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Housing In DenmarkBy Expert Author: Ronnie Sweet
According to the Association of Danish Mortgage banks, the average prices of homes and properties were DKK 18,814 or 2445 Euros per square meter. This has seen an increase by at least 3% since the previous year. There has also been a jump of 2% from the previous quarter last year. In the past two years, when the recession hit the World, the Denmark real estate listings also took a major hit. With 2010, the recovery in international real estate has seen an upswing.
In most regions and metropolitan areas of Denmark, there has been a sharp increase in the value of all the apartments and the flats. In Copenhagen, which is the capital of Denmark and an extremely picturesque place, the average cost of the flats was shown to be 3056 Euros per square meter. The prices have increased by as much as 5% in Copenhagen this year.
However the prices of the detached houses in Copenhagen have not increased in the same way as the apartments and the flats in high rise buildings. The average price for the detached houses for those interested in Denmark real estate for sale is priced at 1,632 Euros. In fact the average price is down since last year by almost 3%.
Copenhagen, which is also the largest city of Denmark, has registered an average price of 2809 Euros per square meter in the first quarter of this month. In the previous year, around the same time, the prices were much lower and were priced at 2648 Euros.
Denmark is extremely cosmopolitan and there are people from all across Europe that come here to work and also come here as tourists. With the recovery, the government is facing budgetary deficits that are going to affect the unemployment benefits and housing aids. This means that people have less money to spend in comparison with citizens in other country. In spite of this, the Denmark real estate market is confident that the recovery will continue and the prices will rise.
Investors that are looking for international rentals for investing in Denmark will be disappointed as of now. The Rental yields are in the range of about 6%, which is quite a low return. As the housing industry comes out of its slump, the rental yields will also increase.
The best part is that the taxes are quite low for the real estate market in Denmark as compared to other countries in Europe. The rental income is chargeable that vary on rates between 5.48% - 15%. For companies, the capital gains tax rate is 28%. For those that are non resident in Denmark, the rate is 32%. If the property is inherited by immediate family, then the inheritance tax is 15%. However if the inheritance is for the spouse, then tax isn't charged.
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