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Why rents in Munich are skyrocketing and what the hole in the city has to do with it
Why is there a hole and not a house? In the middle of Munich, Germany's most expensive city, a huge construction pit has been irritating the neighborhood for years. There was actually supposed to be a six-story house there. About the land, its price and the question of why rents are skyrocketing. Real estate prices in Munich have been at a record high for years and the demand for living space is unbroken. According to a report from www.sueddeutsche.de, the construction pit in Munich is an example of the tense relationship between supply and demand in the real estate market. The building site has already been acquired and the construction work should actually have been completed long ago. The delay leads to...
Why rents in Munich are skyrocketing and what the hole in the city has to do with it
Mitten in München, der teuersten Stadt Deutschlands, irritiert seit Jahren eine riesige Baugrube die Nachbarschaft. Eigentlich sollte dort ein sechsstöckiges Haus stehen. Vom Boden, seinem Preis und der Frage, warum die Mieten in den Himmel steigen
Real estate prices in Munich have been at a record high for years and the demand for living space is unbroken. According to a report by www.sueddeutsche.de, the construction pit in Munich is an example of the tense relationship between supply and demand on the real estate market. The building site has already been acquired and the construction work should actually have been completed long ago. However, the delay will result in rising costs and ultimately higher rents for tenants in the area.
The impact of this case on the Munich real estate market is significant. The delay in construction results in a reduced supply of housing in an already scarce situation. This in turn drives up prices for both rental and purchase properties. It exacerbates the existing problem and puts additional pressure on tenants. Investors and construction companies are also affected by the rising costs, which in the long term may lead to a slowdown in the construction boom and a decline in investment in the real estate market.
Read the source article at www.sueddeutsche.de