The cost of houses in Luxembourg has more than doubled over the past 12 years.  Photo: Shutterstock

The cost of houses in Luxembourg has more than doubled over the past 12 years.  Photo: Shutterstock

The grand duchy has witnessed one of the quickest growths in housing prices in the EU, while its rents have evolved at a slower pace.

According to , real estate in the European Union began growing exponentially from 2015 on, seeing a 45% increase since 2010. Rent prices also went up, but the 17% growth pales in comparison to the cost of buying accommodation. 

Estonia, with a 174% price increase, took the first place when it came to purchasing a property, followed by Hungary (around 152%) and Luxembourg (131%). Though the majority of all EU member states witnessed their prices go up, Greece (-23%), Italy (-10%) and Cyprus (-8%) saw their properties lose value over the past 12 years. 

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When it came to renting, surprisingly, Luxembourg was around the 17% mark--the EU average. The grand duchy has had issues with the rising cost of housing over the past few years, making it for Luxembourg voters in 2022. According to a of June 2022, over one year, housing and energy increased by 9.9% due to inflation. 

NGOs such as Caritas Luxembourg have already called politicians to work more efficiently on in Luxembourg. Though at the start of 2022, , the average price per square metre for an existing flat is €8,344 and €8,887 for a flat under construction.