#real estate germany
Hamburg Property Market and Real Estate Guide
Hamburg is Germany’s second-largest city and sits at an important crossroads between eastern and western Europe. Hamburg property is much more affordable than property in other major European cities, and property investment is becoming increasingly popular. Some experts suggest that local property values will spike in the next few years.
Property owners in Hamburg are finding that their yield margins are well above those of other capital cities in Europe. That certainly makes this one of the best places to invest on the continent. Germany also has solid real estate and property laws, so foreigners can invest confidently.
Hamburg has been an important port city for centuries. Multicultural neighbourhoods, urban canals and a lively night scene make this a popular place for foreigners and expatriates to spend time. Layer a prosperous business front and the relatively stability of the German market, and it’s easy to see why there’s a growing trend of buying property here.
Most buyers will find themselves priced out of Altstadt and city centre properties, and perhaps even trendy P seldorf / Harvestude’s townhouses, but the likes of Eppendorf have options for the budget conscious.
Renting Serviced Apartments
Hamburg’s ‘boomtown’ status has paved the way for serviced apartments, which are available in the harbour district and residential areas like Harvestuhude. Many of the serviced apartments in Hamburg are relatively new, boasting stylish d cor and modern amenities.
Prices for serviced apartments are well over those of unfurnished apartments, but they become competitive when compared to hotels. In an effort to compete directly with hotels, serviced apartments rarely enforce a minimum stay. Instead, they feature comparable short-term rates, with a favourable pricing scheme for stays of a week or longer. Guests enjoy extra space and access to a kitchen.
Buying Apartments and Houses
Renting is especially popular in Hamburg, and many residents opt to be lifelong renters rather than homeowners. This reflects the uneven laws governing renters and homeowners. In some cases, long-term rentals work out to be cheaper, due in part to the quality of Germany’s built-to-last houses.
Hamburg real estate law is notably different than that in the UK or the US, and it’s best for non-German speakers to go through a bilingual real estate agent. The buyer pays agent fees, which may be as high as six percent of the purchase price. After adding notary and land registration fees, this figure reaches 11 percent. As this figure is relatively high, it is wise to shop around for the best real estate agent, to make savings where possible.
Real Estate Agents
Finding an affordable and efficient real estate agent (makler) in Hamburg is a challenge, only because there is an impetus on renting. German law seems to favour tenants over homeowners. When searching for a makler, take the time to read customer reviews.
Check out the following Hamburg real estate agents:
Hamburg Sotheby’s International Realty
Address: Mittelweg 21a, Hamburg, D-20148, Germany
Tel: +49 040 8550 0900
Sotheby’s Hamburg branch specialises in upmarket properties, and offers one of the best English-language services in the city.
Address: Kingfisher House, 21-23 Elmfield Road, Bromley, London, BR1 1LT, UK
Tel: +44 0208 133 2632
Buy Hamburg’s main office is in London. but they do operate a satellite in Hamburg to help clients find the best investment properties in the area.
Address: Eisenbahnstrasse 158, Dreieich, D-63303, Germany
Tel: +49 061 0331 0847
AllGrund is a major German real estate agent with a portfolio of city properties for sale or rent. The company’s English-language website archives helpful information, and staff are accustomed assisting international clients.