Authored by the expert who managed and guided the team behind the Germany Property Pack
Yes, the analysis of Munich's property market is included in our pack
Munich remains one of Germany's most expensive cities to buy property, with prices that reflect its strong economy and limited housing supply.
In this article, we break down current housing prices in Munich, from neighborhood comparisons to what you can actually buy at different budget levels.
We constantly update this blog post to reflect the latest available data on Munich's real estate market.
And if you're planning to buy a property in this place, you may want to download our pack covering the real estate market in Munich.
Insights
- Munich apartment prices have risen about 4.3% in 2025, but when you adjust for inflation, real gains are closer to just 1%, meaning buyers are barely keeping pace with the cost of living.
- The gap between Munich's cheapest and priciest neighborhoods is massive: Aubing-Lochhausen-Langwied averages around 6,400 euros per square meter, while Altstadt-Lehel can exceed 19,000 euros per square meter.
- New-build properties in Munich command roughly a 15% premium over older homes, largely because of better energy efficiency and the city's tight supply of new construction.
- A typical 76 square meter apartment in a good Munich location sold for around 630,000 euros in 2024, according to official city transaction data.
- With 100,000 or even 200,000 dollars, there is essentially no standard residential market in Munich proper; you would need at least 300,000 dollars to find a small studio in the outer districts.
- Bavaria's real estate transfer tax is 3.5%, which is among the lowest in Germany, but total buying costs (including notary, registry, and potential broker fees) typically add 6% to 10% on top of the purchase price.
- About 75% of Munich property listings are apartments, with single-family homes making up only around 20% of the market, reflecting the city's dense urban character.
- Closed sale prices in Munich tend to be about 4% below listing prices on average, though prime properties in high-demand areas often sell at or near the asking price.
What is the average housing price in Munich in 2026?
The median housing price is more useful than the average because it represents what a typical buyer actually pays, without being skewed upward by a handful of ultra-expensive luxury properties.
We are writing this as of the first half of 2026, using the latest data collected from authoritative sources like Immowelt and the official Munich Gutachterausschuss report, which we have manually verified.
The median housing price in Munich in 2026 is approximately 600,000 euros (about $660,000 or 600,000 euros). The average housing price in Munich in 2026 is around 750,000 euros (about $825,000 or 750,000 euros), which is higher because large apartments and houses pull the mean upward.
About 80% of residential properties in Munich in 2026 fall within a price range of 350,000 to 1,300,000 euros (approximately $385,000 to $1,430,000).
A realistic entry range in Munich in 2026 is 250,000 to 350,000 euros ($275,000 to $385,000), which typically gets you an older one-room or small two-room apartment of about 30 to 40 square meters in outer districts like Aubing-Lochhausen-Langwied.
A typical luxury property in Munich in 2026 ranges from 2.5 million to 10 million euros or more ($2.75 million to $11 million or more), such as a large new-build apartment in the Altstadt area, where one 380 square meter unit recently sold for 18 million euros.
By the way, you will find much more detailed price ranges in our property pack covering the real estate market in Munich.
Are Munich property listing prices close to the actual sale price in 2026?
In Munich in 2026, closed sale prices are typically about 4% below listing prices on average.
This gap exists because buyers negotiate more carefully given higher financing costs since the 2022 rate shift, while sellers still anchor their asking prices high due to Munich's reputation as a premium market. The discount varies most for properties needing renovation (larger discounts) versus prime, move-in-ready homes in desirable locations (little to no discount).
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What is the price per sq m or per sq ft for properties in Munich in 2026?
As of early 2026, the median housing price in Munich is around 8,200 euros per square meter (about $9,020 per square meter or 762 euros per square foot, which is $838 per square foot). The average housing price in Munich is approximately 8,375 euros per square meter (about $9,213 per square meter or 778 euros per square foot, which is $856 per square foot).
Small apartments in prime central locations and penthouses tend to have the highest price per square meter in Munich in 2026 because of location scarcity and premium features, while large units in outer districts and homes needing renovation have the lowest price per square meter due to commute tradeoffs and condition risks.
In Munich in 2026, Altstadt-Lehel has the highest prices per square meter, ranging from about 11,500 to 16,000 euros per square meter. The lowest prices are found in Aubing-Lochhausen-Langwied, where averages range from about 6,400 to 8,000 euros per square meter.
