likewise, prices for existing apartments and new apartments recorded decreases of 14.5% and 7.6% respectively. It is also noteworthy that the number of transactions for new apartments plummeted by 72.8%.

Overall, in 2023, housing prices experienced a 9.1% decrease, following a 9.6% increase in 2022.

Regarding rentals, the Housing Observatory notes a new increase of +3.9% in advertised rents for apartments in 2023.

"The increase in rents during the lease (for tenants who do not change accommodation) is much more moderate, with an increase of +1.5%," the Housing Observatory emphasizes. "However, it should be reiterated that these are rents requested by landlords for new lease contracts. Nonetheless, advertised rents increased significantly by +6.4% in 2023."