Parking space

A parking space is a legally defined area for parking motor vehicles on a property or within a building that, unlike a garage, is not fully enclosed by a structure. Parking spaces can be designated as separate ownership or a right of exclusive use within a condominium association, registered as fractional ownership in the land registry, or leased as independent rental units. They have a significant impact on the value and marketability of a property.

Legal Classification: Separate Ownership, Partial Ownership, or Right of Exclusive Use?

Under the German Condominium Act (WEG), there are three ways to classify parking spaces. As partial ownership, the parking space is registered independently in the land registry and can be sold or encumbered separately from the apartment-provided the declaration of division permits this. As a right of exclusive use, it is classified as common property but assigned to a specific owner for their sole use; it cannot be sold separately. As an accessory to the apartment, it is economically linked to the residential unit and is transferred together with it. The exact legal structure must be verified in the land registry and in the declaration of division-this verification is essential, especially when purchasing a condominium with a parking space.

The distinction between partial ownership and exclusive right of use has significant practical consequences: While partial ownership can be sold, inherited, and mortgaged independently, the exclusive right of use is tied to the respective apartment and can only be transferred together with it. Anyone who buys a parking space and later wishes to sell it separately should therefore ensure that it is registered as partial ownership.

Parking Space Requirement and Parking Space Fee

Building regulations (in Bavaria: BayBO) require developers to demonstrate a certain number of parking spaces-depending on the type of use, living area, and location. Anyone who cannot provide these required parking spaces on their own property must pay a parking space fee to the municipality. In Nuremberg, this fee amounts to several thousand euros per parking space, depending on the location. Conversely, an application can be made to reduce the parking space requirement in well-connected downtown locations (e.g., near public transportation).

This parking space requirement has led to the construction of underground parking garages in densely populated Nuremberg neighborhoods, which in turn now complement valuable living space as separate co-ownership units. In new development areas of the metropolitan region-such as in Schwaig, Wendelstein, or Herzogenaurach-parking spaces are often sold as a mandatory component of the purchase contract.

In the current urban development debate, the parking space requirement is increasingly viewed critically: In well-connected neighborhoods with a dense public transit network, the requirement to build expensive underground parking spaces can significantly increase construction costs-and thus housing costs-without there actually being demand for the parking spaces. Some municipalities in the metropolitan region therefore allow, upon request, a reduction in the parking space requirement if mobility concepts (car-sharing, bicycle parking spaces) are presented.

Parking Spaces as an Investment and Valuation Factor

In urban areas with limited parking availability, parking spaces and garages are increasingly sought-after investments. In Nuremberg, underground parking spaces in locations close to the city center are traded for €15,000 to €40,000; outdoor parking spaces fetch €5,000 to €15,000. The rental yield is a solid 4-6%. For residential properties, an existing parking space or garage noticeably increases the selling price and rental potential-families and older buyers in particular place great value on this.

For investors looking to enter the real estate market on a small budget, underground parking spaces can be an interesting option. The administrative burden is low, the return is reasonably stable, and the risk of rental loss is lower than with apartments-though the absolute income is also limited.

Another aspect is value preservation: In times of increasing car density and growing regulation of public parking, private parking spaces in urban areas are gaining strategic value. Municipalities that expand parking zones or restrict resident parking permits indirectly increase the demand for private underground parking spaces-and thus their market price.

Practical Tip for Owners in Nuremberg and Franconia

In downtown Nuremberg and densely built-up neighborhoods such as Gostenhof, St. Johannis, or Johannis, parking is scarce and expensive. An apartment with a parking space commands significantly higher rental prices than one without. We recommend that owners explicitly list the parking space in the lease agreement with a separate parking space rent-this allows it to be terminated separately if the owner needs the space for personal use, provided the parking space constitutes a separate co-ownership or a separate tenancy agreement.

Anyone wishing to rent out their parking space should base the monthly rent on current market prices: In Nuremberg, 80 to 150 euros per month is realistic for underground parking spaces in central locations. A brief, separate rental agreement is legally more secure than a mere mention in the apartment lease.

Frequently Asked Questions

Can I sell my parking space separately?

That depends on the structure. If the parking space is registered as a separate unit in the land registry, a separate sale is possible-provided the declaration of division permits it. A mere right of exclusive use cannot be sold separately. We will review the specific situation of your property and advise you on the best strategy for its sale.

How is a parking space valued when selling a property?

A parking space increases the total sale price; it is often listed separately. In the valuation according to ImmoWertV, it is included in the market value calculation as an accessory or a separate unit. We value parking spaces based on current comparable prices in the region and ensure that the value is transparently presented in the property listing.

How much does it cost to rent a parking space in Nuremberg?

Outdoor parking spaces in Nuremberg rent for €30-60 per month; underground parking spaces in central locations command €60-120 or more. In premium locations (Old Town, Maxfeld, Erlenstegen), rents can reach €150 or more. In the surrounding communities of the metropolitan area, rents are slightly lower but also reflect the growing demand for parking.

Can a parking space be financed even without an apartment?

Bank financing for a single parking space is technically possible, but it is rarely attractive to banks due to the low purchase price and the high relative administrative costs. Most buyers purchase parking spaces using their own equity or as part of a package with a residential property. Some savings banks and cooperative banks in the region offer small, purpose-specific loans that can also be used to purchase a garage space-however, the terms are often less favorable than those of traditional real estate financing.

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