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Real estate is a complex and dynamic business, involving many stakeholders: buyers, sellers, tenants, owners, agencies, and sometimes even public entities. At the heart of these interactions is the real estate agent, a professional whose role is to facilitate real estate transactions. However, this role is not limited to simply connecting the parties involved. The real estate agent is also bound by rigorous professional ethics. In this article, we'll explore in depth why ethics are absolutely essential in the real estate agent profession, and how they contribute to the longevity and success of this profession.

## Ethics: a fundamental pillar of the profession

In its simplest definition, ethics refers to the moral principles that guide the behavior of an individual or group. In the real estate profession, this includes transparency, honesty, integrity, confidentiality, and respect for applicable laws and regulations. These principles are not simply recommendations; they are essential to building and maintaining the trust of customers and the general public.

### 1. **Transparency in transactions**

One of the most crucial aspects of real estate ethics is transparency. Real estate transactions often involve considerable sums of money, and customers rely on their agent to guide them through this complex process. An ethical real estate agent must provide all relevant information about a transaction, including a property's defects, market conditions, and any potential conflicts of interest. By acting transparently, the agent ensures that all stakeholders make informed decisions, which is essential to avoiding disputes and building trust.

### 2. **Compliance with laws and regulations**

Real estate agents operate within a strict legal framework, which varies from region to region. Compliance with local, national and sometimes international laws and regulations is an essential aspect of professional ethics. By respecting these rules, agents protect not only their customers, but also their own reputation and that of their agency. Ignoring or failing to comply with regulations can result in severe penalties, including loss of professional license, fines, or even criminal prosecution.

### 3. **Honesty and integrity**

Honesty is the cornerstone of the relationship of trust between real estate agents and their clients. An agent must be honest not only in his words, but also in his actions. This means avoiding making promises they can't keep, exaggerating the advantages of a property, or downplaying its disadvantages. Integrity, on the other hand, implies doing what is right, even when this may not be in the agent's personal interest. For example, an agent may have to advise a client not to buy a property which, although financially advantageous to the agent, may not meet the client's needs.

### 4. **Confidentiality of information**

In the course of their work, real estate agents have access to a great deal of personal and sensitive information about their customers. This includes financial data, family information, and sometimes even long-term life plans. Respecting the confidentiality of this information is not only a legal obligation, but also an ethical duty. Unauthorized disclosure of this information can not only lead to legal problems, but also seriously damage the trust between agent and customer.

## The consequences of a lack of ethics

A breach of ethics can have disastrous consequences, both for the real estate agent and for the profession as a whole. Customers who feel betrayed or badly advised may not only withdraw their trust, but also take legal action against the agent or agency. What's more, bad practices can tarnish the image of the entire profession, leading to a widespread loss of public confidence.

### 1. **Loss of customer confidence**

Trust is a key element in any professional relationship, and this is particularly true in real estate. Customers need to be able to rely on their agent to provide honest and accurate advice. If an agent is perceived as unreliable or misleading, customers are unlikely to return to them or recommend them to others. Once trust is lost, it is extremely difficult to regain, and this can have a direct impact on the agent's career.

### 2. **Damage to professional reputation**

Reputation is one of a real estate agent's most valuable assets. In an industry where word-of-mouth and referrals play a crucial role, a bad reputation can be devastating. Agents who act unethically can quickly find themselves excluded from the market, as customers and partners will avoid working with them. What's more, ethical scandals can attract negative media attention, which can make the situation even worse.

### 3. **Impact on the profession as a whole**

When real estate agents fail to behave ethically, it not only damages their own careers, but the profession as a whole. Unethical behavior can fuel public distrust of real estate agents, reinforcing negative stereotypes and making the job harder for professionals who play by the rules. For this reason, it is in the interest of all real estate agents to promote and maintain high ethical standards within the profession.

## Ethics as a sustainable success factor

Ethics should not be seen as a constraint, but as a long-term success factor. A real estate agent who adopts an ethical approach to all his or her transactions is more likely to build a solid and lasting career. By building a reputation for reliability, honesty and transparency, the agent not only attracts new customers, but also benefits from the loyalty of existing ones, who are more likely to recommend him or her to their friends and family.

### 1. **Customer loyalty**

A satisfied customer is a loyal customer. By acting ethically, a real estate agent ensures that customers feel well advised and secure throughout the buying or selling process. This satisfaction often leads to referrals, which are a valuable source of new business in the real estate sector. Customer loyalty is achieved not only through successful transactions, but also through the way in which these transactions are carried out.

