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Vauban&Fort has acquired another Coliving operator, LUXFRIENDS, in Luxembourg. With this move, we are doubling the amount of available rooms from 200 to 500+, becoming one of the largest operators in the region. We also strengthen our core business and continue to expand in the economy and short-term lets.
1. Efficient utilization of space
In a coliving house, the tenants share communal areas like the living room or kitchen and bathroom. Usually there is one shared kitchen and depending on the number of tenants, one or two bathrooms that guarantee a comfortable lifestyle while using less space which would have been taken by individual apartments where the land has to be cleared and new infrastructure to be built. Moreover tenants often get additional outdoor areas, like a balcony or garden where they can plant their own herbs or vegetables.
2. Shared resources
Coliving doesn’t only mean a shared usage of the apartment. A central concept of coliving is to create a small community amont the flatmates. Usually, this means also sharing food or maintenance costs in the flat as well as sharing a car (if available) or a dryer and an iron that can be swapped among the flatmates and does not have to be bought. As a result, these small but important steps lead to less waste and a more economic use of resources.
3. Sharing food
Speaking of sharing foods, it is not unusual to buy in bulk and share the most common products like eggs, flour or milk which are less likely to go bad if shared between several tenants. Moreover, if anything risks to go off, there is always also the possibility of preparing a meal for the whole community. Buying in bulk itself is a more sustainable choice – using less packaging and therefore also creating less waste.
4. Reducing energy consumption
One of the main advantages of coliving is indeed the shared use of spaces like the kitchen, living room or common balcony. This means that instead of having one oven per person in a studio, an apartment of four will need only one such appliance for everyone. The same goes for a dishwasher or a washing machine, a TV and so on, which can all be used by several people. There is no need to buy the same appliance several times and in turn also here a coliving space is more economical.
This concept is particularly relevant in relation to the utility cost as the heating of the communal spaces is less energy consuming since more people profit from these.
Taking into consideration the aforementioned examples, it is no wonder that coliving has advantages not only for its inherent social and financial benefits but also due to its reduced environmental impact. It provides an attractive solution to look to in terms of the environmental impact : it is cheaper, saves resources and is therefore also more sustainable. In many ways, coliving offers an answer to the numerous challenges faced by urban centers.
While examining the real cost of living, one also has to look at the salaries, which can differ significantly from one country to another. According to the latest data from the Luxembourgish Government (April 2022) the minimum gross monthly salary for a skilled, adult worker is 2,776.05 EUR. Meanwhile, the average gross salary per year is around 59,000 EUR with the highest salaries in the banking sector (according to the CareerExplorer article from April 2022).
An important point to add is also that in Luxembourg, by law, salaries are adjusted in correspondence with the evolution of the cost of living – which is when the consumer price index increases or decreases.
It can be challenging to find accommodation in Luxembourg and if so, it might be pricey. The price will most importantly depend on the type of accommodation and the location.
For a one person bedroom in a Coliving housing, one will pay between 800 and 1250 euro per month including all utility cost (prices indicative at the moment this article was written – December 2022). A studio, however, tends to cost approximately 1600 euros.
Considering the above options, for a single, young professional a Coliving arrangement will probably fit their needs the most and is probably the smartest choice. A couple, however, might decide for a studio that tends to offer more ‘creature’ comforts. A family with a child though will have to pay at least 2200 euros for a two bedroom apartment.
Food prices are slightly higher than in the neighbouring countries which also might vary depending on the brand. Luxembourgish grocery stores, like Cactus for instance, tend to be usually a little more expensive than international ones like Delhaize or Auchan and Lidl.
Eating out is rather pricey and a customer will quickly see the difference on the bill. A meal (food + drink, no starters) in an average restaurant will cost about 30 euros. A mid-range one, on the other hand, will charge closer to 40 euros per person.
At the beginning of 2020, Luxembourg became the only country in the world that offers free public transport to everyone. That could save up to a few hundred euros per month, if we speak about a family with kids.
For those who care more about ecology, Luxembourg offers “veloh” – electric bike system for 18 euros for an annual subscription plan.
Important to say is that the prices for fuel are cheaper than in other countries thanks to lower taxes. The difference can sometimes be as high as 0.20 euros per liter.
Luxembourg’s central location in Europe and a well developed communication network – connections with DB in Germany and TGV in France as well as an International Airport 20 minutes from the City and several International Airports within a few hours drive – are a big advantage for those who like to travel.
Generally speaking, almost all healthcare is covered by public Health Insurance: medical, dental or hospital care as well as medications (nearly all with a few exceptions). The insured person pays the invoice upfront and the National Health Fund reimburses it afterwards. Additionally, some employers offer additional Health Insurance that covers the non-reimbursable costs as well.
At first glance, Luxembourg might seem one of the most expensive cities to live in. However, upon closer study, the country offers higher salaries than its neighbours as well as several advantages available to everyone:
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The economic recovery after COVID-19 has let to an upturn in energy demand worldwide, while supply has remained tight and therefore the price of gas started to rise. In addition to this, governments have been engaged in a joint effort to limit the burning of coal aiming for net global carbon emissions to reach zero by 2050 and the decision to exit from coal has brought to a further increase of energy taxes.
Since February, the Russian invasion of Ukraine and subsequently Western sanctions exacerbated the situation, pushing crude oil and natural gas prices to near-historic highs, within knock-on effects on power sectors. European countries are facing the possibility of energy supplies being rationed.
The current energy crisis entails the rising cost of living: you can except to pay more for everyday essentials like groceries, when heating your home or filling up the car. If you are going to book your holidays, don’t be surprised when you see the prices of car rentals, airline fares, and hotels. Our purchasing power is going to be lower and lower. Fossil fuels, for instance, doubled to 2.11EUR/l over one year. Heating prices have followed a similar path.
In January 2022 the cost of electricity increased by 36% and the cost of gas by 135% in comparison to June 2021. Our ALL-IN formula is unable to cover such exceptional increases. As a result we have already adjusted the utility cost (charges) from 140EUR to 200EUR across all contracts for new tenants, with potential further increases down the line. Existing tenants get a rent adjustment.
Supply and demand shocks will continue to roil the energy market and the global economy but what can we done to cope with this unprecedented situation?
RADIATORS (GAS)
ELECTRICITY
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