Properties in Luxembourg were overvalued in 2019 and 2020, says the national statistics office in a recent publication.

They refrained from calling it a speculative bubble, saying that while last year’s average price increase of 14.5 percent was unusually high, it was comparable to previous overvaluation periods over the past 40 years.

This overvaluation of properties for 2020 is estimated around 5 percent. The increase for the current year is expected to be around 9 percent, and 5 percent for 2022. Of course, these numbers are uncertain as there are still a number of undetermined factors.