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SUMMARY
What does it cost to buy an apartment in Munich? For a fairly normal purchase today, roughly €550,000 is a realistic apartment price, and around €600,000 is the more useful all-in budget once basic acquisition costs are included.
Munich’s citywide asking market is clustered around €8,000/m², but that average hides a very wide resale range. In practice, much of the market sits closer to roughly €6,500–€9,000/m², while strong central locations and newer stock can move well beyond €10,000/m².
Apartment size alone tells you surprisingly little. A 70 m² home can cost about €455,000 at €6,500/m² or €665,000 at €9,500/m², so age and location can move the budget by more than €200,000 without changing the floor area.
Munich prices are rising again, but slowly. Asking prices have recovered from the 2023 drop, while official transaction data for the first half of 2026 show only modest price growth even as transaction activity and total market value increased.
New construction remains a separate price category. Recent completed transactions put new apartments around €9,800–€10,550/m², which pushes a normal 70 m² new-build purchase toward roughly €686,000–€739,000 before acquisition costs.
The location premium inside Munich is unusually large. A 70 m² apartment can sit near €470,000 in Aubing and above €850,000 in Altstadt-Lehel, a difference of more than €400,000 for broadly the same amount of space.
A €500,000 budget is still workable, but it mostly buys compromise. At the citywide level it gets roughly 60 m²; in cheaper outer districts it can stretch toward 70–75 m², while prime central areas may reduce the same budget to around 40–50 m².
Acquisition costs are large enough to change how buyers should think about the headline price. A €550,000 apartment becomes about €580,000 before brokerage and almost €600,000 with a 3.57% buyer-side broker commission.
The financing problem is now at least as important as the property price. With ten-year mortgage rates around 4%, an 80% mortgage on a €550,000 apartment can start above €2,100 per month before Hausgeld and other ownership costs.
Looking just outside the city boundary can change the budget by six figures. Nearby places such as Germering, Aschheim and Haar remain materially cheaper per square metre, often cutting €80,000–€150,000 from the price of a 70 m² apartment.
Munich is cheaper than at its peak, but it is not cheap. The correction improved entry prices and negotiating room, yet the benefit has been partly offset by much more expensive borrowing, leaving a normal 60–75 m² resale purchase firmly in the €550,000–€650,000 zone for many buyers.
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What does a normal apartment in Munich actually cost now?
A normal Munich apartment currently costs around €8,000 per square metre on the asking market, so a 70 m² property lands at roughly €550,000–€570,000 before buying costs.
The two biggest portals are unusually close at the moment. Immowelt puts Munich apartments at €8,069/m², while ImmoScout24 estimates €7,829/m². That gives us a useful starting range rather than relying on one website's model.
Actual purchases are more spread out. The Munich Gutachterausschuss, which works from notarised transactions, shows older resale apartments trading from around the mid-€6,000s per square metre, while newer resale stock can sit above €9,000/m². New apartments are more expensive again.
For someone starting a search today, we would use roughly €6,500–€9,000/m² as a realistic band for much of Munich's resale market. Good central neighborhoods regularly go beyond €10,000/m², while new apartments in good locations can also cross that line.
| Munich apartment budget | Around €7,000/m² | Around €8,000/m² | Around €10,000/m² |
|---|---|---|---|
| 40 m² | €280,000 | €320,000 | €400,000 |
| 50 m² | €350,000 | €400,000 | €500,000 |
| 70 m² | €490,000 | €560,000 | €700,000 |
| 90 m² | €630,000 | €720,000 | €900,000 |
Why can two Munich apartments of the same size cost €200,000 apart?
Two Munich apartments with the same floor area can easily differ by €200,000 because neighborhood, building age and whether the property is new or resale have a huge effect on the price.
Take a 70 m² apartment. At €6,500/m², the purchase price is €455,000. At €9,500/m², the same 70 m² costs €665,000. Nothing about the floor area has changed, yet the buyer needs another €210,000.
The latest official transaction data explain part of that gap. Munich's Gutachterausschuss separates resale apartments by construction period and shows older post-war properties around the €6,500–€8,000/m² area, depending on age, while apartments built from 2010 onward are around €9,000/m².
Location can create an even bigger difference. Current portal estimates run from about €6,700/m² in Aubing-Lochhausen-Langwied to above €12,000/m² in Altstadt-Lehel.
So the citywide average is useful for orientation, but it tells us surprisingly little about what a specific Munich apartment should cost.
Get fresh and reliable data on the Munich property market
New build on the edge of the city is priced against a rent the reference table will not allow you to charge. Where asking prices sit furthest from what flats actually earn and resell for.
Are Munich apartment prices going up again?