### 2. **Market differentiation**

In a competitive real estate market, ethics can be a major differentiating factor. Customers are increasingly aware of the importance of working with professionals of integrity, and are willing to pay for a service they feel is honest and transparent. By emphasizing ethics in its marketing and professional interactions, an agent can set itself apart from its competitors and attract quality clientele.

### 3. **Career longevity**

Finally, an ethically-based real estate career is one that is likely to last. Agents who adhere to ethical standards are less likely to face lawsuits, fines, or professional sanctions. What's more, they build a loyal and satisfied customer base, which ensures a steady flow of new business. In short, ethics are not only essential to maintaining public trust, but also to ensuring a long and prosperous career.

## Conclusion

Ethics are more than just a code of conduct for real estate agents; they are central to their professional success and to the sustainability of the profession as a whole. By adhering to rigorous ethical principles, real estate agents protect not only their customers, but also their own reputation and that of their industry. In a market where trust is paramount, ethics are the key to building long-lasting, prosperous relationships. Ultimately, an ethical real estate agent is not only a better professional, but also a pillar on which the credibility of the entire real estate industry rests.

Why are ethics essential in the real estate profession?

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Selling a property in Luxembourg requires meticulous preparation to ensure a successful transaction and optimize the value of your property. Here is a detailed guide to help you prepare to sell your property in Luxembourg.

## 1. Evaluate the value of your property

The first step in selling your property is to know its value. Consult a real estate expert for an accurate appraisal. You can also check the prices of similar properties in your area to get a general idea of the market. A realistic evaluation attracts more buyers and reduces the selling time.

## 2. Gather the necessary documents

Prepare all the essential documents needed to sell your property. This includes:

- The property title
- House plans
- Energy Performance Certificates (EPC)
- Recent work invoices
- Condominium fee statements (if applicable)
- Mandatory technical diagnostics

## 3. Improve the appeal of your property

To maximize potential buyers' interest, ensure that your property is in excellent condition:

- Depersonalize: Remove personal items to allow buyers to envision themselves in your home.
- Repair: Carry out necessary repairs (painting, leaks, etc.).
- Clean and Declutter: A clean and tidy house is more attractive.

## 4. Showcase your property

Home staging is an effective technique to enhance your property's appeal. Hire a professional to arrange your interior in a way that attracts the most buyers. A good presentation can significantly increase your property's perceived value.

## 5. Choose the right time to sell

The real estate market experiences seasonal fluctuations. Generally, spring and autumn are the best times to sell. However, Luxembourg's market is dynamic, so it is possible to sell year-round. Consult a real estate agent to determine the ideal time.

## 6. Set a competitive price

A price that is too high can discourage buyers, while a price that is too low can cost you money. Based on the initial evaluation and market conditions, set a competitive price to attract offers quickly.

## 7. Advertise your property

Use various channels to promote your property:

- Online Listings: Post on popular real estate sites in Luxembourg.
- Social Media: Share your listing on Facebook, Instagram, etc.
- Real Estate Agencies: Collaborate with an agency to benefit from their network and expertise.
- Signs: Place a "For Sale" sign in front of your property.

## 8. Prepare for visits

Visits are crucial to attract potential buyers. Ensure your property is impeccable:

- Schedule visits at times when natural light showcases your home.
- Be available to answer visitors' questions.
- Provide clear and precise information about your property and the neighborhood.

## 9. Negotiate with buyers

Be prepared to negotiate. Buyers will likely make an offer lower than your asking price. Stay flexible and open to discussion to reach a mutually beneficial agreement.

## 10. Close the sale

Once you have accepted an offer, a Luxembourg notary will finalize the sale. They will draft the sales agreement and ensure all legal conditions are met. After signing, a date will be set for the official signing of the sale deed.

## Conclusion

Selling a property in Luxembourg requires rigorous preparation and a good understanding of the real estate market. By following these steps, you maximize your chances of selling quickly and at the best price. For professional assistance, do not hesitate to contact a real estate agency that will support you throughout the process.

Preparing to sell your property in Luxembourg: A comprehensive guide

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The number of transactions has been increasing for the second consecutive quarter, and signs of an imminent recovery are becoming more apparent. Buyers are actively searching for opportunities to become property owners. Regarding prices, we observe stabilization at the national level, with decreases ranging between 10% and 30% depending on the commune. Although this drop does not entirely offset the increase in credit costs, the expected upcoming rate reductions should help achieve the much-anticipated balance.

