Germany Relocation: What You Need to Know
Posted by: Florian Geier, Director, Client Services, Germany
Thinking about relocating to Frankfurt? Frankfurt is the fifth largest city in Germany, a major financial centre in Europe that houses many global corporate headquarters, as well as the European Central Bank. However, Frankfurt’s highly competitive rental market can be challenging for international assignees.
This issue of Germany Market Watch focuses on the city of Frankfurt and the current impact that Brexit is having on the city, as well as potential future trends in the local rental market and schools.
A major impact on Frankfurt currently is the UK’s plan to leave the European Union (EU), as according to reports in the media, a number of organisations, particularly in the financial sector, are considering the option of relocating jobs to Frankfurt. However, the true impact of Brexit on supply and demand in the rental market as a result of the increase in the local workforce is not expected to be felt for a year or two.
Finding a Home in Frankfurt
In Frankfurt, and many other locations in Germany, flexibility remains key when searching for a property. We recommend that international assignees keep an open mind so as not to limit their property choices. Once assignees have found a suitable property, they need to act quickly to secure the lease. For every property available, there are often many potential tenants interested, so speedy assignees are more likely to avoid disappointment! Our Market Watch discusses Frankfurt’s current rental trends as well as the most popular expatriate neighbourhoods for single assignees, couples, and families.
Limited School Places in Frankfurt
Due to limited international school places, assignees with school-age children should apply as far in advance as possible. Brexit has the potential to hinder waiting times further for international school places in Frankfurt, and this should be considered when scheduling assignments to the city in the next few years.
School fees in Frankfurt can also be very expensive by world standards and it is not uncommon to pay a non-refundable registration fee during the application process. Organisations will need to take this into consideration when budgeting school allowances for families relocating with children.
At Cartus, we have experienced a continuing increase in the number of tenants entering the Frankfurt market. Flexibility will be even more imperative should organisations continue to choose to relocate from the UK into Frankfurt following Brexit.
As more details become known about how Brexit is impacting Frankfurt and other major European destinations, we will publish further information on the potential impacts to your mobility programmes.
For a more detailed review of Frankfurt’s rental market, read the Cartus Germany MarketWatch, alternatively view our video on relocating to Germany and view our Resource Page for information on other major locations worldwide.