And for many, cost is at the very top of the priority list.
Whether you are renting or buying in Luxembourg the property market has seen an increase over the past year.
Renting a one or two bedroom apartment has seen the biggest jump since this time last year follwed by buying a new-build flat, according to real estate listings portal, At Home.
Average cost of renting
The average monthly rental cost for an apartment in Luxembourg is currently 1,378 euros and 2,357 euros for a house.
One and two bedroom apartments have seen the largest price hike since last year, costing 7% more than in spring 2016.
But the cost of renting a studio is 3% cheaper than it was last year.
On average, apartment rentals have increased by 2% in one year.
For houses, four and five bedroom homes have seen the largest increase - 8% and 9% respectively since 2016 - although house rents fell by 4% overall over the last six months.
Buying a home
For those buying an apartment (non new-build) prices have gone up 5% in a year and the price of buying a house has increased by 2%.
To own an aparment in Luxembourg potential buyers need a budget of €421,027 on average for an apartment and €691,984 on average for a house.
Large apartments of four or more bedrooms saw the highest price increase - 5% in the last six months - while for houses it was the smaller sized buildings with two or three bedrooms which saw the same percentage increase.
According to At Home most of the adverts on their website are two bedroom apartments or three bedroom houses.
New build homes
There is much demand for new build homes and apartment prices have gone up by 6% in the last year.
The average budget to buy a new apartment is now €509,790 and the average price per square metre has reached €6,093.
Almost half of new build homes on atHome.lu are two bedroom apartments.
Q: How much is the rent in Luxembourg per month? A: The rent in Luxembourg can be quite high, especially in the city centre. On average, students can expect to spend around €1600-2000 (1.4 to 1.7L) per month on rent for a one-bedroom apartment.
In the new-build sector, the average price of VEFA apartments was €9,347 per m², with a price per m² range from €5,521 to €15,348. At the end of 2022, the average cost of buying an apartment was €910,819, compared with €912,000 at the end of 2021.
A. The average cost of living in Luxembourg per month for a student is approximately between 1,200 to 2,500 EUR. This includes expenses such as accommodation, utilities, groceries, health insurance, and miscellaneous costs.
On the other hand, according to the latest STATEC survey, an average net income of at least 4,213 euros (+3.3% on 2018) is required for a couple with 2 children, 2,912 euros (+7.6%) for a childless couple, and 2,110 euros (+6.1%) for a single person.
The average cost of an apartment in Luxembourg is now 690,000 euros. The average price of a house in Luxembourg is about 1 million euros, while in the north of the country the price can be half as much.
At €72,200 per year for a full-time job, or about €6,000 per month, the average salary in Luxembourg last year was by far the highest in Europe. According to the latest Eurostat report, published on Monday, Luxembourg is far ahead of Denmark (€63,300) and Ireland (€50,300).
Foreigners who want to purchase a property in Luxembourg have no restrictions. There are many factors that could influence the decision to buy or rent in Luxembourg and one of the most common is the duration of the stay in the country.
Luxembourg is one of the richest countries in the world, with a thriving economy. The population continues to grow but not enough is being built. There is a scarcity of homes, which makes real estate investments even more valuable. Luxembourg is also one of the most stable real estate markets in Europe.
While the average rent in Luxembourg may be higher compared to some neighboring countries, factors such as location, property type, and market demand influence rental prices. By understanding the rental market and the cost of living, you can make informed decisions about renting in Luxembourg.
Discover the healthcare system in Luxembourg and learn how to see a doctor, register with an insurance provider, find a pharmacy, and more. All residents of Luxembourg benefit from access to the country's free, high-quality public healthcare system.
According to the latest OECD statistics for 2021, the average salary paid in Luxembourg is USD 75,305. This puts Luxembourg in first place, ahead of the USA with 74,738 USD and Iceland in third place with 72,434 USD. Switzerland is in fourth place with 69,726 USD.
Basic utilities for an average apartment: Around €150 - €200 per month. Monthly transportation pass: Approximately €50 - €60. Groceries for one person: €300 - €400 per month.
What salary is good for Luxembourg, for example, is 100 000 euros gross enough to live with wife and rent a 1 bedroom apartment? 100.000 is plenty to rent a 1 bedroom appartement. For a 2-bedroom in a central zone rent a month is between 1600 and 2500 I'd say.
Luxembourg's minimum average salary has increased to around €3,000 per month for skilled workers and €2,500 average monthly wage for unqualified workers. The biggest job sectors include banking, finance, and steel.
Whatever the reason for your move to Luxembourg, you will need a residence permit to study, work and live in the country if you are not an EU citizen. You can obtain a residence permit as an employee or self-employed person, student, researcher, trainee and for a number of other professions.
The cost of living in Luxembourg is fairly high compared with many of its European neighbors, to the extent that it is typical for locals to head across the borders to Belgium, France, and Germany to buy electrical equipment and luxury items. Yet despite the high prices, Luxembourg boasts a VAT rate of just 16%.
Summary of cost of living in Luxembourg, Luxembourg: A family of four estimated monthly costs are 3,452.1$ (3,237.6€) without rent. A single person estimated monthly costs are 985.8$ (924.6€) without rent. Luxembourg is 38.5% less expensive than New York (without rent).
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