Are you about to make one of the most important choices of your life? Are you considering buy a new flat in Luxembourg as your main residence ? 2024 is the perfect time to take the plunge !
The Luxembourg government has introduced new measures to support private individuals in their property purchases.
In this video, Barbara Streibel from CBRE's residential department explains the 3 particularly interesting special measures that will enable you to reduce the cost of your property investment if you buy it now.
She also explains why the new flats at Brooklyn, close to Luxembourg City station, tick all the boxes. From this year onwards, you can benefit from maximum tax relief.
Tax breaks on your new flat in Brooklyn
To further support private individuals in acquiring property in 2024, the Luxembourg government has just announced increased tax measures. The good news is that these measures will be combined with aid already granted in 2023, making it a particularly attractive year for property investment in Luxembourg.
Barbara Streibel, from CBRE's residential department, has identified 3 that are extremely beneficial to the purchase of a new flat:
1. The tax credit - Bëllegen Akt : Initially increased to €30,000 in 2023, it will rise again in 2024. It will reach 40,000 per person!
This means that a person does not pay registration and transcription duty on the purchase of a property up to an amount of €571,000. For a couple, this amount is increased to €1,142,000.
2. Debit interest : For the first 5 years of occupancy, interest charges on your home loan will now be deductible up to €4,000 per person in the household.
3. The super-reduced VAT rate : the exceptional rate of 3%, capped at €50,000, will continue to apply to the purchase of a new property in 2024, even for those who have already bought before.
Why choose a flat in Luxembourg's new Brooklyn district ?
As Barbara Streibel explains, the new flats in Brooklyn tick all the boxes for maximum discounts. What's more, they offer you every guarantee of making a risk-free purchase.
- The construction is underway and the flats will be delivered in September 2025. The deeds can therefore be signed before a notary as soon as the bank finance has been obtained. This means you can be sure of locking in the mortgage rate when you talk to the bank.
- BGL BNP Paribas provides the financial guarantee until completion of the work.
- Eaglestone guarantees non-indexed fixed price, this eliminates any possibility of unpleasant surprises between the signing of the contract of sale and the handover of the keys.
Brooklyn new dream flats ideally located
Choosing to live in the new Brooklyn neighbourhood means offering you and your family an ideal place to live.
- The luxury flats are ultra-comfortable. They have 1, 2 or 3 bedrooms with balcony, terrace and/or garden.
- The neighbourhood is designed to offer a haven of peace and greenery close to the town centre. The facilities are designed to promote good living together.
- Under the ¼ hour city concept, everything you need is less than 15 minutes away on foot or by bike: schools, shops, train station, sports centre, cultural venues, etc. A tram stop serves the district.
By quickly choosing a flat for sale in Luxembourgs in the new Brooklyn district, you can take advantage of a property investment with maximum tax relief.
Please note that this assistance will come to an end in a few months' time. So it's high time you came forward if you want to take advantage of it.. The sooner you make up your mind, the bigger your winnings will be.
Contact us so you don't miss out on this unique opportunity!
Would you like to find out more ?
Read also the article 2024, the right year to buy property in Luxembourg. Gisèle Lippolis, Residential Sales Manager at Eaglestone Luxembourg, gives you a practical explanation of the purchasing process.