How have property prices evolved in Munich?
Compared to one year ago in January 2025, Munich apartment prices have risen about 4.3% and house prices about 2.7%, giving a blended increase of roughly 3.5% nominal. This recovery happened because financing conditions stabilized after the shock period, and supply in desirable districts remained tight, giving good properties pricing power again.
Over the past decade from January 2016 to January 2026, Munich housing prices have increased roughly 35% in nominal terms. However, when adjusted for inflation, the real gain is closer to 5% to 10%, as Germany's overall price level rose substantially during that period due to Munich's persistent job growth and ongoing construction constraints.
By the way, we've written a blog article detailing the latest updates on property price variations in Munich.
Finally, if you want to know whether now is a good time to buy a property there, you can check our pack covering everything there is to know about the housing market in Munich.
We did some research and made this infographic to help you quickly compare rental yields of the major cities in Germany versus those in neighboring countries. It provides a clear view of how this country positions itself as a real estate investment destination, which might interest you if you’re planning to invest there.
What types of properties are available in Munich and how do prices differ in 2026?
In Munich in 2026, approximately 75% of listings are apartments, about 20% are rowhouses, semi-detached homes, or single-family houses, and roughly 5% are other formats; this breakdown reflects Munich's urban density where most buyers look for condos rather than standalone houses.
Average prices in Munich as of the first half of 2026 vary significantly by property type: a studio or one-room apartment (around 30 square meters) in an outer district averages about 250,000 euros ($275,000), a two-room apartment (55 square meters) in the mid-ring averages around 460,000 euros ($506,000), a three-room family apartment (75 square meters) averages about 620,000 euros ($682,000), a four-room apartment (100 square meters) averages around 850,000 euros ($935,000), a rowhouse (140 square meters) averages about 1.15 million euros ($1.27 million), and a single-family house (180 square meters) averages around 1.7 million euros ($1.87 million).
If you want to know more, you should read our dedicated analyses:
How do property prices compare between existing and new homes in Munich in 2026?
In Munich in 2026, new-build properties command approximately a 15% premium per square meter compared to existing older homes.
This premium exists because new construction offers better energy performance, fewer surprise repairs, and move-in-ready condition, combined with the fact that Munich has very limited new supply relative to demand, which makes new builds particularly scarce and valuable.
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How do property prices vary by neighborhood in Munich in 2026?
In Altstadt-Lehel, Munich's historic city center, you find prestigious apartments and luxury penthouses with prices ranging from about 900,000 to 3 million euros ($990,000 to $3.3 million) as of the first half of 2026. This is the most expensive neighborhood because of its central walkable location, cultural landmarks, and extreme scarcity of available properties.
Schwabing-Freimann is popular with expats and families seeking access to parks like the English Garden, with apartments typically ranging from 520,000 to 1.3 million euros ($572,000 to $1.43 million). The international feel, excellent transit connections, and green spaces make this area consistently desirable.
Aubing-Lochhausen-Langwied offers Munich's most affordable entry point, with properties ranging from about 280,000 to 850,000 euros ($308,000 to $935,000). Prices are lower here because of the distance from the city center and the commute tradeoffs involved, but it remains within Munich city limits.
