“In order to face the housing shortage, Luxembourg is building,” according to Steve Albrecht at the data analytics platform Luxdata.
“For the buyers who are considering apartments, choosing which surface area to target can be challenging,” Albrecht said. Thus the purpose this data dashboard: “Is there a price difference between apartments already built and those sold in the state of construction? And if so, does this difference affect all apartment sizes?”
“This dashboard analyses the actual recorded selling prices for apartments by size for the whole country, he explained. “The data available is just for all of Luxembourg nationally, so unfortunately it cannot be distilled by commune.”
Albrecht commented: “There is a clear higher price on small apartments and studios of less than 50 square meters. This may be due to the influx of young professional and couples to Luxembourg. Alas it also may be a result from the high prices of flats in general and generating a supply-demand imbalance. For homebuyers, I can imagine with some searching, one may find a good deal for a 70 square metre [flat] at a similar price point than for a 50 square metre [flat]. Definitely an avenue to look into.”
“The other aspect of this dashboard shows the change of price between the existing apartments and apartments under construction,” known as ‘vente en l’état futur d’achèvement’ or ‘Véfa’.
“There is indication that the price gap is reducing for some sizes--definitely an item of interest to review in more detail when searching for a flat to buy,” he commented.