Two weeks ago, Minister Fayot sat down for an interview on RTL Radio and announced plans to reduce the sales commissions for real estate agencies, currently set at 3%.
In a response to a recent parliamentary enquiry by LSAP colleague MP Dan Biancalana, Fayot now confirmed that there are indeed plans to legislate a limit on sales commission rates. The response was coauthored by finance minister Yuriko Backes and Minister of Public Works and Deputy Prime Minister François Bausch.
Officials at the Ministry of the Economy are currently analysing the possibility of introducing a flat sum below 3%, which will then be added to the sales price.
Read also: Sales commissions have long been below 3%, says Manuel RizzoThere seems to be little doubt that real estate agencies benefit from the elevated prices on Luxembourg’s housing market. In terms of the net VAT revenue that real estate agencies have to pay to the government, their annual rate increased from €12 million in 2015 to €27 million in 2021.
