A cellar, indoor or outdoor parking space, or garage strongly affects real estate sales prices, especially when it comes to apartments.

In Luxembourg, the Ministry of Housing Observatory conducted a study on the price of apartments for sale in 2016. The study determines the average price per square meter of housing alone, excluding any amenities.

In order to attain the most realistic calculations possible, the study was done on the 53 main municipalities (containing 94% of existing apartments for sale and 97% of apartments under construction). Furthermore, only municipalities with a minimum of 10 listings were selected to attain consistent averages.

The full document (Excel) is available here.

Here are some comparisons that clearly show the (logical) effect of amenities on apartment sales prices:

• In Bertrange, the average sales price per square meter of an existing, all-inclusive apartment is €6,310. Excluding amenities, the price per square meter drops to €5,508.
• In Dudelange, for an apartment under construction, the average sales price per m² is €5,250, compared to €4,696 excluding amenities.
• In Remich, to purchase an existing apartment, you'd need €4,319 per m², compared to €3,958 excluding amenities.
• In the north, in Ettelbruck, you'd need €5,422 per m² for an apartment under construction and €4,931 without annexes.
• In Luxembourg City, there is a significant difference. For an existing apartment, you'd need €6,638 per square meter for "all-inclusive," compared to €5,571 per square meter excluding amenities. And for apartments under construction, €7,587 per m² compared to €6,124 excluding amenities.

Of course, having amenities makes life more comfortable, but it comes at a cost. On average, the Housing Observatory estimated (in 2015) an extra €40,000 for the price of an apartment for sale with a garage or indoor parking space, €16,400 for an apartment with an outdoor parking space, and €10,000 for a cellar. The data still needs to be put into perspective, and like real estate prices, the area where the property is being sold is a big factor.


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