New-Build Property Investment in Nuremberg
Neubau economics: pricing (~€6,400/m²), 5% degressive AfA and buyer protections. Verified opportunities in Nuremberg with English-speaking notary, financing and tax support.
Schedule Free ConsultationIllustrative estimate at a 3.8% assumed interest rate (10y fixed, June 2026 market range 3.6–3.9%) plus 2% initial amortisation. Actual terms depend on the property, your profile and the lender. Not financial advice.
New-Build Investment in Nuremberg: what to know
New-builds in Nuremberg average about €6,400/m² — a 74% premium over existing stock. In return you get current energy standards (lower financing costs, no renovation obligations), 5 years' builder warranty, and the strongest depreciation in decades.
Tax is the headline: buildings completed from 2023 depreciate at 3% linear, and qualifying projects started 10/2023–09/2029 can elect 5% degressive AfA — front-loading deductions exactly when your interest costs peak. Off-plan buyers pay in stages (MaBV) and should budget Bereitstellungszinsen on undrawn loan tranches.
The Nuremberg market in numbers
Nuremberg (Bavaria (Bayern)) has 547,913 residents. Existing apartments currently average around €3,680/m² (district spread roughly €2,366–€6,483/m²), with new-builds at about €6,400/m². Average asking cold rent is about €11.97/m², putting the gross rental yield near 3.9%.
Price momentum: +5.8% year-on-year. 5-year change roughly 0% (immowelt: -0.3%): prices peaked 2021 (~3,924 EUR/m2), corrected ~-8% p.a. in 2022-23, recovering since 2024 (+4.2% in 2024, +5.8% in 2025).
Vacancy: roughly 0.8% (CBRE-empirica Leerstandsindex, marketable rental vacancy 2022: 0.8% for Nürnberg). That is effectively full occupancy — supply scarcity drives both rents and letting speed.
Where to buy in Nuremberg
Investment demand concentrates in Altstadt / St. Sebald, Erlenstegen, St. Johannis, where letting is fastest and long-term value is most defensible. Value- and yield-oriented buyers look at Südstadt and Langwasser, which trade lower and typically deliver higher gross yields with more management intensity.
Altstadt / St. Sebald: Medieval walled old town below the Kaiserburg with landmark Altbau and rebuilt post-war stock — prestige central address for owner-occupiers and short-stay demand. Apartments trade around €5,000–€6,000/m².
Erlenstegen: Nuremberg's classic villa quarter in the leafy north-east — the city's most expensive residential district with scarce supply. Apartments trade around €6,000–€8,000/m².
St. Johannis: Sought-after Gründerzeit-Altbau quarter along the Pegnitz near the Hesperidengärten — cafe culture, popular with professionals and families. Apartments trade around €5,300–€6,300/m².
Gostenhof (GoHo): Multicultural, gentrifying inner-west district ('Nuremberg's Kreuzberg') with galleries and nightlife — dynamic pricing and strong rental demand. Apartments trade around €4,500–€5,500/m².
Südstadt (Steinbühl / Galgenhof): Dense, workaday quarter south of the main station with high renter share and value-entry prices — classic yield play close to the centre. Apartments trade around €3,372–€3,642/m².
Langwasser: Large 1960s-70s planned satellite district in the south-east with U-Bahn links and green spaces — budget segment favoured by families and buy-to-let investors. Apartments trade around €3,603–€3,744/m².
Taxes & buying costs in Nuremberg
Property transfer tax (Grunderwerbsteuer) in Bavaria (Bayern) is 3.5%. Add approximately 2% for notary and land registry (statutory GNotKG fees) plus any brokerage/service fee — total acquisition costs typically run 8–12% on top of the purchase price, and German banks generally do not finance them.
Held privately, the property can be sold tax-free after the 10-year Spekulationsfrist; before that, gains are taxed at your personal rate. Depreciation (AfA) shelters rental income: 2% p.a. for pre-2023 buildings, 3% for buildings completed from 2023, and a 5% degressive option for qualifying new projects started before 30.09.2029.
Nuremberg is a designated tight housing market: the Mietpreisbremse caps new-lease rents at roughly 10% above the local comparative rent (Mietspiegel), and the reduced Kappungsgrenze limits in-tenancy increases to 15% within three years. Factor the achievable regulated rent — not the asking-rent headline — into your underwriting.
Data & sources
All figures verified July 2026 against primary sources. Asking prices typically run 5–15% above notarised transaction values — where both exist, the source basis is stated.
Population: Melderegister Stadt Nürnberg as of 31.12.2025 (547,913.
Purchase prices: immowelt Price Map, apartments (existing stock), estimate as of 01.06.2026, https://www.immowelt.de/immobilienpreise/bayern/nurnberg-9040….
Rents: Asking rents (Angebotsmieten, new lettings): 11.97 EUR/m2 in Q2 2026, +3.91% YoY.
Yield: computed from price+rent above: 11.97 x 12 / 3,680 = 3.90% gross. Not independently sourced.
Price trend: immowelt apartment price series for Nürnberg (2025 avg 3,670 EUR/m2, +5.8% vs 2024).
Vacancy: CBRE-empirica Leerstandsindex, marketable rental vacancy 2022: 0.8% for Nürnberg.
Frequently asked questions
Is off-plan (vom Bauträger) buying safe in Germany?
The MaBV payment schedule ties every instalment to certified construction progress, and your Auflassungsvormerkung secures the claim. The real risks are developer delay and Bereitstellungszinsen — negotiate long interest-free commitment periods into your loan.
Can foreigners buy investment property in Nuremberg?
Yes. Non-residents can buy property in Nuremberg without German citizenship or residency. Financing is available to expats and Blue Card holders; non-residents typically need 40–50% equity, German tax residents 10–20%.
What are the total buying costs in Nuremberg?
On top of the purchase price, budget 3.5% property transfer tax (Bavaria (Bayern)), about 2% notary and land registry, plus any brokerage/service fee — commonly 8–12% of the price in total.
What rental yield can I expect in Nuremberg?
Gross yields in Nuremberg average around 3.9%, higher in value districts such as Südstadt and Langwasser and lower in prime locations like Altstadt / St. Sebald.
How much is property per square metre in Nuremberg?
Existing apartments average about €3,680/m² to buy and roughly €11.97/m² cold rent per month, varying significantly by neighbourhood and condition.