City of Nuremberg
City overview
Nuremberg is the 2nd largest city in the state of Bavaria after its capital city Munich. With a population of 532,194 in 2017, the city is among the top ten largest economic centres in Germany. The metropolitan area of Nuremberg consists of more than 20 administrative districts and a GDP of €129 billion as of 2017.
With increasing number of start-ups and growing international players in various industrial sectors, Nuremberg attracts expats from across the world. In 2017, 22.6% of the population were non-germans. With the city’s steady economy and increasing foriegn population, the demand for land and property has also increased in recent years.
Increasing job opportunities and presence of a new technical university will boost employment and overall economy. Exceptional developments in the field of arts & culture, research & consulting, and financial services is also driving the growth in the overall economy.
Real estate market trends & outlook
In 2018, residential rents in Nuremberg for 3-room apartments were priced between €7.50 – €12.00 /sqm. Whereas, rents for terraced houses and semi-detached houses with approx. 120 sqm were priced between €8 – €11.50/sqm. In prime locations, the rents are approximately €14.50/sqm. Popular residential areas are situated close to the city center, particularly in the north of Nuremberg, and are high priced. However, South Nuremberg is more commercially developed and therefore offers cheaper rental prices.
Average prices for new build privately owned apartments increased from €3,900/sqm in 2017 to €4,400/sqm in 2018. However, the average purchase prices for existing apartments increased €2,100/sqm in 2017 to €2,400/sqm in 2018. The key drivers for rising real estate prices in Nuremberg is its proximity to Munich, which is the most expensive city in Germany. Good quality of life, low crime rates, and international exposure in the Bavarian state make Nuremberg an ideal place for people to work and live. In fact, in 2018, Nuremberg was ranked 23rd globally as the city with a good quality of life.
We’re in partnerships with multiple property listing pages and real estate agents to help you find a home. For instance, if you’re planning to buy a property in Nuremberg, particularly new build real estate, you’ll find neubau kompass very useful to find a property!
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 and 2018.
In Nuremberg, the average purchase price for detached houses (average to basic location) and prime location was priced at €440,000 and €950,000 respectively in 2018. However, middle terraced houses (average to basic) and prime were priced at €290,000 and €425,000 respectively.
About us
LoanLink24 is a German mortgage broker specialized in the Nuremberg real estate market. We also help expats and foreign investors get a mortgage. Our Nuremberg mortgage broker team will advise you in English, and our online platform will find the best mortgage interest rates from among 400+ regional and global German banks.
ou can access our platform any day of the week, at any time, to find help with a German mortgage. Not only that, our mortgage calculator can also show you how much you can borrow, and what your monthly payments may be. And best of all, our resources are in English and are completely free.
LoanLink24 is registered and controlled by the surveillance authority in Nuremberg.
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 Nuremberg, you always have to pay for additional fees, such as real estate tax, real estate agent fees, notary costs etc. In Germany, purchase fees may be up to 15% of the property’s purchase price. Similar to a down payment, real estate purchase fees should be covered by the buyer’s own equity instead of a bank mortgage. In Nuremberg, the approximate additional purchase fees are as follows:
Real estate tax: 3.5%
Real estate agent fees: 3.57%
Notary costs: 2%
Total costs: 9.07%
For more information in regards to the additional fees you would pay when buying a property in Nuremberg, please check out our mortgage calculator 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.
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.
As soon as you decide to buy, there are several good resources for locating a property in Germany. A few of the most common resources are the major residential real estate pages like immobilienscout24.de or immowelt.de.
Additionally, you can approach local real estate agents or the construction company. Also, please approach us. We have partners in Frankfurt, Berlin, Munich, Hamburg or Stuttgart who are ready to help.
In essence, a mortgage broker is an intermediary who brokers mortgage loans on behalf of individuals. We compare the mortgage products with an algorithm that spots the best deal for you. Accordingly, you can either visit us in Berlin or Frankfurt or you can simply use our online application process. It’s all digital!