In its latest press release, Immobel, a Belgian property developer active in seven countries including Luxembourg, gives a brief review of its 2024 activity, ahead of the announcement of the full regulatory results scheduled for 6 March, as the company is listed on the stock exchange. It states that “revenues for 2024 will reach the top end of the range of forecasts previously established, i.e., €250m to €400m, supported by a balance sheet with around €200m in liquid assets.”

For 2025, the development company remains cautious, but expects “steady growth in residential sales in Belgium and a recovery in the office market for transactions of less than €100m. The market for larger transactions is still at a standstill.”

Supporting ongoing projects

As regards its business in Luxembourg, 2024 was marked by two VEFA (sales of residential property in the future state of completion, or vente en l’état futur d'achèvement) and en bloc sales in the residential sector. The first took place in March with , which was sold to the City of Luxembourg as part of a call for projects aimed at enhancing its property portfolio. The city acquired 25 flats and 92 rooms in Dommeldange for €60.6m, which it will then rent out. The second took place at the end of December: a binding contract for the sale of 124 housing units in  was signed with Fonds Kirchberg. This signature secures the financing needed to launch construction work and thus the completion of this vast complex of 148 housing units in Kirchberg. This is a block sale in the residential sector that is quite exceptional in Luxembourg given its scale.

In addition, structural work on the  and has been completed, with delivery scheduled for the first quarter of 2025.

is still in progress, with planning permission due to be submitted later this year and marketing to begin at the end of 2025.

On the other hand, Immobel has abandoned two projects in Luxembourg: the stake in Schoettermarial in Kirchberg and a plot in the Arquebusier project in Belair. “We have decided to withdraw from the agreements we had in place to acquire these plots in order to concentrate on our current projects,” confirmed , managing director of Immobel Luxembourg.

This article was originally published in .