Luxembourg houses prices in 2023 Q3 revealed a market shift, with decreasing prices on quarterly and year on year data. Library photo: Matic Zorman/Maison Moderne

Luxembourg houses prices in 2023 Q3 revealed a market shift, with decreasing prices on quarterly and year on year data. Library photo: Matic Zorman/Maison Moderne

Luxembourg home prices logged the biggest declines in the euro area during the third quarter of last year, with a downward trend recorded across much of the euro zone, according to official data.

Ten out of the 20 euro area member states, Luxembourg leading the list, saw a year-on-year decrease in house prices in Q3 2023. The figures were reported by the European Union’s statistics office, Eurostat, on 10 January. This takes overall euro area house prices down by 2.1% in Q3 2023, marking a continued drop over the last two quarters.

Eurostat said that Luxembourg experienced a decrease in house prices of 6.3% in Q3 compared to Q2. Similarly, Finland witnessed a decrease of 2.7% and Germany by 1.4% in house prices for the same period.

The figures revealed a market shift from constant houses price increases, Eurostat said in a news article published on the same day, noting that house prices tripled and doubled in EU states for the period between 2010 and 2023 Q3, where house prices more than tripled in Estonia (+210%) and more than doubled in Hungary (+185%), Lithuania (+158%), Latvia (+141%), Austria (+123%), Czechia (+122%) and Luxembourg (+107%).

Looking ahead, expectations that the housing market will evolve given the new government plans that includes the tax incentives, despite the uncertainties affecting interest rates.

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