Luxembourg City to invest €500 million in housing

Polfer presented the municipality's 2024 budget, with a deficit of close to €220 million forecast in the upcoming year.

Ordinary revenue is expected to be around €1.1 billion while spending is estimated at over €860 million, leaving a planned ordinary surplus of €222 million.

However, extraordinary expenses (covering infrastructure expenses and other costs) total over €600 million, with €160 million in extraordinary revenue such as state subsidies.

That leaves a total deficit of €219 million.

The municipality of Luxembourg City currently has more than €1 billion in its reserves.

In the last six years, the capital added close to 15,000 jobs. More than 10,000 people moved to the city in the past three years, putting the population at around 135,000 people.

General building plans for the capital stipulate a maximum of 180,000 residents.

Housing investments

The municipality plans on investing €500 million into housing over the coming six years. Undertakings include four apartment buildings in Merl and the 'StadePark' project around the the former national stadium.

The municipality is also determined to continue taking over construction projects run by private developers, as Polfer announced last week.

The figure also includes support for people struggling with housing and energy prices, refugees, and homeless people.

In terms of mobility, the municipality plans to continue investing into public transport. Sustainability will become another focal issue.

The budget is scheduled to be debated on Friday while the respective vote will take place on Monday.

New appointments

Aside from the budget for the upcoming year, other official business on Monday included the appointment of Laurent Mosar from the Christian Social People's Party (CSV) as alderman. Angélique Bartolini and Bob Biver were meanwhile appointed to the municipal council as former members Elisabeth Margue and Serge Wilmes have taken on a role in the new Frieden government.

Alderman Maurice Bauer described himself as perhaps the most "ephemeral" finance alderman in the history of Luxembourg City, handing over the task he took on only four months ago to Mosar, who was already in charge of the capital's finances for the past six years.