Munich apartment prices are edging up again today, but this is still a slow recovery rather than another property boom.
Immowelt's asking-price series shows a clear cycle. Its Munich apartment estimate reached €9,221/m² in 2021, dropped to €8,634 in 2022 and then fell much harder to €7,640 in 2023. Prices subsequently climbed to €7,838 in 2024, €7,958 in 2025 and €8,069 currently.
The latest official transactions are even more useful because they show what buyers actually paid. Munich's Gutachterausschuss found that resale apartment prices in the first half of 2026 moved between -1% and +5% depending on construction period, averaging roughly +1%. New apartments fell 2% in average locations but rose 4% in good ones.
At the same time, buyers are coming back. The number of property purchase contracts across Munich increased 3% from the previous first half, while total transaction value rose 7% to around €5.4 billion. Around 4,950 apartments and part-ownership units changed hands, 3% more than a year earlier.
The picture is fairly clear: more transactions, more money changing hands and only modest apartment-price growth. Munich is recovering, but buyers are still price-sensitive.
| Period | Immowelt apartment estimate | Annual move |
|---|---|---|
| 2021 | €9,221/m² | +12.5% |
| 2022 | €8,634/m² | -6.4% |
| 2023 | €7,640/m² | -11.5% |
| 2024 | €7,838/m² | +2.6% |
| 2025 | €7,958/m² | +1.5% |
| Current | €8,069/m² | +1.4% |
How expensive is a new apartment in Munich now?
A new Munich apartment currently costs around €9,800–€10,550 per square metre in actual transactions, depending on the quality of the location.
Those numbers come from the latest Munich Gutachterausschuss half-year report, making them more useful than a developer's advertised starting price. New apartments averaged roughly €9,800/m² in ordinary residential locations and €10,550/m² in good ones.
That means a 70 m² new apartment works out at about €686,000 in an average location and roughly €739,000 in a good one before taxes and other costs.
The gap with older stock is large. A 1960s or 1970s resale apartment can still trade around the mid-€6,000s per square metre. Moving from €6,700 to €10,550/m² adds about €270,000 to the price of 70 m².
New-build prices are not racing upward across the whole city either. The same official report found a 2% annual decline for new apartments in average locations, alongside a 4% increase in good locations. Developers can still command a large premium, but pushing that premium everywhere is getting harder.
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The pack also covers the tenant who may have first refusal on your purchase, and the deed that gets read aloud to you in German.
Which Munich neighborhoods are still relatively affordable?
Aubing, Feldmoching, Ramersdorf-Perlach and Berg am Laim remain among the easier places to buy a Munich apartment without paying central-city prices.
Current portal estimates show how wide the gap has become. ImmoScout24 puts Aubing-Lochhausen-Langwied around €6,697/m² and Feldmoching-Hasenbergl around €7,013/m². Immowelt similarly puts Ramersdorf-Perlach around €7,306 and Berg am Laim around €7,370.
Central Munich lives in another price bracket. ImmoScout24 estimates Ludwigsvorstadt-Isarvorstadt at €10,814/m² and Altstadt-Lehel at €12,190. Immowelt's figures are close, at roughly €10,972 and €12,611 respectively.
For a 70 m² apartment, moving from Aubing to Altstadt-Lehel can therefore add more than €400,000 before we have changed the apartment's size.
Munich also dominates Germany's expensive-neighborhood rankings. An Immowelt comparison published this year found 11 Munich districts among the country's 20 most expensive big-city districts. The location premium inside Munich remains unusually large even by German standards.
| Munich district | Approx. apartment price | Approx. cost of 70 m² |
|---|---|---|
| Aubing-Lochhausen-Langwied | €6,700/m² | €469,000 |
| Ramersdorf-Perlach | €7,300/m² | €511,000 |
| Laim | €7,700–€7,800/m² | €540,000–€547,000 |
| Bogenhausen | €8,400/m² | €588,000 |
| Schwabing-West | €10,200/m² | €714,000 |
| Ludwigsvorstadt-Isarvorstadt | €10,800–€11,000/m² | €756,000–€770,000 |
| Altstadt-Lehel | €12,200–€12,600/m² | €854,000–€883,000 |
What can €500,000 actually buy in Munich?
A €500,000 property budget currently buys roughly 60 m² at Munich's citywide price level, with closer to 70–75 m² possible in cheaper outer districts and only around 40–50 m² in the most expensive central areas.
At €8,000/m², €500,000 buys 62.5 m² before purchasing costs. In Aubing, current prices stretch the same property budget to roughly 75 m². Around Ramersdorf-Perlach, it is closer to 68 m².