You will find a much more detailed analysis by areas in our property pack about Munich. Meanwhile, here is a quick summary table we have made so you can understand how prices change across areas:
| Neighborhood | Character | Avg Price Range (EUR / $) | Avg per sqm (EUR / $) | Avg per sqft (EUR / $) |
|---|---|---|---|---|
| Altstadt-Lehel | Prestige / walkable | 900k - 3.0m / $990k - $3.3m | 11,500 - 16,000 / $12,700 - $17,600 | 1,070 - 1,490 / $1,180 - $1,640 |
| Maxvorstadt | Central / universities | 650k - 1.6m / $715k - $1.76m | 10,000 - 13,000 / $11,000 - $14,300 | 930 - 1,210 / $1,020 - $1,330 |
| Ludwigsvorstadt-Isarvorstadt | Trendy / nightlife | 600k - 1.5m / $660k - $1.65m | 9,500 - 12,500 / $10,500 - $13,800 | 880 - 1,160 / $970 - $1,280 |
| Schwabing-Freimann | Expat / parks | 520k - 1.3m / $572k - $1.43m | 8,200 - 10,600 / $9,000 - $11,700 | 760 - 985 / $840 - $1,080 |
| Bogenhausen | Upscale / quiet | 550k - 1.6m / $605k - $1.76m | 8,200 - 10,800 / $9,000 - $11,900 | 760 - 1,000 / $840 - $1,100 |
| Au-Haidhausen | Popular / near center | 520k - 1.4m / $572k - $1.54m | 9,000 - 11,500 / $9,900 - $12,700 | 840 - 1,070 / $920 - $1,180 |
| Sendling | Family / value | 420k - 1.1m / $462k - $1.21m | 7,800 - 9,600 / $8,600 - $10,600 | 725 - 890 / $800 - $980 |
| Laim | Commute / balanced | 420k - 1.1m / $462k - $1.21m | 7,700 - 9,500 / $8,500 - $10,500 | 715 - 880 / $790 - $970 |
| Giesing | Value / improving | 380k - 1.0m / $418k - $1.10m | 7,200 - 8,900 / $7,900 - $9,800 | 670 - 830 / $740 - $910 |
| Moosach | Value / practical | 360k - 950k / $396k - $1.05m | 6,900 - 8,500 / $7,600 - $9,400 | 640 - 790 / $705 - $870 |
| Pasing-Obermenzing | Family / green | 450k - 1.4m / $495k - $1.54m | 7,800 - 10,200 / $8,600 - $11,200 | 725 - 950 / $800 - $1,040 |
| Aubing-Lochhausen-Langwied | Entry / cheapest | 280k - 850k / $308k - $935k | 6,400 - 8,000 / $7,000 - $8,800 | 595 - 745 / $650 - $820 |
How much more do you pay for properties in Munich when you include renovation work, taxes, and fees?
When you buy a property in Munich in 2026, you should expect to pay an additional 6% to 10% on top of the purchase price for taxes and fees alone, and potentially 12% to 30% more if the property needs renovation work.
If you buy a property around $200,000 (about 182,000 euros) in Munich, you would pay roughly 6,400 euros in transfer tax (3.5%), around 3,000 to 4,000 euros for notary and land registry fees, bringing your total buying cost to approximately 191,000 to 193,000 euros ($210,000 to $212,000) for a move-in-ready property.
For a property around $500,000 (about 455,000 euros), you would pay approximately 16,000 euros in transfer tax, around 7,000 to 9,000 euros for notary and land registry fees, and potentially a broker fee of up to 16,000 euros if applicable, bringing total costs to roughly 478,000 to 496,000 euros ($526,000 to $546,000) without renovation.
For a property around $1,000,000 (about 909,000 euros), transfer tax would be approximately 32,000 euros, notary and registry fees around 14,000 to 18,000 euros, and if the property needs renovation (common for larger homes), you might add 80,000 to 200,000 euros for work, bringing total costs to roughly 955,000 to 1,160,000 euros ($1,050,000 to $1,276,000).
By the way, we keep updated a blog article detailing the property taxes and fees to factor in the total buying cost in Munich.
Meanwhile, here is a detailed table of the additional expenses you may have to pay when buying a new property in Munich
| Expense | Category | Estimated Cost Range (EUR / $) |
|---|---|---|
| Real estate transfer tax | Tax | 3.5% of purchase price. Bavaria has one of Germany's lowest transfer tax rates. For a 600,000 euro property, this equals 21,000 euros ($23,100). |
| Notary fees | Fees | Approximately 1.0% to 1.5% of purchase price. The notary handles the official purchase contract and is required by German law. For a 600,000 euro property, expect around 6,000 to 9,000 euros ($6,600 to $9,900). |
| Land registry fees | Fees | Approximately 0.5% of purchase price. This covers recording the new ownership in the official land register. For a 600,000 euro property, expect around 3,000 euros ($3,300). |
| Mortgage setup fees | Fees | Approximately 0.2% to 0.6% of loan amount if you finance the purchase. This covers bank processing and registration of the mortgage lien. For a 400,000 euro loan, expect 800 to 2,400 euros ($880 to $2,640). |
| Buyer-side broker fee | Fees | 0% to 3.57% of purchase price, depending on deal structure. Since 2020, broker costs are typically split between buyer and seller. For a 600,000 euro property, this could be 0 to 21,400 euros ($0 to $23,540). |
| Light renovation | Renovation | 500 to 1,000 euros per square meter ($550 to $1,100 per sqm). This includes painting, flooring, bathroom updates, and minor repairs. For a 75 sqm apartment, expect 37,500 to 75,000 euros ($41,250 to $82,500). |
| Heavy renovation | Renovation | 1,200 to 2,500 euros per square meter ($1,320 to $2,750 per sqm). This includes structural work, roof replacement, heating system overhaul, and energy efficiency upgrades. For a 150 sqm house, expect 180,000 to 375,000 euros ($198,000 to $412,500). |
We made this infographic to show you how property prices in Germany compare to other big cities across the region. It breaks down the average price per square meter in city centers, so you can see how cities stack up. It’s an easy way to spot where you might get the best value for your money. We hope you like it.
What properties can you buy in Munich in 2026 with different budgets?
With $100,000 (about 91,000 euros), there is essentially no standard residential market in Munich proper as of the first half of 2026; at this budget, you might only find parking spaces, micro-shares, or highly unusual distressed cases, but not a normal apartment.
With $200,000 (about 182,000 euros), options remain extremely limited in Munich; if anything exists, it would be a tiny studio of around 20 to 25 square meters in a far outer district, likely needing significant renovation, or a senior-restricted property with legal constraints that lower the price.
With $300,000 (about 273,000 euros), you can sometimes enter the Munich market in outer districts: an existing one-room apartment of around 30 square meters in Aubing-Lochhausen-Langwied, an older small studio of about 28 square meters in Moosach, or a one-room apartment of 30 to 35 square meters in Giesing with some compromises on condition or floor level.
With $500,000 (about 455,000 euros), normal buying becomes possible: an existing two-room apartment of around 50 to 55 square meters in Moosach with good transit access, a two-room apartment of 45 to 55 square meters in Sendling offering decent mid-ring value, or a two-room apartment of about 50 square meters in Laim that is commute-friendly.
With $1,000,000 (about 909,000 euros), you have real choice in Munich: an existing three-room apartment of 80 to 90 square meters in Schwabing-Freimann in a good building, a three to four-room apartment of 90 to 100 square meters in the family-friendly Pasing-Obermenzing, or a three-room apartment of 75 to 85 square meters in Au-Haidhausen closer to the center where you may trade some size for location.
With $2,000,000 (about 1.82 million euros), you enter Munich's high-end territory: a large four-room apartment of 140 to 160 square meters in Bogenhausen with high-quality finishes, a townhouse in a good family district with an upgraded interior and small garden, or a high-floor or penthouse-style apartment of 120 to 140 square meters near Maxvorstadt or the Altstadt edge with premium features like a terrace and elevator.
If you need a more detailed analysis, we have a blog article detailing what you can buy at different budget levels in Munich.
What sources have we used to write this blog article?
Whether it's in our blog articles or the market analyses included in our property pack about Munich, we always rely on the strongest methodology we can and we don't throw out numbers at random.
We also aim to be fully transparent, so below we've listed the authoritative sources we used, and explained how we used them and the methods behind our estimates.
