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Luxembourg's real estate market is on the verge of overheating, driven by more mortgages being taken and greater construction activity, the Banque International à Luxembourg (BIL) said on Monday.
Its IMMOindex, done in partnership with auditors PwC, was +1.82 in the second quarter, BIL said in a statement. That compares with +1.8 in the last three months of 2016 and +1.58 in the second quarter of 2016. The measure ranges from -3, indicating a frozen market to +3 when it is overheated.
It's "necessary to remain vigilant of a slight overheating of the market," BIL's Chief of Corporate and Institutional Banking Marcel Leyers said in the statement. "Luxembourg's robust economic health is a reassuring factor, with a GDP growth forecast of 3% for 2017."
Leyers noted the European Central Bank (ECB) is "cautious" about raising interest rates "so a rebalancing of the market could come from an increase to the housing supply rather than a drop in demand."
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