UBS conducted a study about cost of living in 77 cities around the world. Result? Zurich is the most expensive city worldwide, while Luxembourg ranks 15th. But what about housing prices? How is Luxembourg's real estate market positioned? Engel & Völkers answers these questions by making you discover this study.
The cost of living and housing in Luxembourg
In order to estimate the cost of housing across the world's largest cities, UBS analyzed the prices of standardized apartments according to Western preferences. That is to say apartments with their own bathroom and kitchen. The prices analyzed include amenities (energy, water) but not the cost of a garage. In all cities, cost of housing represents the largest expense for households, i.e. more than 20% of their total disposable income. The most expensive city in the world in terms of housing is Hong Kong, followed by New York and Paris. Luxembourg remains very competitive and is in 7th position. Indeed, the capital of the Grand Duchy is the 5th richest city in the world in terms of purchasing power of its inhabitants. It is also the 3rd city in the world where wages are the two major Swiss cities.
All these indicators make Luxembourg one of the most attractive cities in the world. Its real estate market, both buoyant and competitive, is a real gold mine for investors around the world. At Engel & Völkers, we are happy to guide you through your real estate project.