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Real Estate in Cologne, Germany | Digital Nomad Exchange
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Real Estate in Cologne, Germany

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Universal Tax Professionals
Universal Tax Professionals
Universal Tax Professionals

By Joshua Wood, LPC

Last updated on Oct 05, 2024

Summary: The most desirable neighborhoods in Cologne, Germany are Ehrenfeld, Lindenthal, and Sülz. The average cost to buy a nice 2 bedroom home in Cologne is around $400,000 USD, while a nice 3 bedroom home is around $500,000 USD. These properties typically include modern amenities such as updated kitchens, bathrooms, and living spaces. Foreigners are allowed to purchase property in Cologne, however, they must obtain a residence permit from the local authorities. When searching for a home to buy in Cologne, an expat should consider their budget, desired location, and amenities. It is also important to research the local real estate market and consult with a real estate agent to ensure they are getting the best deal.

How do I find a place to live in Cologne?

We asked expats how they chose their neighborhood and found a place to live. They answered:

"Cologne is a great place to live, with plenty of options for housing. One of the best ways to find a place to live is to use online resources such as websites like ImmobilienScout24, which allows you to search for apartments and houses for rent in the city. Additionally, you can also look for housing through local newspapers, or by asking friends and family who live in the area. Additionally, there are many real estate agents in Cologne who can help you find the perfect place to live," said one expat in Cologne.

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What is a typical expat home or apartment like in Cologne?

"Expat homes and apartments in Cologne are typically modern and spacious, with large windows that let in plenty of natural light. Many apartments come with balconies or terraces, offering stunning views of the city. Expat homes and apartments are usually well-equipped with all the necessary amenities, such as a washing machine, dishwasher, and internet connection. Furnishings are often stylish and comfortable, with a mix of traditional and contemporary pieces," explained one expat living in Cologne, Germany.

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What is the average cost of housing in Cologne?

If you are thinking about moving to Cologne, cost of living in probably a key consideration. Expats commented about the cost of housing:

"The cost of housing in Cologne varies depending on the size and location of the property. Generally, the average cost of renting an apartment in Cologne is around €800 to €1,200 per month, while the average cost of buying a property is around €3,000 to €4,000 per square meter," said one expat who made the move to Cologne.

Should I buy or rent a home in Cologne?

If you have not spent a lot of time in Cologne, you should rent before even thinking about buying. We asked expats there about the buy vs. rent decision:

"Buying a home in Cologne can be a great investment, as the city is known for its strong economy and vibrant culture. However, it is important to consider the cost of living in Cologne, as well as the availability of housing, before making a decision. Renting a home in Cologne can be a great option for those who are not ready to commit to buying a home, as it allows for more flexibility and can be more affordable in the short-term. Ultimately, the decision to buy or rent a home in Cologne should be based on individual needs and preferences," explained one expat living in Cologne, Germany.

What do I need to know when buying property in Cologne?

When we asked expats what advice they would give a foreigner before buying a property in Cologne, they said:

"1. It is important to research the local market and familiarize yourself with the current property prices in Cologne. 2. Make sure to hire a qualified real estate lawyer to help you with the legal aspects of the purchase. 3. Consider the location of the property and the amenities available in the area. 4. Be aware of any additional costs associated with the purchase, such as taxes, fees, and insurance. 5. Make sure to inspect the property thoroughly before making a purchase. 6. Consider the potential for rental income if you are looking to buy an investment property. 7. Be aware of any restrictions or regulations that may apply to the property. 8. Make sure to get a detailed contract that outlines the terms of the purchase," said one person in Cologne.

Are foreigners allowed to own property in Cologne?

When we asked expats what advice they would give a foreigner before buying a property in Cologne, they said...

"Yes, foreigners are allowed to own property in Cologne. According to German law, non-EU citizens may purchase property in Germany, provided they have a valid residence permit. EU citizens may purchase property in Germany without a residence permit. However, non-EU citizens may only purchase one property in Germany, and it must be used as their primary residence. Additionally, non-EU citizens must obtain permission from the local government before they can purchase a property," remarked one foreigner who made the move to Cologne.

What appliances are typically included in a rental?

We asked foreigners in Cologne what appliances are typically included in a rental, and, if there is anything else included or not included that a newcomer would not expect. Replies included:

"Rental properties in Cologne typically include a refrigerator, stove, oven, and washing machine. Some properties may also include a dishwasher, microwave, and other small kitchen appliances. Additionally, many properties come with a vacuum cleaner and other cleaning supplies," explained one foreigner living in Cologne, Germany.

Additional Information about Searching for a Home in Cologne:

We asked foreigners in Cologne what appliances are typically included in a rental, and, if there is anything else included or not included that a newcomer would not expect. Replies included...

"Expats looking for homes in Cologne can search online for real estate listings, contact local real estate agents, or look for rental postings on websites such as Craigslist or ImmobilienScout24. Additionally, expats can join local expat groups or forums to ask for advice and recommendations from other expats who have already gone through the process of finding a home in Cologne," said one in Cologne.

About the Author

Joshua Wood Joshua Wood, LPC is one of the Founders of Digital Nomad Exchange and serves as Co-President of Expat Exchange. Prior to Expat Exchange and Digital Nomad Exchange, Joshua worked for NBC Cable (MSNBC and CNBC Primetime). Joshua has a BA from Syracuse and a Master's in Clinical and Counseling Psychology from Fairleigh Dickinson University. Mr. Wood is also a licensed counselor and psychotherapist.

Some of Joshua's articles include Pros and Cons of Living in Portugal, 10 Best Places to Live in Ireland and Pros and Cons of Living in Uruguay. Connect with Joshua on LinkedIn.

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Get a quote for international health insurance from our partner, William Russell.
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Get a quote for international health insurance from our partner, William Russell.
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Help others in Germany by answering questions about the challenges and adventures of living in Germany.

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