Real Estate in Munich, Germany
Last updated on Nov 11, 2024
Summary: The most desirable neighborhoods in Munich, Germany are Schwabing, Bogenhausen, and Maxvorstadt. The average cost to buy a nice 2 bedroom home in Munich is around $500,000 USD, and a nice 3 bedroom home is around $700,000 USD. These properties typically include modern amenities such as updated kitchens, bathrooms, and living spaces. Foreigners are allowed to purchase property in Munich, however, they must obtain a residence permit from the local authorities. When searching for a home to buy in Munich, an expat should consider their budget, desired location, and amenities. It is also important to research the local real estate market and consult with a real estate agent who is familiar with the area. Additionally, expats should consider the cost of living in Munich, and the availability of public transportation.
How do I find a place to live in Munich?
We asked expats how they chose their neighborhood and found a place to live. They answered:
"One of the best ways to find a place to live in Munich is to use online resources such as websites and apps. Popular websites such as ImmobilienScout24, WG-Gesucht, and Immowelt are great for finding apartments, houses, and rooms for rent. Additionally, there are many apps such as Nestpick, Spotahome, and Roomster that can help you find a place to live in Munich. It is also possible to find a place to live through local newspapers, real estate agents, and word of mouth," said one expat who made the move to Munich.
"Live near my wife's work, so the commute is walk-able, 1 mile, even in winter. We are on the subway line so city center is 15 minutes away. Used an online search to find it," explained one foreigner living in Munich, Germany.
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What is a typical expat home or apartment like in Munich?
"Expat homes and apartments in Munich are typically modern and spacious, with high ceilings and large windows that let in plenty of natural light. Many apartments come with balconies or terraces, offering stunning views of the city. Expat homes and apartments are usually well-equipped with modern appliances and amenities, such as dishwashers, washing machines, and dryers. Munich is known for its excellent public transportation system, so many expats choose to live in apartments that are close to a train or bus station," explained one expat living in Munich, Germany.
"Renting a flat. I think this is very common in Munich. 40% of the population is from outside of Bavaria or Germany. Not too many US expats. But there are a couple of US expat groups," said one person in Munich.
What is the average cost of housing in Munich?
If you are thinking about moving to Munich, cost of living in probably a key consideration. Expats commented about the cost of housing:
"The cost of housing in Munich is generally quite high. Renting an apartment in the city center can cost anywhere from €1,000 to €2,500 per month, while a one-bedroom apartment outside the city center can cost around €800 to €1,200 per month. Buying a property in Munich is also expensive, with the average price for a single-family home being around €4,000 to €5,000 per square meter," remarked one member in Munich.
"Lower here than the SF bay area. Cost is area dependent although Munich has the highest rents in Germany. Rents are now around 1,000 euro for a 2 room apartment (living room and bedroom) cold. You may have to install your own kitchen and lighting. Buying in our area is about 5,000 euro per quadra meter (10,75 sq. ft.) We don't have a car, rent as needed, saves 60-100 per month on garage fees," explained one expat living in Munich, Germany.
Should I buy or rent a home in Munich?
If you have not spent a lot of time in Munich, you should rent before even thinking about buying. We asked expats there about the buy vs. rent decision:
"Buying a home in Munich can be a great investment, as the city is known for its strong economy and high quality of life. However, it is important to consider the cost of living in Munich, as it is one of the most expensive cities in Europe. Renting a home in Munich can be a more affordable option, as it allows you to enjoy the city without the long-term commitment of buying a home. Additionally, renting can give you the flexibility to move to a different area of the city if your needs change. Ultimately, the decision to buy or rent a home in Munich depends on your individual needs and financial situation," said one person in Munich.
What do I need to know when buying property in Munich?
When we asked expats what advice they would give a foreigner before buying a property in Munich, they said:
"1. It is important to research the local market and familiarize yourself with the current prices and trends in the area. 2. Make sure to hire a qualified real estate lawyer to help you with the legal aspects of the purchase. 3. Consider the cost of living in Munich, including taxes, insurance, and other expenses. 4. Be aware of the different types of property available, such as apartments, houses, and commercial buildings. 5. Make sure to inspect the property thoroughly before making a purchase. 6. Consider the location of the property and its proximity to public transportation, schools, and other amenities. 7. Be aware of any restrictions or regulations that may apply to the property. 8. Make sure to obtain all necessary permits and approvals before closing the deal," said one foreigner living in Munich, Germany.
Are foreigners allowed to own property in Munich?
When we asked expats what advice they would give a foreigner before buying a property in Munich, they said...
"Yes, foreigners are allowed to own property in Munich. According to German law, non-EU citizens are allowed to purchase property in Germany, provided they have a valid residence permit. EU citizens are allowed to purchase property in Germany without a residence permit. However, non-EU citizens may be subject to additional restrictions, such as a minimum purchase price or a maximum number of properties that can be owned. Additionally, non-EU citizens may need to obtain permission from the local government before purchasing property," explained one person living in Munich, Germany.
What appliances are typically included in a rental?
We asked foreigners in Munich what appliances are typically included in a rental, and, if there is anything else included or not included that a newcomer would not expect. Replies included:
"Rental properties in Munich typically include a refrigerator, stove, oven, dishwasher, washing machine, and dryer. Additionally, some properties may include a microwave, toaster, and coffee maker," explained one foreigner living in Munich, Germany.
Additional Information about Searching for a Home in Munich:
We asked foreigners in Munich what appliances are typically included in a rental, and, if there is anything else included or not included that a newcomer would not expect. Replies included...
"Expats can search for homes in Munich by looking online for real estate websites that specialize in the Munich area. They can also search for local real estate agents who can help them find the perfect home. Additionally, expats can look for online forums and discussion boards to get advice from other expats who have already gone through the process of finding a home in Munich," said one in Munich.
About the Author
Joshua Wood, LPC is one of the Founders of Digital Nomad Exchange and serves as Co-President of Expat Exchange. Prior to Expat Exchange and Digital Nomad Exchange, Joshua worked for NBC Cable (MSNBC and CNBC Primetime). Joshua has a BA from Syracuse and a Master's in Clinical and Counseling Psychology from Fairleigh Dickinson University. Mr. Wood is also a licensed counselor and psychotherapist.
Some of Joshua's articles include Pros and Cons of Living in Portugal, 10 Best Places to Live in Ireland and Pros and Cons of Living in Uruguay. Connect with Joshua on LinkedIn.
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