What does Saxon Capital buy in Saxony, and what does it not?
Apartment buildings, mixed-use buildings with a residential majority, residential portfolios and blocks of condominiums, from twelve residential units or 1.5 million euros of market value. Geographically Dresden, Leipzig, Chemnitz and the ring of roughly fifteen kilometres around Dresden and Leipzig. Not detached houses, not single flats, not commercial space, not care homes.
An acquisition profile is the written record of what an investor buys: region, asset type, size class, volume, condition and expected multiplier. This page is the English companion to the German original, Mehrfamilienhaus kaufen in Sachsen: same figures, written for a buyer outside Germany.
| Criterion | In the profile | Outside the profile |
|---|---|---|
| Asset type | Apartment building, mixed-use residential, portfolio, condominium block | House, single flat, commercial, care |
| Size (units) | from 12 residential units | below 12 |
| Volume (EUR) | from 1.5 million market value | below that |
| Region | Dresden, Leipzig, Chemnitz, belt to 15 km | outside Saxony |
| Condition | refurbished, part-refurbished, backlog | development without consent |
| Tenancy | let, partly let, vacancy with a concept | no verifiable rent roll |
The threshold of twelve units is a buyer question, not a price question. Below it, owner-occupiers buy; above it, portfolio holders, family offices and housing companies buy, and they calculate in multipliers. How the multiplier is derived: Kaufpreisfaktor Mehrfamilienhaus Sachsen.
How many apartment buildings actually come to market in Saxony?
For 2025 the state valuation board counted 531 transfers of apartment buildings in the three urban districts: 250 in Leipzig, 150 in Dresden, 131 in Chemnitz. That is about ten deals a week for all of urban Saxony. The Dresden median price in that sample was 1.0 million euros, below our own threshold of 1.5 million.
| City | Transfers, state (number) | Cases, city report (number) | Turnover (EUR million) | Ø per case (EUR million) |
|---|---|---|---|---|
| Leipzig | 250 | 229 | 410.1 | 1.79 |
| Dresden | 150 | 160 | 256.9 | 1.61 |
| Chemnitz | 131 | not published free of charge | n/a | n/a |
| Urban districts total | 531 | – | – | – |
Columns 2 to 4 from the reports listed under Sources; column 5 is our own calculation.
The two counts of the same market differ, and that is not an error: the city report counts purchase cases from the municipal price register, the state evaluation counts transfers at its own cut-off date. Do not mix them, and always name the source.
How many of those buildings had more than twelve units cannot be evidenced. None of the three Saxon reports breaks apartment buildings down by number of flats, and that breakdown exists only as a paid special evaluation. We do not print a figure we do not have.
What gross rent multiplier do buyers have to price in here?
For 2025 the Dresden board reports a median gross rent multiplier of 21.2 across 130 purchase cases in detached building form. Leipzig reaches 23.1 on average for refurbished period stock across 124 cases, Chemnitz 15.0 for reporting year 2024. Between Leipzig and Chemnitz lie eight annual rents for the same asset class.
In Dresden the range runs from 13.4 to 55.7. In Leipzig the district averages sit between 20.4 and 26.5 at almost identical prices per square metre; the difference sits in the passing rent, 7.02 against 6.22 euros. Where in-place rents are low, buyers pay higher multipliers.
Grundstücksmarktbericht Dresden 2026, page 81; Marktbericht Leipzig 2026, Table 25; Grundstücksmarktbericht Freistaat Sachsen 2025, Figure 7.1.2-1, page 56 for Chemnitz. Full figures per city: Dresden, Leipzig, Chemnitz.
What does an acquisition in Saxony cost on top of the price?
About 7.5 per cent, and that figure is rarely on an English-language page about German residential assets. Saxony charges 5.5 per cent real estate transfer tax, raised from 3.5 per cent on 1 January 2023. Notary fees add roughly one per cent and the land registry roughly one per cent, the same split the Leipzig valuation board applies in its own report.
