Luxembourg is a good market
Luxembourg is a good market (Wort.lu)
A penthouse for three million Euros or a villa for five million Euros: in Luxembourg a lot of such luxury properties are available for sale. But anyone who thinks that local residents can hardly afford such prices would be wrong. In Luxembourg there is not any lack of potential customers in that market segment at all.
“Luxembourg is a good market in the field of luxury real estate,” says Eric De Prince, CEO of Engel & Völkers and manager of two real estate agencies in Belair and Limpertsberg. Certainly, the crisis has had an impact on the local luxury real estate market, but this is rather small. The demand exceeds supply, and by far. Especially large-scale objects are in high demand and therefore very expensive.
In the city center of Luxembourg there are properties whose prices per square meter may reach five digits. “8000-10000 Euros per square meter are not that uncommon. And actually there is even a few objects whose price per square meter exceeds € 17,000”, the expert explains stressing that the most expensive of all properties available for sale are to be found in the grand-ducal capital and in its surroundings.
The castle of Schengen, with a retail price of 14 million Euros, is the most expensive property available for sale in Luxembourg which is currently advertised by Engels and Völkers on their website. But anyone arguing that this is something rather exceptional would be completely wrong.