An interview with Sandra Huber, CEO of Iko Real Estate, who speaks candidly and without mincing her words about the tight property market, the successes and pitfalls to avoid, and the role of women, which remains a topic of discussion. A mix of insights and revelations, one year after she took up her post.
You’ve just celebrated your first year at the helm of Iko Real Estate. What surprised you most when you took up your post?
It must be said that this transition was particularly significant. There had never really been a CEO in the sense that we understand the term today: the shareholder, who was very much in the picture, fully embodied the company and its DNA. So, taking over the reins in a group so closely identified with the Luxembourg market, replacing a long-established male figure, was a real challenge.
When I see just how much a project can transform a neighbourhood, I realise that our work isn’t in vain.
What’s really rewarding is experiencing this within a company with some fantastic projects. And this year, we’re actually seeing the culmination of several initiatives we’ve been working on for a long time. In such a challenging climate, delivering nearly 200 homes and seeing the tangible impact of what we’ve been championing for years is deeply satisfying. When I walk down a street that’s just been opened and see how much a project transforms a neighbourhood, I tell myself that our work isn’t in vain; it’s a real source of pride.
That said, it has to be acknowledged that leading in the current climate is no easy task. There are issues where you have to fight every day just to hold your ground and make progress.
How do you feel about becoming the first female CEO of a family business?
“It’s a very unique challenge; the issue of succession in a family business is complex. There is a very strong attachment to the person who has built up the company. And when that person is no longer as involved, many things can fall apart if the transition hasn’t been prepared for well in advance.
That is why this process cannot be completed in a matter of months. It requires careful preparation over time, with clearheadedness, method and humility. And on this point, that realisation was already there. Next, a sense of alignment had to be established. For the person handing over the reins, it is essential to step aside whilst remaining present in a different way. Not an easy task. In many family businesses, there can be this reflex of ‘it’s my baby, I know better than you’.
I arrived with a vision that builds on what has gone before, yet is also different because I have a different background and a different set of experiences. I often say that Iko is a bit like fine craftsmanship: highly distinctive, iconic, high-quality projects, some of which are difficult to replicate, with a very strong architectural sensibility. And that is something we absolutely must preserve.
But at the same time, we must also ask ourselves how to make this work in a much more constrained environment. How can we maintain the aesthetics, quality and high standards whilst delivering projects that actually come to fruition? I find this balancing act fascinating.
How does one run a property company during such a period of uncertainty?
“It’s become part of our daily routine. And the real challenge lies in providing stability amidst uncertainty. Giving our teams a sense of direction and a sense of purpose, even as the situation remains fluid and tense. I’m open and honest. I tell it like it is, whether things are going well or not. With both our teams and our partners. And in times of crisis, it also becomes clearer who we want to move forward with.
And then a crisis, however difficult it may be, forces you to take a hard look at yourself. Had it not happened, certain things at Iko might not have changed when they needed to. We’ve reviewed our organisational structure and our delegation processes, as well as our product strategy, customer journey, guarantees and the way we support buyers.
Today, our profession has changed dramatically. It’s no longer just about selling a property. We need to explain things, provide clarity and offer reassurance. Buying a flat, especially in Luxembourg, is a major commitment. So we have a responsibility that we take seriously.
We have introduced features that many other market players do not offer, particularly in terms of guarantees.
We have introduced measures that many market players do not offer, particularly in terms of guarantees. These are things that may not have been standard practice in the market before, but which we now consider essential. This requires time, education, staff training and much more support than before.
Customers no longer shop in the same frame of mind as they did a few years ago. So we need to adapt. And, ultimately, that is what leadership is all about today: being able to evolve without losing sight of your goals.
Looking back over the past year, which decision best reflects your leadership style and the vision you wish to establish in the long term?
“There are many things, but if I had to pick just one, it would be the creation of a more accountable and transparent organisation, with a genuine approach to delegation. What makes me particularly proud is having a trusted team around me. We have built an organisation that is more predictable, clear and collaborative.
For a long time, Iko operated with a very strong leadership presence at the top. That approach paid off, but today the dynamic is different, with a culture of delegation that allows people to take their place and develop their skills. That is probably the most rewarding aspect of my role. Seeing colleagues, particularly young female colleagues, grow, take on responsibilities and come into their own is extremely rewarding. We are building a company that does not rely on a single person. That is essential to me.
We need to dispel the myth of the all-powerful CEO; I’m not here to be the centre of everything.
In fact, I believe we need to dispel the myth of the all-powerful CEO. A strong company is one that endures beyond any individual. What matters is sustainability. As for me, I’m here to chart a course, not to be the centre of everything.
Your career has spanned both the public and private sectors; what sets you apart today when it comes to project management?
“I wouldn’t describe it as a complete U-turn from the public to the private sector; it’s more a case of the two complementing each other than a break. Having worked in the public sector, I understand its constraints, its pace, and the questions it faces. Its inertia, too. So I know why certain things are complex. I can put myself in the shoes of public sector stakeholders and understand their concerns. Conversely, moving into the commercial sector has allowed me to grasp the economic realities, the risks and the responsibility involved in running a business and committing to a project.
All of this has been a gradual process throughout my career. I started out in a local council, then worked in a hybrid organisation involving local public bodies, so I was already operating in a very interesting grey area. Then I moved into a role with more direct contact with the economic reality. I don’t regret any of these stages at all, because each one has contributed something to getting me where I am today.
