Housing prices in the grand duchy are notoriously high, increasing 13.9% in 2021 compared to the year before. In the third quarter of 2022 compared to the same time in 2021, sale prices rose 11.1%. The data for the full year 2022 is not yet available.
This leaves Luxembourg with the somewhat dubious record of being an EU frontrunner when it comes to rising housing prices.
Between 2010 and the third quarter of 2022, house prices more than doubled in Estonia (+199%), Hungary (+174%), Luxembourg (+140%), Lithuania (+137%), Latvia (+134%), Czechia (+133%) and Austria (+130%).
Prices went up in 24 EU member states and decreased only in three: Greece (-22%), Italy (-9%) and Cyprus (-0.3%).
On average, house prices rose 49% in the EU with rents increasing 18%.
Luxembourg’s rent increase was in line with the European average and on the lower end of EU rent rises.
Estonia (+233%) and Lithuania (+151%) saw the steepest increases in rent between 2010 and the third quarter of last year.