Buying real estate in Denmark
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Real Estate Prices in Denmark
Varies, for example:
Locations to buy real estate in Denmark
The capital of Denmark, Copenhagen, is popular and becoming increasingly so with the new bridge that has opened connecting Denmark and Sweden, thus making access to all parts of Scandinavia easier. The city has a mix of quaint, old fishing village charm and the cosmopolitan feel of a large city. Popular areas to buy are the apartments near the harbour and docks. The rest of Denmark is much more rural, with the most popular areas being the coastlines, particularly along the west and northern coasts of Jutland, with Rungsted, Valleroed and Oderup to the North and areas in the Danish mainland also being popular.
Living Costs in Denmark
The standard of living in Denmark is high, and there is a very low unemployment rate. Everyday necessities and clothes are below the European average and property is also relatively cheap. However, Alcohol and luxury items such as cars, are expensive due to high taxation. Utility services such as electricity are also expensive.
Buying Real Estate In Denmark
you have found the right property for you, it is advisable to get someone
to check for damp or building construction errors before you advise
the Real Estate Agent to draft "purchase agreements". It can be useful
to pre-empt any mortgage requirements by obtaining an approval or "mortgage
certificate". A solicitor/lawyer will correspond with the Real Estate
Agent in negotiation of the purchase price before the buyer and seller
sign the final document contracts. The solicitor/lawyer will notarise
them on your behalf and issue the official owner document. It is usual
to negotiate a better purchase price when cash buying.
solicitor/lawyer should be used to check through the sale agreement
("Skoede"), run checks with the local council and read survey reports
and sign for completion of contracts.
seller would normally cover Real Estate agent fees of around 6% of
the property sale value.
are various property taxes in Denmark. A real estate tax to the state
which is 1% of the property value. A local tax based on the value of
the land belonging to the property, which varies between 0.5 - 2.5%
depending on location. A county tax based on the value of the land
belonging to the property, which is about 1%.
are no legal or administrative restrictions on foreign investors access
to sources of local finance and mortgages.
can normally borrow up to 80% of the buying price, with repayment periods
typically from 10 to 30 years. The lending activities are financed
issuing of bonds, which are sold on the open market. You can get fixed mortgages
or mortgages variable with the bond market prices. When the bond price goes
up the interest rate goes down.
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