History
After the Cold War in 1945, Germany was split into two different states in 1949 which were the western Federal Republic of Germany (FRG) and the eastern German Democratic Republic (GDR). The end of the Cold War and the decline of the USSR allowed for Germany to be united as one in 1990. Germany along with 10 other countries from the EU introduced the Euro as a single currency in January 1999.
Property Prices
Range varies according to what you wish to purchase as shown below:
From £95,000 for a 1 bed flat
From £122,000+ for a 2 bed flat
From £162,000+ for a house
Country houses from around £270,000+
Where to buy
Frankfurt is a really popular place to buy near to the coast. The large majority of Germans rent their property due to the high price of purchase. Valleys are popular places to purchase property as well.
Cost of Living
The cost of living in Germany is relatively high, due to the high price of properties and due to Germany becoming a popular place for expatriates to live and work.
Buying real estate
As soon as the property has been found and a purchase price agreed, the buyer should get the solicitor/lawyer to check that there are no liabilities on the property; check all documentation and the contract agreement. Once the sale has been completed, the title deeds will need to be registered with the local land registry office so that the property is transferred into the buyer's name.
Legal
A solicitor/lawyer should be appointed on behalf of the buyer to deal with all documentation which includes drawing the contract, dealing with the notary and registering the property with the local Land Registry.
Fees payable
Legal fees are around 6% but vary as they are usually split between the buyer and seller. The notary fee is around 1.5%.
Taxes
Transfer tax is around 3.5% and Land tax is around 1%. Wealth tax is around 0.5% for non-residents on property owned in Germany.
Finance
Can be arranged through either international brokers or from a German bank for both residents and non-residents with variable interest rates and payment terms being available.
Embassy
23 Belgrave Square
London
SW1X 8PZ
Tel. 020 7824 1300
Fax. 020 7824 1449
E-Mail: consular@german-embassy.org.uk
