After five consecutive quarters of decline, the numbers from the second trimester of 2024 indicate a shift in the opposite direction, according to STATEC.
A recent quarterly comparison of Luxembourg's real estate market showed a 1% increase in activity, but on a year-on-year basis, the market still reflects an 8.3% decline. House prices have dropped by 10%, with relatively newer properties seeing a smaller decrease of 4.3%.
While activity is slowly picking up, with transactions for existing apartments up by 30.5% and existing homes by 33.8% compared to the second quarter of 2023, the market for buildings still under construction remains rather slow.
Despite these improvements, real estate activity remains below pre-crisis levels, with 911 existing apartments sold this trimester, compared to an average of 1,041 sales between 2017 and 2022.
