Dear Amcham Members, Partners and friends,
In this newsletter we proudly welcome Mazars, marking their induction as a new chartered member. Additionally, we share the captivating visuals and insights captured from the recent Real Estate Committee event, as well as a comprehensive write-up from the Baker & Mckenzie event on DORA. Stay tuned for a roundup of our latest endeavors and achievements!
AmCham Luxembourg joins with all of the other AmChams in Europe to extend our heartfelt thanks and deepest gratitude to Susan Danger following her announcement last week that she will step down from her position as CEO of AmCham EU later in the year. We applaud her leadership, gratefully acknowledge her many accomplishments and wish her well in all of her future endeavors!
We hope those of you who joined our excellent real estate committee event of last week enjoyed this occasion at the Bentley show rooms in Gasperich. This is the second time that we have had the opportunity to do an event at this location and most sincerely thank our partners and friends at Losch for allowing us to use this excellent location! We consider mixing real estate and luxury cars to be a very good fit together… and from the looks on the faces of our guests, we were successful getting that right!
In addition to the ambience, the food, the drinks and the great networking, the content provided us and our guests to look at the current real estate situation in Luxembourg from a different than normal perspective.
For several years now, various experts have been predicting a reset of the local real estate market. But, over many years that simply did not happen. Finally however, an additional peaking of interests rates moved Luxembourg beyond the tipping point and has triggered this long predicted reset… and this reset has been more brutal than expected causing a stagnated market, layoffs of employees and even company closures including bankruptcies.
But this situation has also created opportunities and this event was focused on exploring the potential dynamics of new entries into the property markets coming from outside bringing liquidity at their disposal to invest in reduced price properties thus helping to stabilize the market and earn these new investors stable profits with the better yields that they were looking to find. David Arendt did his normal skillful moderating and everyone had a great time! Thanks to all our partners and guests for making this a big success. We hope to make this an annual real estate committee event!
Our guest interviewee this week is Keimpe Reitsma who recently entered retirement at the end of a long and successful financial sector career. With more and more of the Expat members of our community thinking about their lives after retirement, we are appreciative that Keimpe has been willing to share his life story and his post working plans with our audience. He is a most interesting man and I believe many of you all will appreciate hearing the details of his analysis and decisions . Thank you Keimpe for sharing.
Following this issue, we will be gone for two weeks because of Luxembourg holidays. We look forward to reengaging with you on our collective return to life and work in Luxembourg thereafter.
With all respect and very best wishes,
Paul Schonenberg
Chairman and CEO
AMCHAM.lu
