In Hamburg, who buys what

 

The majority of home buyers in the Hamburg region are locals, with international buyers responsible for just a small percentage of home sales, according to brokers. Travel limits and quarantine laws slowed down home sales to foreign buyers during the pandemic. buying property in qatar for expats

Jens-Olaf Lenschow, a notary at Notariat Neuer Wall 41 in Hamburg, said, "I didn't have many investors who live abroad or have companies abroad buying residential property in Hamburg over the last year." “I'm not sure if those revenues decreased, but they certainly did not increase.”

Global home buyers in Hamburg, according to Ms. Stuwe, usually come from France, Switzerland, the United States, the Netherlands, the United Kingdom, and Austria. Between 2005 and 2015, Mr. Lenschow said, there was a massive influx of Danish investors into Hamburg, but they have since thinned out.

Many buyers come from China and the United States, as well as expatriate Germans returning home, according to Mr. Stehle.

Investing in Fundamentals

Foreigners have no limitations when it comes to purchasing property in Germany. Brokers claim that because the procedure is straightforward and fairly standard, with independent notaries managing all sales, the services of a lawyer, which are usually costly, are not required.

Mr. Lenschow believes that foreign home buyers would be more likely to employ a broker or a real estate adviser to assist them in their home quest.

The notary fee is approximately 1% of the home's selling price, with registry fees totaling approximately 0.5 percent. According to Dr. Just, real estate transfer taxes differ by state; in Hamburg, buyers pay 4.5 percent.

Brokers said that while buyers used to pay the entire real estate agent commission, starting in December 2020, those fees would have to be split between the buyer and seller. Real estate commissions differ by area, but they are usually between 6 and 7%. Mr. Stehle explained that in Hamburg, both the buyer and the seller pay 3.125 percent.

Depending on their situation, foreigners seeking a mortgage from German banks may face challenges, according to Lucie Lotzkat, an executive partner at Von Poll Finance. “If the customer lives outside of Europe, since there is no link between the EU and Germany, a mortgage from German banks is complicated, though not impossible,” she said.

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