Real Estate Investment in Oldenburg: Figures, Locations and an Honest Calculation
Andriy Bezborodko · 2026-10-13
Oldenburg has been growing for decades. In 1990, a good 143,000 people lived here; by the end of 2025, there were 177,055, more than ever before. The city has a university, a technical college, large employers from the energy and insurance sectors, and is half an hour's train ride from Bremen. Empty apartments are rare.
For real estate investors, Oldenburg is interesting for another reason. According to the expert committee, existing apartments cost an average of €2,820 per square meter in 2025—more than the state average, but less than in many major cities. At the same time, rent control (Mietpreisbremse) applies, and the rent index averages €8.57 per square meter. Whether this works out in the end is only revealed by a calculation.
01Oldenburg in Figures
The table bundles the data that counts for a purchase decision. Every figure has a source and a date.
| Key Figure | Value | Source, Date |
|---|---|---|
| Inhabitants | 177,055 | City of Oldenburg, adjusted to State Office, Dec 31, 2025 |
| Inhabitants ten years prior | 163,830 | City of Oldenburg, Dec 31, 2015 |
| Forecast | approx. 176,700 to 178,000 by 2030, approx. 174,500 to 177,400 by 2037 | Municipal population forecast, 2026 |
| Private households / of which single-person | 92,280 / 45,006 (48.8%) | 2022 Census |
| Apartments | 96,841 | 2022 Census, deadline May 15, 2022 |
| Vacancy | 2,879 apartments, 3.0% | 2022 Census, deadline May 15, 2022 |
| Owner-occupancy rate | 36.3% | 2022 Census |
| Ø Net cold rent (stock) | €7.79 per m² | 2022 Census |
| Unemployment rate | 6.8% (previous year 6.9%) | Oldenburg-Wilhelmshaven Employment Agency, Sept 2026 |
| Students | University approx. 14,800, Jade Technical College in Oldenburg 2,353 | University (Oct 2025), City of Oldenburg (WS 2025/26) |
| Rent Index | Qualified, 2025 update, valid since Oct 10, 2025 | City of Oldenburg |
| Ø Local comparison rent | €8.57 per m² (2023: €7.87) | 2025 Rent Index, as of Jan 1, 2025 |
| Purchase price (existing apartment) | Median €2,820 per m², 574 sales | Lower Saxony Expert Committees, year 2025 |
| Purchase price (new build, from 2023) | Median €4,750 per m², 110 sales | Lower Saxony Expert Committees, year 2025 |
| Rent Control (Mietpreisbremse) | Applies | Lower Saxony Tenant Protection Ordinance, until Dec 31, 2029 |
| Capping Limit | 15% in three years | Lower Saxony Tenant Protection Ordinance, until Dec 31, 2029 |
| Property Transfer Tax | 5.0% | Lower Saxony, since Jan 1, 2014 |
The relationship between purchase price and rent is striking. At €2,820 per square meter and a comparison rent of €8.57, the gross rental yield is mathematically around 3.7%. For a city with rent control, this is a medium value.
02Population and Demand
At the end of 2015, 163,830 people lived in Oldenburg; by the end of 2025, there were 177,055. That is a good 8% increase in ten years. Part of the jump in 2022 is due to refugees from Ukraine. Since then, the city has grown more slowly: according to the registration register, 462 inhabitants were added in 2025, compared to 190 the year before.
The city expects the growth to end soon. According to its current forecast, the population will rise to between 176,700 and 178,000 until about 2030. After that, it expects a slow decline because more people are dying than being born. For 2037, it mentions 174,500 to 177,400 inhabitants. This is not a collapse, but it is no longer a growth market either.
Who is looking for an apartment in Oldenburg
In the 2022 census, there were 92,280 households, in 45,006 of which only one person lived. That is 48.8%, slightly more than the national average of around 41%. For a large city, Oldenburg has many families and owner-occupied homes: 36.3% of apartments are occupied by their owners themselves, and the average apartment is 89 m² in size.
The demand for small apartments comes primarily from the universities. Nearly 1,800 first-semester students started at the university in October 2025, and a total of around 14,800 people study there. The Jade Technical College counted 2,353 students at the Oldenburg site in the 2025/26 winter semester, a rising trend.
Low Vacancy
On the census deadline of May 15, 2022, 2,879 of 96,841 apartments were vacant (3.0%). Nationwide, it was 4.3%. Nevertheless, construction continues: according to the Upper Expert Committee, more than 60 building plots for apartment buildings were sold in the city of Oldenburg in 2025. Together with the Cloppenburg district, this was a quarter of all such sales in Lower Saxony. New residential quarters are being created, among other things, on former military sites such as the airbase (Fliegerhorst) and the Donnerschwee barracks.
