Munich: Record real estate prices – What does that mean for buyers?

Munich: Record real estate prices – What does that mean for buyers?

New records were recently set in the real estate market in Munich. The Welfengarten sold the impressive sum of 265 million euros. This enormous deal underlines the continued value of real estate in the Bavarian metropolis.

Another notable transaction was the sale of 320 apartments by the group of entrepreneur Klaus Michael Kühne from Bayerische Hausbau. This shows that large transactions continue to take place despite general price declines.

Record prices for exclusive properties

A clear example of the high prices on the Munich real estate market is the record sale of a 380 square meter new apartment for 18 million euros. This corresponds to a price of an incredible 47,350 euros per square meter. In addition, the highest price per square meter for an existing apartment was achieved in the Isarvorstadt: 62,500 euros, a total of 10 million euros for 160 square meters.

A property in Bogenhausen was sold for 13,800 euros per square meter. Furthermore, the most expensive single-family home in a prime residential area was built for 47.2 million euros. The Fünf Höfe on Theatinerstraße was also sold for an incredible 710 million euros.

General price trends

Despite these record prices, general property prices in Munich show a clear downward trend. Prices for condominiums in particular have fallen by an average of 7% compared to the previous year. The prices for new apartments in an average residential area are currently around 10,050 euros per square meter (with a size of 73 square meters), while for new apartments in a good location you have to pay an average of 11,450 euros per square meter (with 79 square meters).

Prices for existing apartments have also fallen by 2% compared to the previous year. The situation is similar for detached single-family homes and semi-detached houses, whose prices have fallen by 10%. In addition, the city of Munich reported that prices for residential building land have also fallen by a total of 7%, which is putting further pressure on the tense real estate market.

For detailed information, the City of Munich's 2023 half-year report offers further insights into developments in the real estate market in the region. A visit to the relevant page is worthwhile for anyone who is interested in the topic and would like up-to-date data. Further information can be found on the City of Munich website: Half-year report 2023.

These developments show that, despite some declines in prices for certain property segments, the Munich real estate market remains a place for significant and costly transactions. The challenges and opportunities will remain exciting in the coming year.

For a comprehensive overview of the expensive properties in Munich tz.de compiled detailed information worth discovering.