Guide to Holiday Home Insurance Luxembourg
Introduction -
Probably not the first country that springs to mind for investment property or
even a holiday or second Home, however that said, many property experts believe
that Luxembourg offers great opportunities for property investment growth.
The Grand Duchy of Luxembourg is a relatively small landlocked country situated
in Western Europe, it shares borders with Belgium & France & Germany. With a
population of around five hundred thousand, the country has a highly developed
economy, it has the worlds highest Gross Domestic Product per capita . Research
has suggested that the countries which see the greatest property price growth
are those with a good percentage rate GDP growth, as well as a population
growth, Luxembourg certainly ticks all the right boxes on these counts.
Despite its relatively small size and the fact that Luxembourg is a country that
literally developed around its capital city of the same name it is divided in to
twelve areas or cantons; Capellen, Clervaux, Diekirch, Esch, Echternach,
Grevenmacher, Luxembourg, Mersch, Redange, Remich, Vianden and Wiltz.
The north of Luxembourg forms part of the Ardennes whilst the south is mainly
rolling farmland. The Moselle valley with its well known vineyards is to the
east and most of the industrial output comes from the South, this includes iron
and coal mining. The climate of the country can best be described as temperate,
winters are mild and summers are cool. The landscape is fairly mountainous and
this is reflected in its interesting and varied architecture. You will find
plenty of castles and plenty of timber chalets as well.
Holiday Home Insurance for Property in Luxembourg -
If you are interested in buying property in Luxembourg, you will now be able to
obtain insurance from the United Kingdom in respect of holiday homes and second
homes. The type of cover available will vary from policy to policy but you
should be able to obtain a broad range of perils which will include liability
insurance cover. As well as your standard dwelling house made of bricks or
stone, insurance for log cabins or timber chalets is also available for property
in this country. Because of the healthy rental markets, you may consider
acquiring a property as a buy to let. This type of long term rental may be
subject to various rules and regulations as with holiday lets, before allowing
tenants to occupy your property, you should speak to your solicitor who can
alert you to any legal requirements.
Buying a Holiday Home Insurance in Luxembourg -
Although not seem as one of the European property hot spots, many people believe
that this is a good country to be buying property in and certainly it is a very
safe place to do so. Despite its small size and current population, it has
become an important international financial centre and acts as the capital for
European monetary policy with overseas residents representing over 30% of the
population. There is thus a healthy buy to let market especially in the capital
Luxembourg city. Although the surrounding countryside is easy to reach many
purchasers of holiday or second homes prefer to live in the capital city with
its various attractions. The city boasts a large array of historical and
cultural sights and there are plenty of good quality shops and restaurants.
This is actually one European country where the population is increasing and it
is anticipated that as the EEC expands so will Luxembourg's importance and its
population as more and more people move to the country to work it its service
related economy
There are no restrictions on foreign residents owning Luxembourg property and
obtaining property is fairly straight forward and the sales process is typical.
The main problem may actually be in being able to locate a property that is
available to purchase. Home ownership is high in this country and there is a
shortage of both land and properties to buy. Obtaining good quality legal advise
is important and in this country it is easy to obtain the services of a
solicitor that will be able to speak to you in your own language. Almost all
sales are conducted through Estate Agents and once a price has been agreed, you
will enter in to a written contract with both parties having to sign the
document in front of a notary. It should be noted that oral contracts are also
legally binding in Luxembourg. The sales document will be noted in the notaries
deed who will present the new property deeds for recording in this register. The
costs associated with property purchase can be quite high and it is a good idea
to obtain full details of these before you commit to the purchase.
Assetsure also provide overseas property insurance and holiday home insurance
for the following countries.... Australia, Austria, Belgium, Bulgaria,
Brazil, Canada, Cape Verde, Chile, Croatia, Cyprus, Czech Republic, Denmark,
Estonia, Finland, France, Germany, Greece, Egypt, Hungary, Iceland,
Ireland, Italy, Latvia, Lithuania, Liechtenstein, Luxembourg, Malta, Monaco,
Montenegro, Morocco, Netherlands, New Zealand, Norway, Poland, Portugal,
Romania, Slovakia, Slovenia, South Africa, Spain, Sweden, Switzerland, Thailand,
Turkey, United Arab Emirates, United Kingdom (UK) and Venezuela.
