The annexes, and especially the garage, add value to a flat. What impact does the presence or absence of a garage have on the sale of a flat? We explain everything about the value of garages.

Buyers, compare prices taking into account the appendices

Comparing prices per square metre when buying a flat is a common practice. However, it is useful to take into account the presence of various annexes to get an objective estimate of the price per m². In the study "Le logement en chiffre 2017" published by Statec andHousing Observatory In February 2018, the importance of the presence or absence of a garage when selling a flat is obvious. This has an impact on the price per m², but also on the chances of selling your flat.

Difference between price per m² and price per m² refined

The price per m² is a price that includes the surface area of the annexes. The price per m² refined is a price that excludes the annexes from the surface area of the flat. On average, in the Grand Duchy of Luxembourg, the price per m² refined is 12 % lower than the price per m² for old buildings. The relative difference between the two prices increases further if the construction is recent, reaching -15 % in 2017.

Value of a garage: location matters!

The location of the flat is also a factor that greatly influences the relative difference between the price per m² and the refined price. Depending on the Canton where the flat is located, the difference is even greater. Not surprisingly, the Canton of Luxembourg is the one where the presence of a garage has the greatest influence on the price of a flat. Depending on the neighbourhoods and the supply of urban parking spaces, the presence of a garage increases the selling price per m² of a flat by 14 % compared to a property with the same living area without a garage.

Unsurprisingly, the cantons of Luxembourg, Esch and Capelle-Mersch are those where the relative difference between prices with and without a garage is the greatest: -11 % to -13 %* in Esch, -12 % for Capellen-Mersch and -14 % to -18 %* in Luxembourg
*Relative difference between existing flats and flats under construction.

The refined price per m² of a flat in the East and North cantons is less affected by the presence or absence of a garage and is in the range of -8 % to -9 %.

On average, the value of a garage (or indoor space) estimated by Statec is €42,000 in the country.