I think this changes the way I manage certain projects. I don’t just turn up and say, ‘We have to move forward, full stop.’ Yes, we do need to move forward, but we also need to understand the obstacles and objections. If we want to move quickly, we first need to align everyone’s interests. I believe that successful projects are those where we bring the right people to the table and manage to reconcile different viewpoints.
Being a female leader today: has the glass ceiling disappeared, or has it simply taken on a different form?
“I’d like competence to be the overriding factor. But I think there are still battles to be fought. It’s not always an open confrontation. It’s more insidious, more structural.
Until we make motherhood a natural part of people’s life paths, there will be an imbalance.
Then there is the issue of maternity leave: women temporarily disappear from the workplace, and many companies are still ill-prepared for this. Yet this is neither an anomaly nor an accident: it is simply life. And until we accept this as the norm, there will be an imbalance.
Then there’s the whole issue of mental load. When I was younger, I used to think people were making a bit too much of a fuss about it. But then, once I became a mother… [laughs]. In our private lives, there are still a lot of expectations placed on women, beyond the workplace. Even when you’re surrounded by a great support network, it remains a reality.
So yes, businesses have a very practical role to play: enabling women to enjoy their maternity leave with peace of mind and return to work without anxiety, without wondering whether they will still have a place in the company or feel they belong. There is no simple answer to all this, because there are business constraints too, of course. But society must change.
Have you ever felt that people expected something different from you compared to a male colleague?
“Personally, I don’t feel that I’ve been subjected to direct discrimination. I’ve often worked with demanding people, but they were like that with everyone. Deep down, that doesn’t bother me: I like being challenged, I like debate and a bit of a row.
Where preconceptions might exist, it would be more likely due to a combination of factors: being a woman, French, living in Luxembourg, and still relatively young. I strive to ensure that merit takes precedence. But I know there are organisations where things are done differently; that is not acceptable. Personally, I prefer to focus on what needs to be built. I am deeply driven by the idea of moving things forward and developing a vision.
Sandra Huber, who builds without being heavy-handed, has carved out a niche for herself from which she seeks to bring about change in a constructive, modern and innovative way. (Photo: Iko Real Estate)
What concrete role can a company like Iko play in promoting equality and diversity, beyond mere rhetoric?
“We have a gender balance of almost 50/50, which is still quite unusual in our sector. Above all, we don’t recruit ‘a man’ or ‘a woman’: we recruit a person, with their skills, energy, drive and ability to fit into the Iko DNA. Equality, here, isn’t just for show, nor is it about quotas for the sake of quotas. It’s about creating an environment where talent can truly flourish.
I’m thinking of a few female colleagues who have really come into their own within the company. Seeing young women take the reins and assert themselves is incredibly encouraging.
Something else that is very important to me is solidarity. We shouldn’t adopt a mindset where one person succeeds at the expense of others; on the contrary, we should support one another. Down with toxic management—we all have something to learn from one another.
What are your medium-term ambitions for Iko? What would you like to have achieved within the next three to four years?
“In my view, Iko is at a turning point. The company is undergoing a transformation because Luxembourg is changing, because the market is changing, and because the fundamentals are shifting. Our aim, therefore, is to ensure that Iko remains agile enough to adapt. We need to weather the crisis, consolidate our position and continue to deliver projects. And from that perspective, we are satisfied.
The challenge is not just to keep going, but to prepare for the future. There is demand, even if the market is slower than before. And beyond Iko, there is a whole ecosystem in Luxembourg: engineers, architects, companies, clients, partners… We are part of a wider community, and it must continue to thrive.
We hear less about sustainability these days because the crisis has shifted priorities, but we mustn’t give up.
I hope that Iko remains a leading player, capable of delivering ambitious, responsible and meaningful projects. I also hope that we continue to question certain market assumptions. We talk less today about sustainability and quality of use, because the crisis has shifted priorities, but we must not give up. The real question is: ‘How do we continue to produce quality housing at an affordable cost?’
These costs in Luxembourg are very high and affect the final price. And sometimes, we invest in excessive quality in areas where it offers little real benefit to the user. So we need to have the courage to ask certain questions again: where do we place value? What is essential? Let’s open up these discussions.
Iko cannot bring about this change on its own; it requires a ripple effect and the involvement of the entire sector. But we can be one of the driving forces behind this change.
On a more personal note, what still drives your ambition?
“What drives me are projects. Seeing something take concrete shape, stand the test of time and transform a place. I’ve always loved the city, the way it’s built, the mark we leave on it. That’s also why I love this job: you do something and, 15–20 years later, it’s still there. There’s something very powerful about that lasting legacy.
I’m lucky enough to be able to work on high-quality projects, and even when I spend too much time on administrative or financial matters, sometimes just an hour on site is enough to completely recharge my batteries. That’s when you remember why you’re fighting for this. You see the project, its beauty, its coherence, its tangible reality. And you say to yourself: ‘There you go, I’m doing something that matters.’
When you reach senior management positions, there is a certain sense of isolation; certain issues are no longer discussed with teams in quite the same way.
I would also say that it’s important to surround yourself with others. When you reach senior management positions, there’s a certain sense of isolation; certain issues can no longer be discussed with teams in quite the same way. It’s therefore important to step outside your own environment, meet other leaders, and compare experiences. Being part of networks and professional associations, and exchanging ideas with those facing the same challenges, is invaluable. You mustn’t remain shut away in your own little world, telling yourself that the mountain only exists at home.”
