© Screenshot / Athome
A run-down house in Remerschen has been listed for a hefty price, stirring outrage amongst internet users. But is it truly a bad deal?
Many people continue to be shocked by the state of the real estate market in Luxembourg. A case in point can be seen on Reddit, where a user recently posted a photo of an advertisement with the caption, "Is this a joke?"
The source of their bewilderment: a "small charming house, approximately 140 m2, situated in the town of Schengen on a plot of 1.53 acres", available for 420,000 euros, subject to full renovation as specified in the advertisement.
The images reveal the poor condition of the property, "which holds potential to become quite charming given its structure but for which one would need a fair bit of imagination in its present state," the ad admits.
A moss-covered roof, a worn-out facade, an attic in need of conversion, living spaces trapped in a time capsule - essentially, the buyer is purchasing four walls and would need not only a vivid imagination but also a significant budget to transform this property into a comfortable home.
"Once-in-a-lifetime opportunity"
While some internet users expressed shock or disapproval at the steep price tag of 420,000 euros, others argued that the sale is not only typical in the Grand Duchy but even a unique opportunity.
"Invest 300k in renovation and you got a 1+ million euro house" asserted one user.
"Not sure what is so hard to grasp here. Land is very expensive in lux, razing that building will cost very little compared to the cost of the land. It's clearly worth it if you have the capital to buy and develop, it's obviously not being sold to live in as is" another user wrote.
"You laugh now, two years ago everyone would have agreed that this is once in a lifetime opportunity to "get into the market". You buy now, you sell for 600k in 2025. Why not? People keep coming! It can only go up," suggested another Redditor.
Listed at half price?
To add to its allure, the property is nestled in a quaint wine-growing village by the Moselle river, close to the German and French borders.
Moreover, it's important to compare this deal with the prevailing market prices. In June 2023, the average price per m2 in Remerschen was 6,031 euros, almost twice the price of this house in need of renovation. That's why this could be seen as a promising prospect for DIY enthusiasts to breathe new life into this property.