03Economy and Labor Market
Oldenburg is the regional center for northwest Lower Saxony. Major employers include the energy supplier EWE based in the city, insurance companies such as Öffentliche Oldenburg, the Landessparkasse zu Oldenburg, the photo service provider CEWE, the Oldenburg Clinic and other hospitals, and the university. The economy is thus strongly based on services, health, and energy.
By train, you can reach Bremen in about half an hour. For some tenants, Oldenburg is therefore also a place to live for a job in Bremen. How large this effect is cannot be proven with the available data.
Unemployment
In September 2026, 6,973 people were registered as unemployed in the city of Oldenburg; the rate was 6.8%. A year earlier it was 6.9%. In the entire Oldenburg-Wilhelmshaven employment agency district, it was 6.1%. The city is thus slightly above the national average of 6.4%. For your tenant selection, this means: check creditworthiness, as everywhere.
04Rents, Purchase Prices and Rental Yield
Oldenburg has a qualified rent index. The current version is an update of the 2023 rent index and has been valid since Oct 10, 2025. The average local comparison rent rose from €7.87 per m² at the beginning of 2023 to €8.57 at the beginning of 2025, a plus of 8.9%.
The rent index works with a base rent per living area and percentage surcharges and discounts. An apartment with 60 m² has a base rent of €8.43, one with 45 m² of €8.99. Depending on the year of construction, this changes by up to 11% downwards or 10% upwards, and depending on the residential location between minus 10% and plus 7%. In addition, there are surcharges for things like a fitted kitchen, elevator, or high-quality flooring.
What apartments cost
The expert committees in Lower Saxony evaluate all purchase contracts and publish the results for free in online dashboards. In 2025, 574 existing condominiums were evaluated in the city of Oldenburg; the median was €2,820 per m². For apartments built from 2023 onwards, it was €4,750 based on 110 sales. On the state average, existing apartments cost €2,130 and new build apartments around €4,150 per m². Oldenburg is thus one of the more expensive locations for existing apartments in Lower Saxony.
Real estate portals name significantly higher prices for Oldenburg, usually around €3,500 per m². These are asking prices, which are often above what is actually paid, and they contain more newer apartments. For your calculation, the price of the specific apartment counts.
Purchase price factor and gross rental yield: our calculation
The purchase price factor shows how many annual net cold rents you pay for an apartment; the gross rental yield is the reciprocal. We calculate with the median of existing apartments of €2,820 per m².
A gross rental yield just under 4% is a medium value for a university city with rent control. However, note: at a purchase price of €3,500 per m², as often named by portals, it falls to around 3.1% for the same rent. You can calculate your own figures with the Rental Yield Calculator.
05Districts at a Glance
Oldenburg is divided into 9 statistical districts and 34 neighborhoods. Official rents or purchase prices per district are not freely available. The location flows into the comparison rent via the residential location directory of the rent index, in stages from A to G. The table provides a qualitative orientation.
| District | Character | For whom more suitable |
|---|---|---|
| City Center and Dobbenviertel | Center with pedestrian zone, Wilhelminian-style villas and old buildings in Dobbenviertel | Investors looking for sought-after, more expensive locations |
| Haarentor and Wechloy | University locations, many small apartments | Apartments for students and young professionals |
| Eversten | Established residential district in the southwest with lots of greenery | Broad tenant base, families and professionals |
| Bürgerfelde | North of the city center, mixed stock | Solid demand, good connections |
| Donnerschwee | East of the center, new quarter on the former barracks | New build apartments, professionals |
| Osternburg | South of the Hunte, near the station and port, undergoing change | Investors who want to enter more cheaply and check buildings carefully |
| Kreyenbrück | South, location of the clinic, much multi-story housing | Apartments for clinic employees, check house fees carefully |
| Ohmstede and Fliegerhorst | North, settlements and new quarter on the former airbase | Families and new builds |
You can find the residential location of a specific address in the residential location directory at the end of the rent index brochure. Between Location A and Location G, the comparison rent differs by 17 percentage points.
