Düsseldorf – “High quality of life at moderate living costs”
City overview
Ranked as number one for foreign direct investment in Germany, Düsseldorf is a cosmopolitan city and an international business hub for leading trade fairs. Thanks to its high quality of life at moderate living costs, the city attracts many international companies and global investors. As the city is located in the heart of Europe, Düsseldorf airport is Germany's third largest passenger airport and is also an important contributor to ensure its significance in Europe.
Due to its steady economic growth and diverse leisure facilities, Düsseldorf is a highly sought-after residential destination for many people. With a population of 600,000 citizens, Düsseldorf is Germany's sixth largest city. A total of 11.4 million people live within just one hour drive radius. And nearly one third of all consumers in the EU live within a 500-kilometer radius of Düsseldorf.
As Düsseldorf is known for its high quality of life and work-life balance, the city also earns a reputation as a great city for expats and their families. Foreigners account for about 17% of the city's population. The Japanese and Chinese communities, in particular, have been growing rapidly, making Düsseldorf a thriving international business location in Europe.
Real estate market trends & outlook
In Düsseldorf, prices for purchasing apartments or houses have risen for more than 81% since 2009. Yet, compared to other metropolitan areas, growth in both asking and rental price remains below national average. This is mainly caused by comparatively strong construction activity, high vacancy and relatively slow population growth. The number of households is forecasted to increase by 50,000, from currently 330,000 to approximately 380,000 by 2040, according to NRW Bank.
Strong economic base and stable growth rate in the region will continue to stimulate the residential real estate market in the long term, this means there will be a significant increase in value in real estate in Düsseldorf. The average price for buying property in Düsseldorf has reached to €3,660/sqm in the first half of 2018. The average price of a single-family home increased by more than 2.3% compared to the previous year. If you are considering to buy one, the average asking price will set you back with €858,719 for your new home, or even up to 4.1 million € in the most expensive locations. Meanwhile, rental prices have also increased by 2.4% to an average of €11,15/sqm/month.
Düsseldorf's real estate market could be as interest-rate-sensitive as Hamburg, given the slower than average population growth rate. As a result, demand for housing is not as high as other major German cities such as Berlin and Munich. Construction volumes in Düsseldorf is also predicted to expand by 16% every year. Nonetheless, given Düsseldorf's success in attracting foreign investors, prices and rents are expected to continue to rise further.
We’re in partnerships with many property listing websites and real estate agents to help you find a home. For instance, neubau kompass is a great website to find new build apartments or houses, if you’re planning to purchase real estate in Duesseldorf!
How prices are growing in
major German cities?
Germany's strong economic growth has resulted in price increases across German cities: On average the prices doubled in the last 10 years. Rents also follow the house price development in Germany: the average increase amounts to 50% between 2008 ad 2018.
In Düsseldorf, the average annual property prices per square meter has increased from €1,800 in 2008 to €3,660 in 2018. Meanwhile, the average rent prices per square meter also increased from €7.60 in 2008 to €11.15 in 2018.
About us
LoanLink24 is a German mortgage broker that specializes in helping international clients access Düsseldorf real estate. Our professional Düsseldorf mortgage broker team is experienced, and are committed to walks clients through the process in English, Chinese, Russian and German. With a highly advanced technological platform, we can identify the best mortgage rates from over 400 regional and global German banks.
Our smart online mortgage platform can help you with the German mortgage process at any time of day or night. And, our home loan calculator shows a complete picture of what your mortgage might look like. To make the process easy for non-German speakers, all resources are in English, Chinese, Russian and German. Best of all, we do not charge our customers any fees.
LoanLink24 is registered and controlled by the surveillance authority in Düsseldorf.
Got a question or a complex situation?
Our friendly home loan experts are happy to support you in finding a mortgage in Düsseldorf. Call us on 0800 05 28000 or email us at service@loanlink24.com
How it works
More information on mortgages in Germany
Can’t find what you’re looking for here? We’ve got more answers on our FAQs page.
When buying a property in Düsseldorf, you always have to pay for additional fees, such as real estate tax, real estate agent fees, notary costs etc. In Germany, real estate purchase fees may be up to 15% of the property’s purchase price. Similar to a downpayment, purchase fees should be covered by the buyer’s own equity instead of a bank mortgage. In Düsseldorf, the approximate additional purchase fees are as follow:
Real estate tax: 6.5%
Real estate agent fees: 3.57%
Notary costs: 2%
Total costs: 11.07%
For more information in regards to the additional fees you would pay when buying a property in Düsseldorf, please check out our mortgage calculators for a more accurate calculation.
First, the exact amount of your deposit depends on if you live and work in Germany.
I live and work in Germany:
You can borrow up to 100% of the property price. Overall, your deposit should cover the purchase fees, which will depend on the property’s location in Germany. Usually purchase fees are between 5-15% of the property price. Such fees include: stamp duty, notary fees and real estate agent tax.
I do not work in Germany:
Generally, you can borrow up to 60% of the property price. So, your deposit should cover 40% of the property purchase price as well as the purchase fees (5-15% of property price). As shown above, these fees include stamp duty, notary fees and real estate agent tax.
LoanLink24’s mortgage affordability calculator is tailored to buyers of different residency status to work out how much house they can afford in Berlin. By simply inputting a few numbers, you will find out your maximum affordability within seconds.
As soon as your initial mortgage expires, you have two options. On one hand, you can choose to pay off the entire mortgage at once. Otherwise, you can refinance at current market interest rates with your current bank or a new lender. In most cases, refinancing with a new lender results in better rates for you.
We can help you to identify the best refinancing deal from 400+ partner banks.
Generally, lenders require information about your personal and financial situation. Some of the documents you will need include:
- A German self-disclosure document.
- Proof of equity.
- Proof of income (last 3 payslips).
- 2 years of balance sheets (if self-employed).
- Property information (e.g., the extract from the land register).
- Copy of your passport, blue card, and/or visa.
- Latest tax declaration.
- Documentation of rental income.
To list all documents you may need, please find a Complete document checklist on our blog.
Presently, KFW offers good interest rates for those who are planning to live in the house themselves or who are purchasing a newly constructed house or apartment ( KFW home ownership program or KFW energy efficient construction program).
property in Germany