## What profile do you need to obtain a housing loan on the best terms?

To secure a housing loan on the best terms, certain requirements remain essential: stable employment and a consistent income that is three times the credit repayment costs are primary conditions. Additionally, a substantial down payment can sometimes be a decisive factor. The energy efficiency rating of the property also plays an important role in credit rates. For example, a property with an A rating will benefit from a lower interest rate compared to a property with a D or E rating. Properties with an A rating are scarce, so their value is likely to be preserved. Conversely, properties with low energy efficiency will need to be renovated to improve their energy performance and maintain their value.

## Seasonal dynamics influenced by holidays

The weather this year has not been kind to Luxembourg residents, making the approach of holidays even more eagerly anticipated. The school year has ended, and the last affairs to settle precede the much-deserved holiday departures. Upon their return, the activity in real estate searches is expected to intensify, with the goal of finding a home or family nest. The market still offers a varied selection, and quality properties can sometimes be sold at fair prices.

## Transparency and market Information

To ensure transparency, we now display in each sales listing, provided we have reliable data, price statistics and their projections, as well as the positioning of the listing in the market. The time has come to finally find your ideal property and anchor yourself in Luxembourg.

Don't hesitate [to contact us](https://nextimmo.lu/en/contact) for any additional information or to start your search today.

Toward a real estate market recovery by fall?

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### Why taking out a variable-rate home loan now may be a good idea (and converting to a fixed rate later) 😃

In this month of June 2024, variable interest rates for home loans are higher than fixed rates. At first glance, choosing the more expensive option may seem counterintuitive, but there are valid reasons for doing so! Here's why:

#### 1. *Interest rates could go down 📉*

Although variable rates are high at the moment, it's possible that interest rates could fall in the medium term. By choosing a variable rate today, you could benefit from this future drop. Then, you can convert your loan to a fixed rate at a more opportune time, and save money over the long term.

#### 2. *More flexibility 🔄*

Variable-rate loans often offer greater flexibility for prepayment and modification of loan conditions. This flexibility is very useful when rates are high, as it allows you to adjust your loan according to your financial situation and market conditions.

#### 3. *Manage risks 🛡️*

By carefully monitoring market rates, you can decide when is the best time to convert your loan to a fixed rate. This allows you to minimize the risks associated with interest rate variations and take advantage of the best possible conditions.

#### 4. *Long-term savings 💸*

Even if variable rates are more expensive now, you could make significant savings by switching to a lower fixed rate later. This requires close monitoring of the market and careful planning, but the potential savings are well worth it.

#### 5. *Refinancing opportunities 🔄*

By choosing a variable rate today, you open yourself up to interesting refinancing opportunities in the future. If rates fall as expected, you'll be able to restructure your loan on more advantageous terms, which can improve your overall financial situation.

#### Conclusion 📊

Although variable rates are currently higher, they offer flexibility and potential opportunities that can be advantageous in the long term. By monitoring rates and planning carefully, you can reap the benefits of both types of rate. Don't forget to consult a financial advisor to choose the best strategy for you and optimize your finances!

In short, with a little vigilance and strategy, you can turn a seemingly unfavorable situation into an advantageous financial opportunity. Take advantage of this flexibility to optimize your finances! 😊

Why take out a variable-rate loan?

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The Housing Observatory has just published its 10th analysis report, providing a comprehensive overview of the residential real estate market in the first quarter of 2024. Here are the key points:

## A Still Weak Sales Market

The real estate transaction market remains sluggish, especially for new constructions. The sales volume is significantly lower than the levels seen before the late 2022 housing crisis. In the first quarter of 2024, only 92 sales were recorded, representing a 47.1% drop compared to the same period in 2023, and seven times fewer than the average of previous years (2017-2022).

Sales of apartments under construction have not been offset by purchases from the State or the City of Luxembourg, despite their announced acquisitions of projects from private developers. However, sales of existing apartments have slightly rebounded with a 24.5% increase compared to the first quarter of 2023, although activity remains below the pre-crisis average.

## Stabilization of Sale Prices

Sale prices are beginning to stabilize. The hedonic price index provided by Statec shows a minimal variation of -0.3% between the fourth quarter of 2023 and the first quarter of 2024, after a 10.9% drop over the previous year. This stabilization trend is observed in both apartments and existing houses, the latter having lost 14.7% of their value compared to the first quarter of 2023.

