House prices in Luxembourg make the biggest jump in the EU

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House prices in Luxembourg make the biggest jump in the EU

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Real estate prices in the European Union increased the most at the start of the year since 2007

Real estate prices in the European Union increased the most at the start of the year since 2007

Apartments in Luxembourg City

Photo credit: Lex Kleren / archive

House prices across the European Union have risen the most since 2007 at the start of the year, but Luxembourg’s high property prices still top the rankings, the EU’s statistical agency said on Thursday. .

Prices have increased on average by 6.1% across the bloc compared to the start of 2020 – the biggest annual increase since 2007, Eurostat reported. Luxembourg led the way with the largest increase among EU countries with 17% more than last year.

Luxembourg’s price increase in the first quarter of 2021 was 12 percentage points above the EU average.

Denmark recorded the second highest jump at 15%, followed by Lithuania and the Czech Republic at 12% and the Netherlands at 11%. The only country where prices have fallen is Cyprus at -6%.

The Grand Duchy is known for its exorbitant housing prices, and a growing number of Luxembourgers are crossing the border to become homeowners. Neighboring countries have also seen an increase in real estate costs, with Germany experiencing an annual increase of 9%, Belgium by 7% and France by 6%.

Most Luxembourgers live in a house, Eurostat said late last year. The average price of housing in Luxembourg City or its surroundings is 1.4 million euros, according to the Luxembourg statistical agency Statec. The national average for a house is around € 900,000.

Despite the demand, thousands of homes are empty. There is not much control over vacant properties and the government cannot tell how many are unoccupied or temporarily empty as people move in or out.


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