06Rules for Landlords in Oldenburg
Oldenburg is one of the 57 Lower Saxony municipalities with a tight housing market. This has consequences for every rent you agree on.
| Rule | What applies in Oldenburg | Status |
|---|---|---|
| Rent Control (Mietpreisbremse) | New rent maximum of local comparison rent plus 10%, exceptions for apartments used and rented for the first time after Oct 1, 2014, etc. | until Dec 31, 2029 |
| Capping Limit | Rent increase in an ongoing contract maximum of 15% in three years, only up to comparison rent | until Dec 31, 2029 |
| Eviction moratorium after conversion | 5 years no termination for personal use after converting a rented apartment | until Dec 31, 2031 |
| Conversion protection (§ 250 BauGB) | Division of apartment buildings into ownership requires approval, according to state government | until late 2029 |
| Property Transfer Tax | 5.0% | since Jan 1, 2014 |
For your calculation, this means: the rent index is decisive, not the advertisement. An apartment with 60 m², built in 1990, with a fitted kitchen and normal residential location, has a comparison rent of around €8.35 per m². In the case of a new lease, you may charge a maximum of around €9.18, provided no exception applies.
Ancillary Purchase Costs in Lower Saxony
The property transfer tax in Lower Saxony is 5.0%. With notary and land registry, you arrive at just under 7% ancillary costs without a broker. The guide to notary costs explains how the fees are composed. An overview of the state is provided on the page Real Estate Investment in Lower Saxony.
What do your additional purchase costs in Lower Saxony amount to? Enter the purchase price, select Lower Saxony: The calculator shows property transfer tax, notary and land registry individually.
07Example Calculation: a Rented Apartment in Oldenburg
Let's take Jana, a teacher, single, with a taxable income of €52,000. She buys an existing, rented apartment with 60 m², built in 1990, at the median price of the expert committees of €2,820 per m². This results in €169,200. The bank finances the purchase price; Jana pays the ancillary costs of €11,487 from her own capital. We set the rent at €9.10 per m², just below the rent control limit. The name is made up, the figures are a calculation example and not a forecast.
| Assumption | Amount per year | |
|---|---|---|
| Cold rent | 60 m² × €9.10 × 12 | €6,552 |
| Rent loss | 2% of rent | −€131 |
| Non-recoverable house fees (management, reserve) | €1.30 per m² and month | −€936 |
| Interest | €169,200 loan at 3.8% | −€6,430 |
| Repayment (Tilgung) | 1.5% initial | −€2,538 |
| Cash flow before taxes | −€3,483 | |
| Depreciation (only runs via tax) | 2% of 80% of acquisition costs | €2,876 |
| Income from rental (rent minus loss, interest, house fees, depreciation) | −€3,820 | |
| Tax savings | 2026 tariff, single, without church tax | +€1,343 |
| Cash flow after taxes | −€2,140 | |
| Per month | approx. −€178 |
Jana pays around €290 a month in the first year, and around €178 after tax. Of this, €212 flows into repayment. Without repayment, there would be a surplus of around €400 a year after tax. In the year of purchase, she can also deduct the land charge costs of around €950 as income-related expenses.
What if things go worse? If the apartment is vacant for three months, €1,638 in rent is missing, and the house fees continue. If the apartment costs €3,500 per m² instead of €2,820, as portals often name, interest alone rises by around €1,550 a year. Our guide Taxing Rental Income explains how rental income is taxed.
For comparison: a new build apartment in Oldenburg
What would Jana's calculation look like with a newly built apartment? For apartments built from 2023 onwards, the expert committees in Oldenburg named a median of €4,750 per m² from 110 sales in 2025. For 45 m², this results in €213,750. Jana pays property transfer tax (€10,688) as well as notary and land registry (€3,819) from her own capital. There is no official new build rent. We derive it from the rent index: 45 m², newest year of construction, fitted kitchen, elevator and high-quality floor result in €11.15 per m². Rent control does not apply to such an apartment, because apartments used and rented for the first time after Oct 1, 2014, are permanently excluded (§ 556f BGB).
| Assumption | Amount per year | |
|---|---|---|
| Cold rent | 45 m² × €11.15 × 12 | €6,021 |
| Rent loss | 2% of rent | −€120 |
| Non-recoverable house fees (management, reserve) | €1.20 per m² and month | −€648 |
| Interest | €213,750 loan at 3.8% | −€8,123 |
| Repayment | 1.5% initial | −€3,206 |
| Cash flow before taxes | −€6,076 | |
| Reducing-balance depreciation (only via tax) | 5% of 80% of acquisition costs | €9,082 |
| Income from rental (rent minus loss, interest, house fees, depreciation) | −€11,952 | |
| Tax savings | 2026 tariff, single, without church tax | +€4,033 |
| Cash flow after taxes | −€2,043 | |
| Per month | approx. −€170 |
The depreciation is a good three times as high as for the existing apartment (€9,082 instead of €2,876), and in a new house there is usually less maintenance in the first few years. On the other hand, the square meter costs 68% more, while the rent is only a good fifth higher. The gross rental yield drops to 2.8% instead of 3.9%. Before taxes, Jana pays around €506 a month here instead of €290; after taxes, it's around €170 instead of €178. Because the reducing-balance depreciation is calculated every year from the smaller remaining value, the tax savings decrease in the following years. If the actual new build rent is higher than our rent index derivation, the calculation looks better. We were not able to prove that.
