Engel & Völkers Licence Partner Luxembourg > Blog > Buying an existing property in Luxembourg: advantages

Buying an existing property in Luxembourg: advantages

You wish to buy a property in the Grand Duchy? 

After having explained to you in a previous article the advantages of buying a new home, Engel & Völkers Luxembourg is now developing the advantages of buying an old property.

A price per m² much lower than the price of new projects

In the Grand Duchy, the prices per m2 of old houses and apartments are around 20% lower than those of new projects.

In addition, an old home can be a very promising investment. Indeed, its value is likely to increase more rapidly than in the case of a new home. Especially if it is located in a coveted neighbourhood and you have undertaken renovation work.

The location

In Luxembourg, the most popular areas are the territory of old buildings. Indeed, the city centre of the capital is full of period architectural jewels. These very central areas such as the centre, the station district, the Grund, Belair, Limpertsberg, allow their inhabitants to live close to shops and to benefit from a particularly developed public transport network.

A reduced VAT rate for renovation work

In order to support the renovation of old housing, the Luxembourg State subjects the renovation work of a housing unit to a reduced VAT rate of 3% provided that it is a principal residence. The total amount of the tax benefit may not exceed 50,000 euros per renovated dwelling.

Engel & Völkers real estate agents in Luxembourg will be happy to advise you on the beautiful project of buying a property. Whether you wish to acquire a new or old home, our experts are at your disposal to guide you in the best conditions.

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Engel & Völkers
Licence Partner Luxembourg

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