Prices of apartments under construction (VEFA) also fell by 2.3% this quarter compared to the fourth quarter of 2023. However, fluctuations in this segment remain volatile due to the low number of transactions.

## Stable Rents

After several quarters of significant increases, rents for apartments with new leases have stabilized since the second quarter of 2023. Over the past 12 months, rents have only increased by 1.5%, a rise lower than the consumer price index (+3.2%) over the same period. This moderation is likely due to tenants' inability to absorb large rent increases despite growing rental demand.

A notable exception is rents for furnished rooms, which currently represent 15% of the total rental offer, having increased by 4.5% compared to the first quarter of 2023, well above the inflation rate for consumer goods.






State of the Real Estate Market in the First Quarter of 2024: Summary and Trends

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**An exclusive interview with Irfan Babacic, one of Luxembourg's leading real estate developers**.

**Interviewer: Rudolphe Aben, founder of Nextimmo.lu**

**Rudolphe Aben:** Good morning, Irfan Babacic. Thank you for taking the time to speak with us today. As Luxembourg's leading real estate developer, your outlook on the real estate market is invaluable. Let's get straight to the heart of the matter. You recently made some bold predictions about the real estate market between now and the end of 2024 and in 2025. Can you explain why you think the market will rebound by the end of this year?

**Irfan Babacic:** Hello, Rudolphe Aben. I'm delighted to be here. Yes, I'm convinced that the real estate market will pick up again towards the end of 2024. One main reason is the expiry of government subsidies. Historically, we've seen similar patterns, for example at the end of 2008. At that time, the end of government subsidies and the subsequent market adjustment led to a significant increase in demand and property prices.

**Rudolphe Aben:** Can you explain this in more detail? Why do the expiry of subsidies lead to a rise in the real estate market?

**Irfan Babacic:** Of course. When government subsidies come to an end, there's often a sense of urgency among buyers and investors trying to take advantage of the last benefits before they disappear. This leads to a temporary increase in demand. At the same time, markets adjust to the new reality without subsidies, which often has a stabilizing effect. People have more confidence in market dynamics because they are no longer influenced by artificial interventions.

**Rudolphe Aben:** That's very interesting. You also mentioned that you think the market will be much better in mid-2025 than in 2023. What factors explain this optimism?

**Irfan Babacic:** There are several factors. Firstly, the market correction caused by the expiry of subsidies will be fully digested by then. Secondly, we expect interest rates to fall, which will reduce financing costs for buyers and investors. At the same time, significant wage increases in Luxembourg will increase purchasing power and make real estate more affordable. Thirdly, Luxembourg's population continues to grow, increasing demand for housing. These combined factors will stimulate the market and lead to a recovery. We see great potential in VEFA (vente en état futur d'achèvement) as buyers and investors regain confidence in the market and are ready to invest in new projects.

**Rudolphe Aben:** That sounds promising. Can you tell us a little more about VEFA and its importance for the real estate market?

**Irfan Babacic:** Of course. VEFA, or vente en état futur d'achèvement, is a very attractive option for buyers and investors. It enables them to buy properties still under construction, often at a lower price than for finished properties. This type of sale also offers developers a secure method of financing, as they receive advance payments. In times of market growth, such as we expect in 2025, VEFA becomes particularly attractive, as buyers can benefit from future increases in value.

**Rudolphe Aben:** Thank you very much, Irfan Babacic, for these detailed and enlightening explanations. Your companies are currently investing expansively. Can you explain why you're entering this expansion phase now?

**Irfan Babacic:** Of course. The market is currently in a recovery phase after a prolonged period of stagnation. We see this as a strategic opportunity to invest before prices rise significantly. By investing early, we can benefit from lower prices and be ready when the market has fully recovered and demand increases. It's a long-term strategy based on our belief that the market will recover sustainably.

**Rudolphe Aben:** Wise words. Thank you very much, Irfan Babacic, for being with us today and sharing your perspectives.

**Irfan Babacic:** Thank you, Rudolphe Aben. It's been a pleasure.

---

### About the author:

Rudolphe Aben is the founder of Nextimmo.lu, a leading hybrid real estate platform/agency. He works closely with many former competitors, who have become his partners. With years of experience in assessing market trends and advising investors, he writes regularly for leading Luxembourg trade magazines and lectures at real estate conferences.

