We here revisit the electrical properties of LuFe 2 O 4 , compound candidate for exhibiting multiferroicity. Measurements of dc electrical resistivity as a function of temperature, electric-field polarization measurements at low temperatures with and without magnetic field, and complex impedance as a function of both frequency and temperature were carried out in a LuFe 2 O 4 single crystal, perpendicular and parallel to the hexagonal c axis, and in several ceramic polycrystalline samples. Resistivity measurements reveal that this material is a highly anisotropic semiconductor, being about two orders of magnitude more resistive along the c axis. The temperature dependence of the resistivity indicates a change in the conduction mechanism at T CO ≈ 320 K from thermal activation above T CO to variable range hopping below T CO . The resistivity values at room temperature are relatively small and are below 5000 cm for all samples but we carried out polarization measurements at sufficiently low temperatures, showing that electric-field polarization curves are a straight line as expected for a paraelectric or antiferroelectric material. Furthermore, no differences are found in the polarization curves when a magnetic field is applied either parallel or perpendicular to the electric field. The analysis of the complex impedance data corroborates that the claimed colossal dielectric constant is a spurious effect mainly derived from the capacitance of the electrical contacts. Therefore, our data unequivocally evidence that LuFe 2 O 4 is not ferroelectric.