Funny. Also, to buy something today with a monthly mortgage payment of 1200, you either need to have a massive deposit or buy a shoebox
Yeah, this does not apply in Luxembourg. It was a stretch to get a mortgage payment similar to rent even when the interest rates were 1 percent (maybe on some type of properties and with 20 percent downpayment). With current interest rates, a mortgage would cost you at least twice what the rent would and that is with downpayment and actually assuming someone sells you a property below asking price since it’s getting a bit crowded on the market. For larger, more exclusive properties the difference is even greater. In short, if you perceive rent in Luxembourg as expensive, you are light-years away from being able to afford a mortgage.
(In most cases, that kind of situation suggests massive overvaluations of property, but since no one needs to sell anything here, it is what it is). I would be more concerned that this actually illustrates how much potential rents have to grow.
Fun fact:
The CSSF declared that in order to get a personal loan – like a car for example – you have to have a rest of 1700€ after monthly deductions (eg. rent, assurances, phones, internet and the loan you want ).
This sums up to having a netto of roughly 3600€ if you consider the average rent of 1500€ for a small flat – 50-60 m2.
Luxiland is facked up, can’t wait for the bubble to burst.
😭
I do not find it funny..
Maybe it is ironic for people relaying on self pity
Capitalism must be extinct. ✊🏽
Yes Yes. Renting should be forbidden. To have more than one House should be crime. very easy , very few will be deranged.
7 comments
Funny. Also, to buy something today with a monthly mortgage payment of 1200, you either need to have a massive deposit or buy a shoebox
Yeah, this does not apply in Luxembourg. It was a stretch to get a mortgage payment similar to rent even when the interest rates were 1 percent (maybe on some type of properties and with 20 percent downpayment). With current interest rates, a mortgage would cost you at least twice what the rent would and that is with downpayment and actually assuming someone sells you a property below asking price since it’s getting a bit crowded on the market. For larger, more exclusive properties the difference is even greater. In short, if you perceive rent in Luxembourg as expensive, you are light-years away from being able to afford a mortgage.
(In most cases, that kind of situation suggests massive overvaluations of property, but since no one needs to sell anything here, it is what it is). I would be more concerned that this actually illustrates how much potential rents have to grow.
Fun fact:
The CSSF declared that in order to get a personal loan – like a car for example – you have to have a rest of 1700€ after monthly deductions (eg. rent, assurances, phones, internet and the loan you want ).
This sums up to having a netto of roughly 3600€ if you consider the average rent of 1500€ for a small flat – 50-60 m2.
Luxiland is facked up, can’t wait for the bubble to burst.
😭
I do not find it funny..
Maybe it is ironic for people relaying on self pity
Capitalism must be extinct. ✊🏽
Yes Yes. Renting should be forbidden. To have more than one House should be crime. very easy , very few will be deranged.