House sale prices fell in all regions of the country in the first quarter, except in the north, where they rose by a further 10.2%, according to athome.lu. Photo: Romain Gamba/Maison Moderne

House sale prices fell in all regions of the country in the first quarter, except in the north, where they rose by a further 10.2%, according to athome.lu. Photo: Romain Gamba/Maison Moderne

With an average fall of 5.1% in the prices of properties put up for sale, the real estate portal athome.lu has noted a trend that began a year earlier, against a backdrop of rising interest rates. 

In the first quarter of this year, the price of properties offered for sale on the portal athome.lu fell by 5.1%, the company announced on Tuesday 4 April. In detail, the prices advertised for new properties are those that have fallen the most, 7.4% compared with 3.9% for old properties.

Region by region, only one region has completely escaped the trend: the north, known for its more affordable properties, where the average price of a house was €767,211 compared to €1,042,069 in the centre. Up there, houses have seen their selling price rise by 10.2% compared to the first quarter of 2022. On the other hand, the price of apartments fell by 4.3%.

In other regions, the fall in house prices was most pronounced in the west (-9.8%), while the east stood out in the apartments segment: their average list price fell by 7% in one year.

After a slowdown, it’s time for a decline

The property portal points out that the at the beginning of 2022 has already been felt in recent quarters with a . From now on, the time has come for a pure and simple fall in sales prices.

Many prospective home buyers are therefore , with a visible effect on advertisements: the advertised rent for houses has jumped by 11.8% over one year and that for flats by 8.3%.

However, the change is less marked than in mid-2022, when apartment rents jumped by 14.3%.

Although the platform does not communicate on the number of ads published for sale and rent, it mentions in its quarterly report “a significant shift in demand towards rental.”

This story was first published in French on . It has been translated and edited for Delano.

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