Hamburg, with a population of 1.79 million people (4.3 million including the metropolitan area), is Germany's second largest city. Hamburg, a city-state of its own, is the cultural and commercial hub of Northern Germany, achieving the second highest GDP per capita among German cities.
Being home to the largest seaport in Germany, many global businesses are located in Hamburg, positioning itself as a new global hub for life science, media and technology, in particular for the aviation and logistics industry.
The transformation of Hamburg into an international hub is well-reflected in the total number of people with a migrant background, which accounts for 34% of the total population. 631,246 foreign nationals come from more than 180 different countries.
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 Hamburg, the average annual property prices per square meter has increased from 2.000€ in 2008 to 4.230€ in 2018. Meanwhile, the average rent prices per square meter also increased from 8,10€ in 2008 to 11,60€ in 2018.
LoanLink is a German mortgage advisor, and we specialize in international clients. If you want to purchase Hamburg real estate, we can help. Our Hamburg mortgage broker team will advise you in English, and our online platform will find the best mortgage rates from among 400+ regional and global German banks.
You 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 lso 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.
LoanLink is registered and controlled by the surveillance authority in Hamburg.
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When buying a property in Hamburg, 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 downpayment, purchase fees should be covered by the buyer’s own equity instead of a bank mortgage. In Hamburg, the approximate additional purchase fees are as follow:
Real estate tax: 4.25%
Real estate agent fees: 6.25%
Notary costs: 2%
Total costs: 12.75%
For more information in regards to the additional fees you would pay when buying a property in Hamburg, please check out our mortgage calculators for a more accurate calculation.
Altogether, the timeline depends on you. If you have all relevant documents ready the process can take only a few days. In case you want to be covered as fast as possible, please let us know. We have direct relationships to the credit departments of our partner banks and can accelerate the process.
Generally, lenders require information about your personal and financial situation. Some of the documents you will need include:
To list all documents you may need, please find a Complete document checklist on our blog.
Once you decide to purchase property in Germany, contact the LoanLink Mortgage advisors via live chat, email or phone. Whenever you have a spare minute, you can also read our German mortgage blog to learn more.
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!
Buying a home is complicated and stressful - even for German native speakers. We’ve created a comprehensive and easy to understand guide to buying a property in Germany: