Let's take a look at this change seen by a real estate expert living in Luxembourg City, Badr Kabbaj, CEO of KB Group.
In recent years, the clientele as well as the prices have undergone a significant change.
We are witnessing a wave of increasingly qualified immigrants, with much higher means and requirements. To meet this demand, the city and developers must bend over backwards.
The real estate prices impacted by this immigration is not a surprise. This was to be expected for a country that wants to see its population growth rate double and requires a highly qualified workforce.
The speed at which Luxembourg companies are expanding, coupled with massive recruitment from abroad and the lack of housing, is having a strong impact on the price of existing properties. This is because there are very few choices available for sale compared to the demand.
There are three key points to remember about the impact of prices: the cost of acquiring land or property to be demolished, the triple A construction standards and the requirements of this future clientele.
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