### About Irfan Babacic:

Irfan Babacic is a well-known figure in the real estate sector and acts as leader and founder of several major real estate development companies in Luxembourg. He has extensive experience in real estate and is particularly well known for his work in participatory financing and project management. His companies are currently investing expansively, as he is convinced that the market is in a recovery phase and that now is the right time to invest.

The future of the real estate market: An exclusive interview with Irfan Babacic

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_Economists unanimously agree that the ECB will reduce its key interest rates by 25 basis points this week, marking the first much-anticipated cut in five years._

The Governing Council of the European Central Bank will meet this Thursday, June 6, to announce, for the first time in almost five years, a reduction in the eurozone banks' key interest rates. This 25 basis point cut comes despite uncertain macroeconomic conditions and persistent inflation. Experts predict several rate cuts by the end of 2024, each of 25 basis points. However, the overall reduction for this year will depend heavily on GDP growth and inflation, two elements that are difficult to anticipate at this stage, although there are signs of improvement in inflation.

If these cuts materialize, they could potentially give a boost to the still-struggling Luxembourg real estate market. While professionals note a slight improvement in the number of transactions in existing residential real estate, new constructions are struggling to find buyers. Projects are delayed due to a lack of financing, and reservations from private individuals as well as investors in new constructions remain rare.

The economic impact of this upcoming cut will be assessed soon, and based on this evolution, the schedule for further cuts will be set. The ECB has adopted a cautious approach and avoids committing to further rate cuts in advance. It will likely reduce rates gradually to maintain a consistent level of monetary restriction.

The borrowing rate is a key factor in acquiring property through a mortgage. Its drastic increase has flattened the real estate market in Luxembourg and caused an unprecedented crisis. We anticipate a rate cut of 75 basis points before the end of 2024, which should significantly ease borrowers' monthly payments.

Evolution of Mortgage Interest Rates in Luxembourg in June 2024

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On May 14, 2024, Luxembourg's Chamber of Deputies approved a new housing stimulus package. This package was developed by the Ministry of Housing and Spatial Planning and the Ministry of Finance through intensive discussions with various representatives of the housing sector. The primary goal is to facilitate access to housing and support the construction sector through various short and medium-term measures.

## Enhanced eligibility for housing assistance

More households are now eligible for various forms of assistance for renting and purchasing homes. Public investments in creating affordable housing have been strengthened. Additionally, a series of temporary tax measures—limited to the year 2024 and retroactive to January 1, 2024—have been implemented by the Ministry of Finance. These measures target homebuyers, homeowners, and investors.

## Upcoming initiatives for housing sector collaboration

Beyond this initial housing stimulus package, the government is currently discussing additional measures to enhance collaboration between the public and private sectors, aiming at administrative simplification and mobilizing private and public land for creating more affordable housing. The results of these discussions will be communicated in June.

## Increased housing assistance for more households

_"In this challenging real estate market situation affecting more and more households, it was important for us to provide more support to families. We have therefore placed particular emphasis on families with children, who are particularly suffering from the shortage of affordable housing,"_ highlighted Claude Meisch, Minister of Housing and Spatial Planning, at a press conference on May 15, 2024.

## Revised income limits for housing assistance

The income limits for all individual housing assistance have been adjusted to reflect the corrected standard of living and household composition. Income limits for single individuals have increased by an average of 6%, and those for households with children have increased by 8% to 25%, depending on the number of children.

## Enhanced support for tenants with children

The rent subsidy has been increased for households with dependent children. The amount per child in the household has been raised to 80 euros per child, up from the previous 40 euros.

## Support for homebuyers

**Homeownership subsidies:** The income limits for homeownership subsidies have been increased, making 59% of all households theoretically eligible for a homeownership subsidy.

**Interest subsidy:** The maximum rate for the interest subsidy has been increased to 3.5%. This measure helps reduce the interest burden for homebuyers and applies to both new and existing mortgages, assisting households struggling with unexpectedly high interest rates. The income limits for interest subsidy eligibility have also been raised.

**State guarantee for homeownership:** In cases where the required down payment for a mortgage is unavailable, the state can provide a guarantee under certain conditions. The conditions for this state guarantee have been improved:

- The maximum debtor rate for the guaranteed loan has been increased from 3% to 6%.

- The maximum state guarantee rate relative to the project cost has been increased from 30% to 40%.

- The income limits for state guarantee eligibility have been raised.

## Expanded eligibility for affordable and moderately priced housing

The eligibility criteria for housing created by public developers (municipalities, the Housing Fund, SNHBM) for affordable or moderately priced sales have been raised. This significantly expands the pool of potential buyers for these properties, which are sold below market prices. Currently, 70% of households are eligible to purchase affordable housing, and 80% can purchase moderately priced housing.

