House price increases in the second quarter of 2023
The latest Eurostat survey shows an increase in both house purchase and rental prices. Compared to the first quarter of 2023, in the second quarter the price of finished houses increased by 0.3% and rental prices by 0.7%. These changes are observed throughout the EU. Compared with the second quarter of 2022, EU house prices fell by -1.1% and rents rose by 3.0%.
Over a longer period of time, from 2010 to the second quarter of 2023, Luxembourg is among the countries that have had a more than doubling of real estate prices. At the top of the list is Estonia, which has had a 211% increase in housing costs. The Grand Duchy is in 6th place on this list. The increase is 120%.
Rental costs also increased. The highest increases were observed in Estonia (+208%) and Lithuania (+168%). The only country where renting an apartment or house became cheaper was Greece (-21%).
It is also worth noting that, despite recent data on falling house prices, the cost of housing in Luxembourg remains one of the highest in Europe.
Read more about housing and rent in Luxembourg in our Knowledge library:
