Real estate prices continue to fall in the country. But a limited rise in prices will begin in the coming months.
The site atHome.lu revealed its data concerning real estate prices for sale and rental yesterday. They come from its announcements published on its site and provide an overview of the situation in the country. Regarding prices, the decline continues in the third quarter of 2024: -5.3% for apartments and -2.4% for houses. For details, you have to pay on average 5,228 euros/m2 in the north (-0.4% compared to the previous quarter), 6,517 euros/m2 in the east (+0.4%), 6,680 euros/m2 in the west (-0.2%), 9,062 euros/m2 in the center (-2.7%), 6,270 euros/m2 in the south (-5.3%).
Prices evolved as follows: in the north -1.9% for apartments, +0.4% for houses; in the east +0.4% for apartments and +0.5% for houses; in the west -3.3% for apartments, +1.9% for houses; in the center -3.4% for apartments and -1.4% for houses and in the south -6.4% for apartments and -3.9% for houses. At the national average, the price of old apartments falls by -5.3% compared to the second quarter of 2024. The drop is 2.4% for old houses and -5.34% for new real estate. .
Rents are soaring
The real estate market reached a peak in 2021… before a big collapse due to rising material prices, galloping inflation and skyrocketing interest rates. At the same time, the construction sector is experiencing an unprecedented crisis. The fact remains that it is very difficult to find housing, with prices remaining very high and interest rates hampering the possibilities of becoming a homeowner for many.
According to atHome.lu, rents continue to soar. Their average (apartments and houses) is 1496 euros/month in the north (+10.9%), 1877 euros per month in the east (+9.9%), 2,100 euros per month in the west ( +5.9%), 2,149 euros per month in the Center (+3.4%) and 1,613 euros per month in the South (+2.5%). At the national level, the increase in rents amounts to +5.1% (+4.9% for apartments and +6% for houses).
For the coming months, atHome experts expect a recovery in the real estate market. Sales prices are starting to stabilize before an expected increase. But it will be limited, because interest rates remain high even though they have started to fall this year.
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