## Maintaining high investment levels for affordable housing creation

In addition to the measures included in the stimulus package, the state is committing substantial resources to massively invest in creating affordable housing.

**Extension and strengthening of the VEFA program:** This measure aims to increase the public affordable housing stock and support developers facing liquidity shortages who struggle to sell their housing projects. The special fund for affordable housing has been allocated an additional multi-annual budget of 480 million euros for 2024-2027.

**Increasing the special fund allocation for affordable housing:** Significant increases in the creation of public affordable housing are planned. This will support access to affordable housing and boost construction activity. According to the 2024 budget, the special fund for affordable housing will invest 1.45 billion euros (1,447,654,152 euros) over 2024-2027, averaging over 360 million euros annually, doubling the 2023 expenditure of 184 million euros.

_"The state is massively investing in public housing! This can only be achieved through good collaboration between the public and private sectors. From my discussions with all housing stakeholders in recent months, I can see that we are all moving in the same direction,"_ noted Claude Meisch, Minister of Housing and Spatial Planning.

The Ministry of Housing and Spatial Planning is planning several targeted campaigns to promote various assistance options to private market tenants and homebuyers.

For information on the tax measures implemented by the stimulus package, the public can contact the Ministry of Finance.

## Public information

To learn more about various housing assistance options, potential applicants can visit www.logement.lu for information on eligibility conditions. The Housing Assistance Service staff is available to provide information at the following location:

11, rue de Hollerich L-1741 Luxembourg

Monday to Friday from 8:00 to 12:00 and 13:30 to 16:00, Thursday from 8:00 to 17:30 by appointment only

You can also contact them by email at guichet@ml.etat.lu or by phone at (+352) 8002 10 10, Monday to Friday from 8:00 to 16:00.


New housing stimulus package approved by Luxembourg's Chamber

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_The demand for real estate purchases in Luxembourg has increased significantly since April. At the same time, banks are once again lending money, making it possible to envision oneself as a future homeowner in Luxembourg. Purchasing an existing property and buying one under construction each have their own advantages and disadvantages._

Here are some points to consider for each option:


## Buying an existing property

### Pros:

**Immediate Availability:** You can move in quickly after the purchase, which is ideal if you need housing without delay.

**Negotiable Price:** You have the opportunity to negotiate the price with the seller, depending on the market conditions and the urgency of the sale.

**Transparency: **You can visit the property and get a clear idea of what you're buying, reducing the risk of unpleasant surprises.

### Cons:

**Renovation needs:** Some existing properties may require renovation or repair work, resulting in additional costs.

**Limited options:** You might be restricted by the features and layout of the existing property, which may not exactly match your needs.

**Hidden costs:** In addition to the purchase price, you may need to pay additional fees such as notary fees, property taxes, and moving costs.

**Energy efficiency:** Existing properties are often lacking in good insulation and may be more costly in terms of energy maintenance.


## Buying a property under construction

### Pros:

**Customization options:** You have the opportunity to customize certain aspects of the design and finishes of the property according to your preferences.

**Novelty:** You get a new property, often equipped with the latest technologies and construction standards, which can reduce long-term maintenance costs.

**Guarantees:** New constructions come with construction guarantees, providing you with some peace of mind in case of structural issues.

**Energy efficiency:** New properties are typically well-insulated and have optimal energy efficiency.

### Cons:

**Waiting period:** You'll need to wait for the construction to be completed before you can move in, which can take several months or even more than a year.

**Uncertainty:** Plans and renderings may differ from reality, which can lead to disappointments.

**Risk of delays:** Construction projects sometimes face delays due to technical issues, weather conditions, or administrative delays, which can extend the initial waiting period.

**Purchase price:** The purchase price of a property under construction is typically higher than that of a similar existing property, requiring a greater financial effort from the buyer.

Whether you opt for buying an existing property or one under construction largely depends on your personal preferences, financial situation, and housing needs. Buying an existing property offers the opportunity to move in quickly and gain immediate clarity on what you're buying. However, renovations may be needed, and the available options may be limited. On the other hand, buying a property under construction offers the opportunity to customize the property to your liking but requires a longer waiting period and carries a higher risk of delays and uncertainties compared to the original plans. Therefore, it's important to carefully weigh the pros and cons of each option before making a decision.


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