| Source Name | Why It's Authoritative | How We Used It |
|---|---|---|
| City of Munich Immobilienmarktbericht | This is the official City of Munich page for the annual market report based on recorded transactions from the Gutachterausschuss. | We used it to ground our article in the official transaction-based reporting framework. We also used it to justify where official numbers come from, specifically from actual purchase contracts. |
| Gutachterausschuss via T-Online | This source quotes figures from the city's official Immobilienmarktbericht and explains they come from actual purchase contracts. | We used it for concrete transaction-based examples like the 76 square meter condo price. We also used it to support observations about 2024 prices compared to 2023 in some segments. |
| Immowelt Munich Price Index | Immowelt is a major German property portal with a long-running, methodology-backed price index derived from large volumes of listings. | We used it for January 2026 practical market pricing including euros per square meter for apartments and houses. We also used it to build neighborhood price ranges with minimum, average, and maximum values. |
| Immowelt Altstadt-Lehel District | This page gives transparent, district-specific euros per square meter with minimum and maximum values on a large standardized dataset. | We used it to anchor the high end of Munich pricing and to quantify prime core ranges. We also used it as a template for how district ranges are defined. |
| Immowelt Schwabing-Freimann District | This district page provides localized price data for one of Munich's most popular expat neighborhoods. | We used it to establish price ranges for Schwabing-Freimann. We cross-referenced it with other district pages to ensure consistency in our neighborhood analysis. |
| Immowelt Bogenhausen District | This district page provides localized price data for one of Munich's upscale residential neighborhoods. | We used it to establish price ranges for Bogenhausen. We included it in our comparison of popular expat and family-friendly areas. |
| Immowelt Aubing-Lochhausen-Langwied District | This district page provides data on Munich's most affordable neighborhood within city limits. | We used it to identify entry-level pricing in Munich. We referenced it when explaining what buyers can get at lower budget levels. |
| Destatis House Price Index | Destatis is the official national statistics agency for Germany providing authoritative economic data. | We used it to contextualize Munich inside the broader German price cycle. We also used it to justify inflation-adjusted comparisons between nominal and real price changes. |
| Destatis Consumer Price Index | This is Germany's official consumer price index providing authoritative inflation data. | We used it to calculate real versus nominal price changes over one year and ten years. We referenced the late 2025 inflation rate of around 2.3% for our calculations. |
| European Central Bank Exchange Rates | The ECB publishes official euro reference exchange rates used as benchmarks across Europe. | We used it as the benchmark concept for currency conversions. We applied a working assumption of 1 euro equals approximately 1.10 dollars for readability. |
| Bavarian Tax Authority (Finanzämter Bayern) | This is the official Bavarian tax administration guidance on real estate transfer tax. | We used it to confirm Bavaria's 3.5% transfer tax rate. We then layered typical notary, land registry, and broker costs to estimate all-in purchase expenses. |
| City of Munich Official Website | The official Munich city government portal provides authoritative local information and data. | We used it to verify official city-level statistics and reporting frameworks. We cross-referenced it with other sources for consistency. |
| Immowelt Main Portal | Immowelt is one of Germany's largest real estate listing platforms with millions of property listings. | We used it to understand overall market composition and listing volumes. We also used it to verify that apartments dominate Munich's purchase market. |
| German Federal Statistical Office | Destatis is Germany's official statistical authority providing comprehensive national economic data. | We used it for macroeconomic context including national house price trends. We referenced it when comparing Munich to broader German market patterns. |
| Deutsche Bundesbank | Germany's central bank provides authoritative data on economic conditions and interest rates. | We used it to understand financing conditions affecting the Munich market. We referenced monetary policy context when explaining price recovery patterns. |
| Munich Gutachterausschuss | The official committee of property valuers that publishes transaction-based market data for Munich. | We used their methodology as the gold standard for transaction-based pricing. We referenced their data indirectly through press coverage of their annual report. |
| Bank for International Settlements | The BIS provides international financial statistics including residential property price indices. | We used it for international context on German housing market trends. We referenced it when comparing Munich to broader European patterns. |
| OECD Housing Data | The OECD provides comparative housing market data across developed economies. | We used it for methodological guidance on price-to-income ratios. We referenced it when contextualizing Munich's affordability challenges. |
| Bavarian State Statistical Office | The official statistical office for Bavaria providing regional economic and demographic data. | We used it to understand population and economic trends affecting Munich housing demand. We referenced regional growth patterns in our analysis. |
| Munich Chamber of Commerce (IHK) | The Munich IHK provides authoritative data on the local economy and business conditions. | We used it to understand economic drivers of housing demand in Munich. We referenced job market strength as a factor in price resilience. |
| ImmobilienScout24 | Germany's largest real estate portal with comprehensive listing data and market analytics. | We used it as a secondary source to cross-check Immowelt pricing data. We verified that both portals showed similar price levels for Munich. |
| Sprengnetter | A leading German property valuation company providing professional market data and analytics. | We used their methodology as a reference for understanding how German property valuations work. We cross-referenced their approach with our estimates. |
| Empirica Institut | A respected German research institute specializing in housing market analysis and forecasting. | We used their research for context on German housing market cycles. We referenced their methodology when discussing price trend analysis. |
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