In Schwabing-West, €500,000 translates into about 49 m². Around Altstadt-Lehel, the same money gets roughly 40 m².
Smaller apartments do not offer much of a price-per-square-metre escape either. Immowelt currently estimates one-room Munich apartments at €7,760/m², two-room properties at €7,926 and three-room apartments at €8,069. A buyer saves mainly by purchasing fewer square metres rather than finding dramatically cheaper square metres.
There are still listings and transactions below €7,000/m², particularly in older buildings and outer locations. For most buyers, though, a €500,000 Munich budget means choosing carefully between space and location.
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How much does a €550,000 Munich apartment really cost after taxes and fees?
A €550,000 Munich apartment really costs about €580,000 before any broker fee and roughly €600,000 if the buyer also pays a typical 3.57% brokerage commission.
Bavaria charges 3.5% real-estate transfer tax. On €550,000, that is €19,250. Notary and land-register costs depend on the transaction, but buyers commonly budget roughly another 1.5–2%.
Using 2% adds €11,000. The apartment has therefore reached €580,250 before financing, renovation or brokerage.
Where a 3.57% buyer-side broker commission applies, another €19,635 is added, taking the acquisition to just under €600,000.
Bavaria has Germany's lowest property-transfer tax rate. Munich buyers are hit less by the tax percentage than by the amount being taxed: even 3.5% becomes a large cheque when the apartment costs half a million euros or more.
| Cost on a €550,000 Munich apartment | No buyer broker | With 3.57% buyer broker |
|---|---|---|
| Purchase price | €550,000 | €550,000 |
| Transfer tax, 3.5% | €19,250 | €19,250 |
| Notary + land register, assumed 2% | €11,000 | €11,000 |
| Broker | €0 | €19,635 |
| Approx. total | €580,250 | €599,885 |
How much cash do you need to buy a Munich apartment?
A buyer putting 20% down on a fairly normal Munich apartment will often need around €140,000–€160,000 in cash before getting the keys.
Take the €550,000 apartment above. A 20% contribution toward the purchase price is €110,000. Add roughly €30,250 for transfer tax, notary and land registration and the buyer reaches about €140,000.
With a 3.57% buyer broker commission, the cash requirement rises to roughly €160,000.
Banks can finance more or less than 80% of the price, so 20% is an example rather than a fixed rule. But higher loan-to-value borrowing usually comes with a higher mortgage rate. Interhyp's latest pricing shows that clearly: ten-year loans were around 3.88% effective below 70% loan-to-value, 3.97% at 80% and 4.24% above 90%.
Reducing the down payment can get a buyer into the apartment sooner, but these days the bank charges noticeably more for doing it.
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What does a Munich mortgage cost every month now?
Financing a Munich apartment is expensive again, with ten-year mortgage rates sitting around 4% and a €440,000 loan easily producing an initial payment above €2,100 per month.
Dr. Klein's latest rate table puts a strong ten-year offer at 3.89% nominal and 3.99% effective. Interhyp's current data sit in almost exactly the same place for an 80% loan-to-value mortgage.
Suppose we buy a €550,000 Munich apartment and borrow 80%, or €440,000. With a 3.89% interest rate and an initial repayment rate of 2%, the starting monthly payment is roughly €2,160.
Borrowing 90% increases the loan to €495,000 and, based on Interhyp's recent rate bands, also pushes the interest rate higher. A buyer stretching the deposit therefore gets hit twice: there is more debt and that debt can become more expensive.
Mortgage pricing has also moved in the wrong direction lately. Dr. Klein says its representative ten-year rate for an 80% loan-to-value mortgage has climbed to its highest level of the year. Waiting for a quick return to ultra-cheap financing is becoming a harder strategy to defend.
| Example Munich financing | 80% mortgage |
|---|---|
| Apartment price | €550,000 |
| Buyer equity toward price | €110,000 |
| Mortgage | €440,000 |
| Example nominal interest | 3.89% |
| Initial repayment | 2.00% |
| Initial monthly mortgage payment | about €2,160 |
| Purchase costs before broker | about €30,250 |
| Approx. initial cash requirement | about €140,250 |
Is buying just outside Munich much cheaper?
Moving outside Munich can currently save well over €100,000 on a 70 m² apartment without moving particularly far away.
Immowelt puts Munich apartments at roughly €8,100/m² these days. Nearby Germering is around €5,964/m², Aschheim €6,233, Garching €6,947 and Haar €6,881.
Using 70 m² makes the difference easier to see. Munich comes out around €565,000. Germering is roughly €417,000, Aschheim €436,000 and Haar €482,000.
