Denmark is one of the countries with the happiest citizens in the world. Denmark has a good economy, remarkable living conditions and government supported services. Therefore, many expats accept the prospect of moving to Denmark. Many expats also consider buying or renovating properties in Denmark. To build or renovate their dream home, they need the services of reputable companies like Sandshoppen. Before purchasing a property, expats should equip themselves with knowledge of the processes and requirements involved.
Danish city life is bustling, the countryside offers stunning views, the standard of living is high and the weather is moderate. Settling as an expat requires a good place to reside. The process of buying property in Denmark as a non-citizen can be confusing. Expats must adhere to the strict guidelines put in place.
The general property situation in Denmark
The Danish real estate market has weathered the coronavirus pandemic better than other countries. In 2019, the real estate market grew by 3%. Inflation was only 1.6% in comparison in 2020.
As the economy recovers from the effects of the pandemic, the price is expected to rise. There is also the possibility of demand-driven inflation due to a general decline in property purchases and sales in 2020.
Requirements for buying property in Denmark as an expat
Certain conditions must be met before an expat can buy a property in the Scandinavian country. The main requirements include living in Denmark for a period equal to or longer than five years and working in Denmark for EU nationals. Non-EU citizens are only required to obtain a residence or business permit.
Cost of property in Denmark
The cost of buying a property in Denmark is quite high. This is even higher than buying property in the UK. The price of property varies from region to region. It also depends on the type of property you plan to buy. If you go somewhere in a city like Copenhagen, you will pay more. Opting for cities close to ports can lead to lower costs.
Guide to buying property in Denmark
- Make sure you are qualified to buy property in Denmark. If you qualify, apply for clearance from the Department of Civil Affairs.
- Take out a mortgage if you need one.
- Use online resources to find a property that catches your eye. It is best to physically check the property you want to buy.
- Make an offer and once you’re accepted, have a lawyer draft the legal certification.
- Make sure the seller signs the purchase contract
- Take out insurance for your home.