Luxembourg real estate agencies rebel against atHome price hike

Luxembourg's real estate sector is mounting a collective response following a significant price increase by the property portal atHome. The move has prompted multiple meetings among agencies, who are exploring several options to counter the decision.

Tensions have been simmering for weeks. "I've never seen my colleagues so worked up," one real estate professional told our colleagues from RTL Infos during an October meeting in Luxembourg City. The professional noted that atHome's pricing has long been a point of contention, but the latest increase – reportedly around 30% - was the final straw. This comes during a challenging period for the sales market, which has experienced two difficult years.

The dispute has mobilised nearly 600 professionals. Their initial discussions have since evolved into organised gatherings aimed at formulating a collective strategy against atHome, which was recently acquired by the Apax Digital funds.

So far, two primary options have emerged from these meetings: despatching an official letter of complaint and establishing a new real estate federation, tentatively named the FIL. However, a more ambitious proposal to couple the new federation with a competing platform to centralise national property listings has received a mixed reception. Some agents expressed skepticism, with one reportedly stating at a meeting, "It feels like you've come to sell us the next atHome."

© FIL / Fabio Caiano

The overarching goal for many agencies is to unite behind a common initiative to pressure atHome. In a follow-up meeting this November, approximately a hundred agency representatives sought to find a consensus.

For now, the group has settled on a direct approach. An official letter, signed by 120 agencies, will be sent to atHome demanding a "rebalancing of the group's pricing policy" and clarification for the pricing discrepancies observed between different agencies.

Real Estate Chamber "has taken the lead"

When contacted for comment, atHome's management declined, stating they had not yet received any formal letter from the collective of agencies.

The situation has also drawn the attention of the Chamber of Real Estate. Jean-Paul Scheuren, the organisation's vice-president, confirmed he is "aware of the matter." He stated that the Chamber has "taken the lead" by scheduling meetings with major property portals, including atHome, set to begin next week. "The issue is real, it's normal for agencies to want answers," Scheuren added.

However, he expressed surprise that the protesting agencies had not contacted the Chamber, which represents 300 members. "We weren't told anything, we weren't asked anything, and they haven't asked the platforms for anything either," Scheuren noted. While he acknowledged that raising the issue is "a good thing," he criticised the method, stating, "the way they've gone about it, it's pure Trumpism." He assured that the Chamber is actively defending its members' interests and is "preparing something concrete to help them."

Scheuren also raised concerns about the newly formed federation, questioning its purpose and structure. "What bothers me [with the FIL] is the conflict of interest," he said, pointing out that it was created by three agencies, "one of which is represented twice [on the board of directors]." He emphasised that such a structure is prohibited by the Real Estate Chamber's statutes and wondered if the initiative is "a purely commercial operation" – a question that was also echoed during the collective's first meeting.

During that initial meeting, FIL representatives spent considerable time reassuring potential members about their intentions. "Signing this letter or becoming a member commits you to nothing," was stated repeatedly. Serge Uchkalov, the project lead and former CEO of Immotop, assured attendees that the accompanying new platform, "FILIA", would not favor any specific agencies and would cost only "a fraction" of what current property portals charge.