08Opportunities and Risks in Oldenburg
Oldenburg combines stable demand with purchase prices that are still comparatively moderate in relation to rent. However, the rules for landlords are strict, and growth is phasing out.
What speaks for Oldenburg: The city has grown by a good 8% in ten years and has reached a new high. The vacancy rate is 3.0%. The University and Jade Technical College bring around 17,000 students. The comparison rent rose by 8.9% from 2023 to 2025. According to the expert committee, existing apartments cost an average of €2,820 per m² in 2025, the property transfer tax is 5.0%, and the purchase prices are officially verifiable.
What speaks against it: The city expects slightly declining population numbers after 2030. Rent control and the capping limit of 15% limit the rent; conversion protection applies. The unemployment rate is 6.8%. Asking prices in portals are significantly above official medians. In the case of follow-up financing, you bear the interest rate risk, and an apartment can also lose value in Oldenburg.
- You find an existing apartment at a price close to the official median.
- You can plan for a monthly additional payment of €150 to €250.
- You calculate the residential location, year of construction and equipment with the rent index.
- You want to rent out long-term and do not need further strong growth.
- You pay portal prices around €3,500 per m² and would have to calculate with rent index rents.
- You plan with strong rent increases.
- You have no reserve for vacancy, special levies or higher interest rates.
- You want to buy a new build apartment whose rent you cannot prove.
09Other Locations
Other cities in Lower Saxony: Overview Lower Saxony · Braunschweig · Göttingen · Hanover · Hildesheim · Osnabrück · Salzgitter · Wolfsburg
All locations in comparison: Where is a real estate investment worthwhile? Cities in comparison 2026 · Which federal state is suitable? All 16 in comparison
10Read more
- Condominium as a capital investment: Pros and Cons
- Taxing rental income
- Notary costs when buying real estate
- Rental yield calculator
- Ancillary purchase costs calculator
- Property transfer tax in Lower Saxony
11Sources
All sources retrieved on Oct 13, 2026.
- City of Oldenburg, Statistical Yearbook, Tables 0201 and 0207/0208 (population 1702 to 2025, adjusted to the State Statistical Office of Lower Saxony); Population number and forecast (as of Oct 6, 2026)
- 2022 Census (deadline May 15, 2022): apartments, vacancy, owner-occupancy rate, net cold rent via wahlatlas.net; households according to the 2022 Census according to the statistics of the City of Oldenburg; Destatis, 4.3% of all apartments are vacant
- City of Oldenburg, Rents in Oldenburg: Update of the rent index published (Oct 10, 2025); 2025 Rent Index – Update and Documentation
- Federal Employment Agency, Labor market September 2026, Oldenburg-Wilhelmshaven Agency (Press release 32/2026); German labor market
- University of Oldenburg, Press service Oct 6, 2025; City of Oldenburg, Annual meeting Jade Technical College and city
- Purchase prices 2025: Expert committees for property values in Lower Saxony, Dashboard average prices condominiums 2026 (Database Jan 1, 2026, published Feb 2, 2026); previous year's values according to NWZ, Real estate market: In Oldenburg prices are falling; Upper Expert Committee for property values in Lower Saxony, State property market data 2026 (Feb 2, 2026); Property market data 2026
- Rent control, capping limit, eviction moratorium: Lower Saxony Tenant Protection Ordinance, Nds. GVBl. 2024 No. 122, amended Nds. GVBl. 2025 No. 93; § 556d BGB, § 556f BGB, § 558 BGB, § 250 BauGB
- Lower Saxony property transfer tax 5.0% (G v. Dec 17, 2010 i. d. F. v. Dec 16, 2013); Notary and land registry according to § 34 GNotKG; 2026 income tax tariff according to § 32a EStG; Depreciation according to § 7 EStG and § 7b EStG
- All example calculations, purchase price factors and gross rental yields: own calculation, as of Oct 13, 2026
Note: This page is for general information and is not investment, tax or legal advice. All figures are example calculations with disclosed assumptions, as of Oct 13, 2026. Past developments are not a reliable indication of future ones.