Property costs per square meter: The amounts you should anticipate in Munich for a single square meter of real estate.
Prices Skyrocket in Munich's Real Estate Market
A well-funded financial cushion is essential for purchasing a property, particularly in Munich, where homebuyers face the highest prices in Germany. According to the 2024 Residential Real Estate Price Report by RE/MAX, the average price per square meter for apartments in the Bavarian capital is 9,965 euros, making it the priciest city in the country. Moreover, Munich emerges as the most expensive metropolis in Europe and even internationally, outstripping Vienna, Austria's capital city, by a significant margin.
Apartments in Vienna are available for an average of 6,762 euros per square meter, while houses fetch 6,778 euros per square meter. This places the Austrian capital in the second position in the ranking, but still at a distance of around 3,000 euros from Munich's prices.
Hamburg and Berlin follow closely in prices, snatching the third and fourth places. In Hamburg, an apartment costs 6,124 euros, and a house 6,038 euros per square meter. Berlin is slightly pricier, with an average of 6,278 euros for apartments, and houses going for 5,354 euros per square meter.
"Three German cities occupy the top 5 most expensive European metropolises, as per the 2024 RE/MAX Residential Real Estate Price Report," notes Samina Julevic, CEO of RE/MAX Germany. It is worth noting that, while real estate prices in Germany decreased slightly last year, rental prices nationwide increased. This trend indicates that the competition for residential properties has intensified as more interested parties enter the market.
Looking ahead, the 2025 RE/MAX Residential Real Estate Price Report suggests that real estate prices are likely to rise again. The German real estate market has shown signs of recovery during the last quarter of 2024, and average square meter prices for purchase properties have been increasing, especially in Hamburg.
However, it's worth mentioning that prices in European cities like London and Paris can exceed those in Munich. The City of London requires an average of 12,700 euros per square meter for apartment purchases, while apartments in Paris may set buyers back between 9,200 and 15,300 euros per square meter, depending on the location. Similarly, houses in Paris range between 9,800 to 21,000 euros per square meter.
Monaco leads the global real estate market, with a staggering price of approximately 38,800 euros per square meter, making it the most expensive city worldwide. Paris and several cities along the French Riviera like Nice, Cannes, Antibes, and Eze rank among the top European cities for real estate prices. These cities, including Saint-Jean-Cap-Ferrat, showcase a concentration of high-value properties and are some of the priciest spots in the world. Global cities like Amsterdam also rank high, with record high apartment rental costs reaching around 2,500 euros per month.
In the broader context, Munich's real estate market is witnessing upward trends, though it still remains less expensive compared to these elite markets like Monaco, Paris, and several cities along the French Riviera. Munich falls behind these premium locations in terms of price per square meter and rent costs, while still ranking among the more expensive cities within Germany and exhibiting a steady price recovery.
Investing in real estate, particularly in Munich, requires substantial funding due to the high prices. Munich's housing-market, with an average of 9,965 euros per square meter, is the priciest in Germany and outstrips European cities like Vienna (6,762 euros per square meter) and Berlin (6,278 euros for apartments). Despite the high costs, the Munich real-estate market is still less expensive compared to elite markets such as Monaco, Paris, and several cities along the French Riviera.
