While buyers are shunning Luxembourg's housing market for having become too expensive and unprofitable with the rise in interest rates, it seems that "the time to buy" has come in the French Moselle department on the other side of the border, at least according to the president of the local Notaries' Chamber.
While the Luxembourg housing market is said to be in a "complete gridlock", it seems that perspectives are much brighter on the other side of the border. Indeed, the Chamber of Notaries in the French Moselle department recently published a report with promising figures. After two "exceptional" years, the Moselle property market performed very well in 2022. Not only have prices increased, but a greater number of transactions has followed: +5.9% for old houses and +5.6% for old flats.
© Chambre des notaires de Moselle
This is a good sign, particularly since the Chamber of Notaries states that prices will not fall in Moselle this year despite new regulations due to come into force on 1 April. Namely, owners of homes with 'F' and 'G' energy ratings will have to offer an assessment of energy renovation work when they put their property up for sale. There will be no obligation to carry out the work, but buyers will be made aware of potential costs. And this in return will give a margin of negotiation to those interested in existing properties.
Surprisingly, Terville has the highest square-metre price in the department (€2,660). The small town is ahead of Metz (€2,390), Woippy (€2,330), Thionville (€2,220) and Hagondange (€2,130). According to the latest figures, Freyming-Merlebach has the lowest square-metre price (€820).
In other words, there should be something for every budget in Moselle. Sarrebourg has meanwhile seen the biggest annual increase (+14%). Conversely, it is in Amnéville that prices have fallen the most (-18%).
© Chambre des notaires de Moselle
Overall, the square-metre price in the Moselle department has increased by 5.6% between 2021 and 2022. The median price of an old house is currently at around €200,000 in the Grand Est department. In Metz, the median price is around €270,000. For old flats, the square-metre price is around €2,000, compared to €2,400 in Metz.
According to the Chamber of Notaries, this dynamic should not be reversed in 2023 despite the successive increases in interest rates. For the president of the Chamber, André Lombardi, this can even be described as "the time to buy". At least that is what he said in conversation with France Bleu.
