Luxembourg CityCouncil to acquire housing projects from private developers

RTL Today
The Luxembourg City municipal council plans to purchase housing projects from private property developers with the aim to rent them out.
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The council hopes the plan will support the construction sector through its ongoing crisis, while simultaneously increasing the housing stock owned by the municipality. It will allow new rental housing to be put on the market as quickly as possible.

Promoters will be able to submit real estate projects to be purchased off-plan (VEFA) to the municipality until mid-November. To qualify, projects must not exceed construction costs of €5,800 per square metre, must have a minimum of 10 residential units in the building, and the building must be sold in full.

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