Buying a Property in Luxembourg



Foreigners are free to buy properties in Luxembourg, but doing so may be a bold decision these days as costs have been rising steadily. Per square meter of a major city apartment, the price can be 6,000.00 € and 3,000.00 € in rural areas.

The first step in purchasing any property is to make an offer. Once an offer has been accepted by the seller, an agreement will be drafted by the seller and presented to the buyer. However, written agreements are not required in Luxembourg. The buyer and the seller can have an oral agreement pertaining to the terms and conditions of the purchase. Nonetheless, real estate transfers should be registered to protect both sides from any third parties. The Notary of Deeds will be responsible for submitting the deed of sale and mortgage to the mortgage registry.

Aside from the cost of the property, other expenses are incurred such as lawyers', notary, registration and agents' fees as well as registration taxes. The registration tax is about 6% of the property's market value with an additional transcript tax of 1%. 0.5% to 1% of property value. A real estate agent's commission is usually at 3% with 15% VAT.

Although many properties are up for sale in Luxembourg, they can be difficult to locate due to the large population and demand and the unpopularity of selling boards. However, it is possible to find good properties just by word of mouth.



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