Essen is one of the best real estate markets in the country. Rental rates and property prices are at the top end of the property market. Most Germans rent their flats and those who want to buy a house require a loan. Home insurance is crucial for those who decide to buy a home.
Better neighbourhoods in Essen include places like Frillendorf, Kettwig, Werden, Ruttenscheid, Hauptbahnhof, Fischlaken, Bredeney, Schuir and Heidhausen. Worse neighbourhoods in Essen include Helenenstrasse, Altendorf, Vogelheim and Altenessen.
Buying a house in Essen
Property sales in Essen are classified per square metre. The average price for a house in Essen is €2250 per square metre. Houses, especially detached houses are the most expensive of the properties, followed by semi-detached houses, terraced houses, and flats and flats are the cheapest group. The majority of houses are owned with a mortgage. The average mortgage-to-income ratio in Essen is 39%.
Cost of living
The cost of living in the city is 2% higher than the national average. Food and healthcare costs are particularly higher than average. Transport costs are average, while housing is cheaper by a small degree.
The average monthly rent for a one-bedroom flat in Essen is around €900. The average rent for a two-bedroom flat is €2000 per month, a three-bedroom is €2800, a four-bedroom is €4000 per month, while the rent for a five-bedroom flat is around €5500 per month.
Investing in real estate in Essen
Essen is a good place to invest in real estate as investors can experience higher rents due to high wages and constant demand due to the large number of students. However, there is no insurance against poor property management, so profits depend on how well the property is managed.
Starting a family in the city
It is possible to start a family in Essen. However, small families will do better than large ones, as the cost of living in Essen is slightly higher than in many other places in Germany. You will find great open spaces for children to play and all the necessary social amenities.
Retirement in Essen
Essen is not a place that usually comes to mind when you think of moving to Germany to retire. Essen is associated with energy, and with 4 universities in the area, it has a huge student population. Essen is not an ideal place to retire, although the majority of residents are over the age of 40. The extensive green areas may appeal to someone with a large retirement fund, but it is better to look for retirement homes in other cities. Prices for retirement properties in Essen are the same as other properties, but with due diligence you can find great deals.
Moving to Essen
Essen has many attractions for visitors. The city is particularly known for its green spaces and this should be your first stop. Grugarpark and the Botanical Garden are great places to visit. The garden has animal enclosures, an aquarium and an amusement park that are great fun for people of all ages. Other major attractions in Essen that you’ll want to see are the Ruhr Museum, Villa Hugel, The Baldeneysee and the Zollverein Coal Mine Industrial Complex. So, if you decide to live in Essen, it’s worth knowing what you need to prepare first so you can move from another country. It is worth preparing a priority list so that you don’t forget anything. Moving house is not only about transporting your belongings, furniture, clothes, but also about the formalities you have to fulfil to be able to live in Germany. You take care of everything, and we’ll help you with the relocation so that your belongings are transported safely, quickly and efficiently from place to place.