Applied to the averages above, this is our own arithmetic and stands on no other page: on the Leipzig average of 1.79 million euros per purchase case, entry cost is about 134,000 euros; on the Dresden average of 1.61 million, about 121,000 euros. At the Dresden median multiplier of 21.2 that is roughly eighteen months of gross rent before the asset produces anything.
Transfer tax: Grunderwerbsteuergesetz, Section 11, Saxon rate 5.5 per cent since 1 January 2023. Notary and land registry rates as applied by the Valuation Board Leipzig, Marktbericht 2026; itemised model in Kaufnebenkosten Sachsen.
How does an investor reach assets that are never advertised?
Through a registered acquisition profile and through confidentiality. Saxon Capital presents mandates first inside its own investor circle, anonymised, without address, photographs or owner name. Whoever is on that list usually sees an asset before any decision on public marketing is taken. For assets of this size a portal listing mostly never happens.
The reason sits on the seller's side. In a market of ten deals a week, every active buyer knows every public offer and how long it has been standing. An asset visible for three months without selling starts again at a discount. The seller's view is on Mehrfamilienhaus diskret verkaufen.
What does Saxon Capital ask of you before you see an asset?
Three things, all three before the first address is disclosed. An acquisition profile with region, asset type, volume and expected multiplier. A signed confidentiality and commission agreement covering the introduction. And evidence that the purchase is deliverable: equity confirmation, a financing letter, or a reference from a completed transaction.
- The profile sorts what we send you.
- The agreement protects the seller; without it we would not get these mandates.
- The evidence is given once, not per asset. We identify the parties under Section 10 of the German Money Laundering Act anyway; storage is set out in the privacy notice.
How does a purchase run from profile to notarial deed?
Register the profile and take the admission call, then receive an anonymised summary of a matching asset, then sign the confidentiality agreement and receive the full documents, then inspection, review and notarisation. Between first summary and notary appointment there are usually a few weeks, because the documents are assembled beforehand and the seller has already decided.
- Profile and admission call. You register through the buyer form; a short call settles volume, region, asset type and holding period.
- Anonymised summary. Key data without the address: district, floor area, units, gross annual rent, construction year, condition, vacancy.
- Confidentiality and documents. After signature you receive address, rent roll, land register extract, cadastral map, energy certificate and maintenance history.
- Inspection and notarisation. Inspection with Rico Peuker, who reads the roof and the risers that no document shows. Land register, encumbrances and tax go to your notary and tax adviser, not to us.
What international investors ask before joining the Investor Circle?
What is the smallest asset Saxon Capital works with?
Twelve residential units or 1.5 million euros of market value; one threshold is enough. Below that, the second brand of Rico Peuker, peuker_IMMOBILIEN, takes over. Smaller buyers are financed differently and value differently, so the sale runs differently.
Does joining the Investor Circle cost anything?
No. Admission follows a short call about profile, volume and holding period. Anyone who cannot state a profile, or who only wants to collect property data, is not admitted. Admitted investors pay no fee and take on no obligation to buy.
Does the buyer pay a commission?
It depends on the mandate, and we put it in writing before any property is named. On apartment buildings a buyer commission is customary; on some mandates the seller carries the whole fee. Sections 656c and 656d of the German Civil Code apply to consumers buying a single dwelling.
Can investors from outside Germany buy residential property in Saxony?
Yes. German law sets no general restriction on acquisition of real estate by foreign individuals or companies, and there is no approval procedure for residential assets. Every contract must be notarised under Section 311b paragraph 1 of the German Civil Code, and ownership passes only on land register entry.
Will I see a property exclusively, or does it go to several buyers?
As a rule an anonymised summary goes to several investors whose registered profile fits, and how many is decided with the seller. We do not run open bidding rounds, because they destroy the discretion the seller came for.
Does Saxon Capital handle vacancy and refurbishment backlog?
Yes, where the condition is documented. The Leipzig report shows how narrow this sub-market is: of 229 apartment buildings sold in 2025, nine were unrenovated and ten partly renovated. We require a condition description that survives a technical inspection.
Tell us what you are looking for.
A registered profile takes ten minutes. After that you are shown matching assets before they are marketed publicly.
