What is your property worth? Avoid the biggest trap!

For many people, it’s a reflex to browse real estate websites in search of "comparable" properties to get an idea of their property’s price.

However, rather than providing a realistic view of actual market prices, what you see is just an illusion.

Moreover, if you linger on this and return regularly, time and again, you might find yourself saying, "Oh look, this house is still unsold!" Keep in mind that if you see it for more than three months, it is highly likely that the price is greatly overestimated.

On the other hand, if you've noticed one or two properties that disappeared after just a few weeks, that's an indicator of a more appropriate price.

You will also find new properties often listed at unaffordable prices. In my opinion, this is the main reason for the stagnation in the recovery of this market. Meanwhile, the market for existing properties has returned to a normal transaction volume.

And what do the numbers say?

We compared (data from the Housing Observatory -2024) the advertised prices and the prices of notarial deeds. 

This refers to statistics concerning apartments, as data for houses is not available. 

We observed discrepancies of up to 30% between listings and deeds. The national average is a 17% difference. For the city of Luxembourg, the difference is 19%. 

The graph below shows the figures by municipality (when there were enough transactions for the data to be published).