There is certainly a shortage but I also think people are expecting too much in a highly competitive market. Plenty of old houses that are livable but could with some renovation.
As a cross-border worker, I can tell trafic is a nightmare and is increasing. Not sure how many years I will continue doing this.
Some people can spend less time commuting by having a morning or Night Shift job or work remotely from time to time.
It is a trade off between time and money. Each has his own answer based on their preferences and needs.
I strongly think that, should nothing change with regard to the housing market, Luxembourg will lose substantial attractiveness in the next 5 to 10 years.
To leverage on my personal experience, I have a high paying job with 5-7 years of experience. I cannot buy even the most basic and smallest flat in the city. You could argue “then move away from the capital!” And in truth, I can buy a house 1hour away. But, why ? Me and other single “cadres” would rather stay in the city given our lifestyle. And it doesn’t change the fact that a house in a village bordering Belgium is worth a studio in Geneva and a house in Paris suburb.
Speaking of the French capital, my salary in France given the current work market would be a bit higher than Luxembourg with ALSO lower rent. Also, I would be able to buy there without waiting for the hypothetical relationship that would allow a second salary to assist in the real Estate acquisition.
Bottom line, 15 years ago, the rent in Luxembourg was acceptable and the salary substantially higher than Germany and France. Today, with the “talent crisis” touching Europe, the salary in the border countries increased. Me and others in my field do not see the purposes of staying in a country with real estate prices between Geneva and London but without their respective salaries.
The country will I believe always remain attractive for family and people looking for settled lives. But I don’t see any argument (rent, real estate, salary, cultural offer) that would make Luxembourg better that other cities in light of the current talent crisis for single people. And, this will be an issue. Luxembourg has the third highest OECD tax on single people.
3 comments
There is certainly a shortage but I also think people are expecting too much in a highly competitive market. Plenty of old houses that are livable but could with some renovation.
As a cross-border worker, I can tell trafic is a nightmare and is increasing. Not sure how many years I will continue doing this.
Some people can spend less time commuting by having a morning or Night Shift job or work remotely from time to time.
It is a trade off between time and money. Each has his own answer based on their preferences and needs.
I strongly think that, should nothing change with regard to the housing market, Luxembourg will lose substantial attractiveness in the next 5 to 10 years.
To leverage on my personal experience, I have a high paying job with 5-7 years of experience. I cannot buy even the most basic and smallest flat in the city. You could argue “then move away from the capital!” And in truth, I can buy a house 1hour away. But, why ? Me and other single “cadres” would rather stay in the city given our lifestyle. And it doesn’t change the fact that a house in a village bordering Belgium is worth a studio in Geneva and a house in Paris suburb.
Speaking of the French capital, my salary in France given the current work market would be a bit higher than Luxembourg with ALSO lower rent. Also, I would be able to buy there without waiting for the hypothetical relationship that would allow a second salary to assist in the real Estate acquisition.
Bottom line, 15 years ago, the rent in Luxembourg was acceptable and the salary substantially higher than Germany and France. Today, with the “talent crisis” touching Europe, the salary in the border countries increased. Me and others in my field do not see the purposes of staying in a country with real estate prices between Geneva and London but without their respective salaries.
The country will I believe always remain attractive for family and people looking for settled lives. But I don’t see any argument (rent, real estate, salary, cultural offer) that would make Luxembourg better that other cities in light of the current talent crisis for single people. And, this will be an issue. Luxembourg has the third highest OECD tax on single people.