The number of properties listed for sale on the listings site Immotop increased by 28% in 2023, as stated by the company in a press release on Wednesday 17 January. According to the , this indicated “an extension of the sales period.”

Interestingly, the site noted a 6.2% drop in asking prices for existing properties in 2023 compared to 2022 averages, while the list price for new-build properties remained resilient, showing only a marginal decrease of 0.1%.

Furthermore, on average, the asking price per square metre also saw a decline of 3.3% in 2023. During the fourth quarter of 2023, the average real estate asking price in Luxembourg was €8,531/m2, which was 0.9% lower than the previous quarter and only 0.1% lower than in Q4 2022.

Rental prices

The national average rent stood at €25.60/m2 in the fourth quarter of 2023, indicating a consistent rise with an increase of 7.3% compared to the fourth quarter of 2022 and 10.3% against the fourth quarter of 2021.

Energy class

The property’s energy class continued to be a strong factor in its asking price. Properties with energy class G averaged €7,156/m2, whereas class A properties had an average of €9,547/m2 in Q4 2023, a substantial difference of €2,391/m2.

Regional trends

In regional terms, the Centre region of Luxembourg recorded the highest average asking price at €11,018/m2 in Q4 2023, compared to Southern Luxembourg at €6,981/m2, and the Northern region at €5,785/m2. The Eastern and Western regions recorded averages of €7,241/m2 and €7,987/m2, respectively.

Interestingly, all regions recorded a decline in listed prices in Q4 2023 compared to the last quarter of 2022.

In Luxembourg City, the average price was €12,487/m2 in Q4 2023, a modest increase of 0.5% from the previous quarter, according to the Immotop figures. Belair and Kirchberg significantly exceeded this average, while the Dommeldange and Rollingergrund districts were among the less expensive areas.