In its 2017 market report, Engel & Völkers observed that new-build homes around the country were driving much of this market buoyancy.

“Luxembourg’s construction sector is approaching the activity levels recorded in its best years from 2000 to 2002,” the report author noted.

Average property prices rose 4.3% for apartments and 4.1% for houses in 2017 when the average cost of an apartment would set a buyer back around €420,000. To buy a house, the average price tag was €690,000.