Berlin, September 21, AZERTAC
People find it hard to believe in, but in Germany the most expensive housing is not in the capital. Berlin apartments and town houses of various classes are as generally much smaller than in other major cities - Stuttgart, Frankfurt am Main, Hamburg, Dusseldorf and Cologne and, of course, Munich. The main city of Bavaria remains the clear leader in the German market residential real estate. Apartments for one family in Munich may request more than 775,000 euros. Despite the fact that the Munich real estate is prohibitively expensive to many Germans, it is the unanimous forecast of experts, will continue increase in price.
Indeed, among the large cities of Germany, the most rapid economic growth is observed in Munich, with the highest purchasing power per capita and the most favorable demographic situation, which persist at least until 2020. In addition, the Bavarian capital is known for a very rich cultural life and provides a variety of opportunities for recreation. The city has favorable geographical location with lakes, mountains, forests and tourist resorts being relatively close. All this provides the residents of Munich quality of life, and it accounts for pay. However, the number of those ready for this, not decreasing. Experts believe that in the coming years the population of Munich will grow steadily by about 2 percent per year, which will provide a consistently high demand for housing. Germany’s reputation as an economic safe haven is exemplified by Munich’s business-friendly nature, its efficient airport and smooth-running public services. Munich’s hospital and medical facilities are on a par with London’s Harley Street. In recent years this has generated interest from Middle Eastern buyers. Most want to be near the city centre. But Munich lacks a central international school and its planning regime restricts city centre towers so there is no “downtown” high-rise business district. These drawbacks have not prevented the city becoming a favorite for Arab owners. Meanwhile, BMW, the city’s largest employer, has scores of overseas executive working in Munich.
As a result, some local estate agents now have alliances with international agents to increase their exposure. Munich is making its mark: all it has to do now is ensure its boom does not become the bubble that has caused so much grief elsewhere in Europe.