The Germering gap is nearly €150,000 before taxes. That can remove around €30,000 from a 20% down payment and cut the mortgage by roughly another €120,000.
Of course, buyers are trading something for that saving: commute time, city access, neighborhood preference or sometimes weaker resale liquidity. But for households whose budget is tight, looking beyond Munich's administrative boundary is one of the few moves that can change the purchase equation by six figures rather than a few thousand euros.
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Has Munich become cheap after the property correction?
Munich is cheaper than at the peak, but apartments are still extremely expensive both in German terms and relative to today's financing costs.
As seen above, Immowelt's apartment index remains roughly 12.5% below its 2021 high. That correction is meaningful. Someone buying the theoretical 70 m² apartment at today's index pays about €80,000 less than at the 2021 level.
Yet Munich still leads Germany's big-city property market. Central neighborhoods are above €10,000/m², ordinary citywide asking prices remain close to €8,000, and even some of the cheapest Munich districts sit around €6,700–€7,000.
The bigger problem for financed buyers is that the interest-rate environment moved the opposite way. A lower apartment price does not help as much when the mortgage attached to it costs around 4%.
The correction gave buyers more negotiating room and better entry prices, but it did not restore the affordability of the low-rate years. Munich has become less extreme, not inexpensive.
So what should you realistically budget to buy an apartment in Munich?
Buying an ordinary Munich apartment today is realistically a €500,000–€700,000 project, while new, large or central apartments can push the budget toward €800,000–€1 million very quickly.
Around €400,000 can still buy a small apartment, particularly in an older building or outer district. Around €500,000 opens up more meaningful choices but usually requires a compromise on space or location. Around €550,000–€650,000 is where a 60–75 m² resale apartment becomes more realistic across a wider part of the city.
New construction changes the calculation. At the latest official Munich transaction levels of roughly €9,800–€10,550/m², a 70 m² apartment already costs around €686,000–€739,000 before acquisition expenses.
And buyers should budget from the all-in number rather than the listing price. A €550,000 apartment becomes roughly €580,000 before brokerage. With a buyer-side agent, it can reach about €600,000. Financing 80% of the apartment at today's rates then leaves a mortgage payment around €2,160 a month before Hausgeld and other ownership expenses.
So if someone asks what it costs to buy an apartment in Munich right now, €8,000/m² is a reasonable shorthand, but €600,000 is often the more useful number. That is roughly what a fairly normal €550,000 purchase becomes once the basic costs of actually buying it are included.
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OUR METHODOLOGY
This analysis asks what it really costs to buy an apartment in Munich today, rather than relying on one citywide average. We broke the question into the parts that actually change a buyer's budget: current asking prices, completed transactions, building age, location, new-build premiums, acquisition costs, financing and the savings available just outside the city.
We used Munich's Gutachterausschuss Half-Year Report 2026 as the main anchor for completed-market evidence. Its purchase-price collection is based on notarised transactions, so we used it when the question was what buyers actually paid, how resale prices moved by construction period, and what new apartments achieved in different residential locations.
For the live asking market, we compared Immowelt's Munich price data with ImmoScout24's Munich price data. We kept asking-price evidence separate from completed-transaction evidence rather than blending the two into one synthetic number. District pages for places such as Altstadt-Lehel and Ludwigsvorstadt-Isarvorstadt were used to test how far location alone can move the purchase price.
We also checked the city-boundary comparison against current Immowelt data for Germering, Aschheim, Garching bei München and Haar. To keep those comparisons useful, we carried the same 70 m² apartment size across locations instead of changing several variables at once.
Purchase costs were checked separately. Bavaria's 3.5% real-estate transfer tax was verified against the Bavarian State Tax Office and the statutory basis in §11 GrEStG. Broker-cost rules were cross-checked against §656c BGB and §656d BGB, while the legal mechanics of apartment purchases were checked against German notaries' guidance on Wohnungskauf.
For financing, we compared current mortgage pricing from Interhyp and Dr. Klein, with the Deutsche Bundesbank housing-loan series as the broader official lending-market reference. Mortgage examples in the article are fixed scenarios, not universal quotes: the loan amount, loan-to-value and initial repayment assumptions are stated so the reader can see exactly what is being compared.
The final conclusions come from aggregating those sources rather than letting one headline number dominate the answer. Official transaction evidence gets more weight when the question is about completed purchases; portal data are used as a current snapshot of the asking market. Where the evidence differs by construction period, location or new-build status, we keep those differences visible instead of forcing Munich into a single average.
Key sources used in the analysis also include the City of Munich's current property-market analyses, its Immobilienmarktbericht, the official Gutachterausschuss overview, and Immowelt's 2026 German big-city district ranking.
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