Living in: Munich
Munich’s booming economy means that property prices are on the rise. “Due to its exceptional infrastructure, its location and how safe it is, Munich’s residential real estate market is at levels nearly as high as Zurich, Geneva and London,” Wettig said. “Prices for flats near the centre, in areas such as Lehel, Maxvorstadt and around Englischer Garten have increased 30% in the last two years.” A further increase of 10% to 20% is expected by 2014.
Currently there are few townhouses and family homes available. “Demand is far greater than the number of listed sales,” Wettig said. “Availability is highest in newly-build condos and restored buildings.” A two- or three-bed apartment in a central area costs around 1.5 to two million euros, meaning that the price per square metre is 10,000 to 17,500 euros. A monthly rent for a two-room flat of 50sqm ranges from 600 to 900 euros, while a luxury flat or townhouse can rent for anywhere from 5,000 to 10,000 euros.
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