2023-08-24 09:22:00
Among the reasons which explain a possible pressure on real estate prices, the proximity of a large city providing jobs is well placed. This applies to Brussels, which impacts prices more than 40 kilometers around. This also applies to Luxembourg City, although its influence is less widespread.
In any case, the pressure from cross-border workers is evident in Arlon, 40 kilometers away from station to station. What, from time to time, see the town appear in the top 20 of the most expensive cities in Wallonia. At best in 10th place. At worst… in 18th or 19th place. Some years, its neighbor Attert joined it in these peaks. It is because if it also attracts cross-border workers, by its more village-like, more authentic character, it targets the richest among them. In 1985, as a result of a few exceptional sales, the said Attert was even crowned No. 1 in Wallonia ahead of La Calamine and Lasne!
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Unsurprisingly, this grand-ducal pressure is much less marked on Libramont-Chevigny, 80 kilometers away from the Luxembourg capital. But for two to three years, things have changed in these two real estate markets.
Immo Libramont-Arlon series ©IPM Graphics
Before arriving in Arlon, cross-border commuters were… further
“First observation, the Grand-Ducal impact on Arlon is later than we think”, indicates Georges Lochet, notary in Fauvillers, who agreed to comment on this duel of municipalities pitting two Luxembourg cities of different sizes against each other (nearly of 32,000 inhabitants for Arlon, 12,000 for Libramont-Chevigny), with an uncomparable historical profile (2,000 years of history for one, ten times less for the other), having as their main point in common… not being touristic, which would have skewed the game. No doubt because in the 1970s, 80s and 90s, cross-border commuters above all scoured the surroundings around Messancy, Habay-la-Neuve, Etalle, Rulles, Tintigny… For a few more kilometers on the same motorway (the section of the E411 between the Luxembourg border and Arlon dates from 1982, that between Léglise and Habay from 1988, Ed), they enjoyed the calm of the countryside.”
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The precedence of Arlon came from its station, connected to that of Luxembourg City in 27 minutes. “A means of transport more popular with young workers, continues Me Lochet. This has even been accentuated since public transport has been free in the Grand Duchy, that is to say since March 1, 2020.
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“We meet more young buyers in Arlon than in Libramont-Chevigny.”
Young demand, young supply
Especially since this young demand was met by a young offer. “Construction projects have developed on a large scale in the town, which have rejuvenated the housing stock and automatically raised the median price, adds Me Lochet. In the form of residential housing estates, but also apartment buildings, a relatively rare commodity in the province of Luxembourg, except perhaps in La Roche-en-Ardenne, Marche-en-Famenne and therefore in Arlon.” This does not mean that the young people of Arlon do not dream of four facades, but that the land, which is very expensive, makes it a fantasy. “We meet more young buyers in Arlon than in Libramont-Chevigny”, explains the notary. “Here, the average age of buyers is under 40 years old, there it is close to 44 years old. The active age group of 31-50 years represents more than half of buyers in Arlon (56.2%) but less than half (48.8%) in Libramont-Chevigny.”
Would the grand-ducal effect reach the spheres of Libramont?
If Libramont-Chevigny has therefore been left behind by Arlon between 2005 and 2020, over the past two to three years, “the gap is narrowing slightly, says Georges Lochet. As if the grand-ducal effect was only beginning to reach the spheres of Libramont-Chevigny”. And to see the impact of new ways of working (teleworking, relay coworking center, etc.), but also the success of post-Covid going green. “In this municipality further away from the Grand Duchy, buyers are more established in their lives. They have more means and the ability to afford tranquility. If they are not retired, they buy for their retirement. Moreover, 25% of buyers are over 50 years old compared to 16% in Arlon.”
What factors influence the price of a property?
While the evolution of prices is made up of very marked jolts on the side of Arlon (with annual increases often in the double digits following the evolution of employment in the Grand Duchy), it is more linear, more constant (between +5 and +8% per year) near Libramont-Chevigny. “Except for the last two years, with a price increase of 39% between 2020 and 2022, which corrects itself this year. The rejuvenation of Libramont has only just begun. We are at the start of a process.” It’s quite symptomatic, we also see the appearance of new offers… of apartments.
287,500 euros, the median price of a house in Arlon in 2022
In 1973, there was only 1,815 euros difference between the median price of a house in Arlon (16,981 euros) and Libramont-Chevigny (15,166 euros). A straw ? Perhaps, but a differential that was still worth Arlon to be 12% more expensive than Libramont-Chevigny. In 2022, the difference exceeds 66,000 euros (287,500 euros in Arlon, 221,105 in Libramont-Chevigny), i.e. a difference of 30% between them! This shows how much, in 50 years, one has famously progressed in terms of real estate compared to the other.
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