Real estate insights you can build on

Managing real estate investments today requires informed decisions across the full lifecycle – from acquisition and structuring to operations, valuation and exit. Regulatory scrutiny, tax complexity and crossborder considerations continue to shape how property owners, asset managers, funds and service providers operate and create value.

In Luxembourg, these dynamics are amplified by the scale and international nature of the market, requiring a clear view of governance expectations, financial transparency and operational resilience.

The Luxembourg real estate landscape at a glance

A leading European real estate hub

Luxembourg remains a preferred jurisdiction for setting up and managing multigeographical and multisector regulated real estate investment funds (REIFs), supported by a stable regulatory framework and a mature ecosystem.

Source: ALFI – Real Estate Investment Funds

Scale and concentration of capital

Net assets under management in Luxembourg real estate funds are estimated to exceed EUR 135 billion (2024), reflecting both the depth of the market and the growing complexity of fund structures and investor expectations.

Source: ALFI – Real Estate Investment Funds

Rising capital, rising expectations

As capital concentrations increase, so do expectations around valuation robustness, risk management, reporting quality and regulatory compliance.

Key challenges shaping real estate decision making

Governance and regulatory confidence

Rising regulatory scrutiny is placing greater demands on governance frameworks, audit readiness and control environments – particularly for regulated fund structures and listed entities.

Valuation complexity

Market volatility, sector specific risks and increasingly international portfolios require consistent valuation methodologies and robust independent challenge across assets and jurisdictions.

Transaction execution and exit readiness

From acquisitions to disposals, transactions require technical rigor balanced with commercial judgement, with tax, accounting and regulatory considerations closely interlinked.

Crossborder coordination

International investment structures add layers of complexity across reporting standards, tax alignment and local regulatory requirements, making effective coordination across jurisdictions critical.

Governance and regulatory confidence Valuation complexity Transaction execution and exit readiness Crossborder coordination

Governance and regulatory confidence

Rising regulatory scrutiny is placing greater demands on governance frameworks, audit readiness and control environments – particularly for regulated fund structures and listed entities.

Valuation complexity

Market volatility, sector specific risks and increasingly international portfolios require consistent valuation methodologies and robust independent challenge across assets and jurisdictions.

Transaction execution and exit readiness

From acquisitions to disposals, transactions require technical rigor balanced with commercial judgement, with tax, accounting and regulatory considerations closely interlinked.

Crossborder coordination

International investment structures add layers of complexity across reporting standards, tax alignment and local regulatory requirements, making effective coordination across jurisdictions critical.

What to do next

Build confidence in reporting and assurance

Enhance trust and transparency through robust statutory audits, independent assurance reviews and INREV NAV reporting tailored to real estate investment structures.
Strengthen governance and regulatory readiness

Respond to heightened regulatory expectations by reinforcing risk management, delegated oversight, portfolio controls and governance frameworks, including AIFMD requirements.
Execute transactions and portfolio decisions with clarity

Support transactions, portfolio reviews and strategic repositioning through integrated deal support – from valuations and modelling to M&A, due diligence, IPO, debt advisory and restructuring.

Enhance operational efficiency and ESG readiness

Review and evolve operating models, data landscapes and ESG strategies to improve transparency, standardize processes and meet evolving sustainability and reporting expectations.
Achieve an efficient, audit-ready close with EMA for funds and SPVs

Simplify complex structures through integrated accounting, fund administration and corporate secretarial support, enabling coordinated, timely and compliant financial reporting.
Manage tax risk and respond confidently to change

Address evolving tax requirements through advisory, compliance and review services covering transfer pricing, ATAD 1 & 2, DAC 6, FATCA/CRS, withholding tax, substance and reporting obligations – supported by targeted tax training.

Shape what’s next with KPMG

Drawing on experience based insights from the market, KPMG Luxembourg supports property owners, asset managers, funds and service providers in navigating industry trends, regulatory developments and structural change.

Our experience that informs decisions

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Support beyond borders

KPMG Luxembourg is part of a global network, giving clients access to international resources and expertise to support complex, crossborder needs.

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Experience with large and complex portfolios

KPMG Luxembourg audits over EUR 60 billion in assets under management across regulated fund structures, including four of Luxembourg’s largest listed real estate groups

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Valuation expertise across geographies

Valuation reviews have covered EUR 65 billion assets across more than 1,500 properties in over 30 countries, with deep experience across sectors, including logistics.

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Client centric transaction support

Real estate transactions are supported by a partner-led team with strong technical skills and a deal focused approach, tailored to each structure and investor profile in Luxembourg.

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Award recognized tax expertise

You benefit from award recognized tax expertise, with recognition as Luxembourg Transfer Pricing Firm of the Year and Indirect Tax Firm of the Year, in areas critical to real estate investments.

Industry groups and professional associations

Through active membership in key industry associations, KPMG Luxembourg stays close to regulatory developments and market trends – turning insight into practical advice for clients.