Carlo Thelen – It’s Time to Roll Up Our Sleeves and Let the Private Sector Build Luxembourg’s Future

As the world’s premier property event, Mipim, gets underway in Cannes, Luxembourg is once again staking its claim on the international stage. Leading a national delegation, Carlo Thelen, Director of the Chamber of Commerce, is on a mission to prove that the Grand Duchy’s fundamentals are still rock-solid. With a dedicated national pavilion, the goal is to showcase the “Made in Luxembourg” brand of excellence. Thelen emphasizes that Mipim is more than just a networking event; it’s a crucial barometer for market trends and a prime opportunity to remind potential investors of the country’s key assets: stability, visibility, and a complete, high-quality value chain ranging from developers to bankers and lawyers. A Tale of Two Markets – Existing Property Booms While New Construction Busts Thelen paints a clear picture of a sector recovering at two distinct speeds. On one hand, the market for existing properties is firing on all cylinders. Data from the second quarter of 2025 shows a dramatic surge in transactions—nearly 73% for apartments and over 93% for houses—with mortgage lending following suit. On the other hand, the new construction sector is stuck in the mud. Sales of off-plan properties (Vefa) remain a shadow of their former selves, [...]

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