Old-building, flat, apartment, condominium, penthouse, villa, mansion, duplex or loft for sale and to buy: Munich’s finest districts in the city centre
The city of Munich is made up of the districts: Bogenhausen, Altbogenhausen, Herzogpark, Haidhausen, and the Altstadt (old city) of Munich. Lehel and the former artist quarter Schwabing belong to the most desirable residential areas. The districts Maxvorstadt, Isarvorstadt, Ludwigsvorstadt, and the streets surrounding Gaertnerplatz in the trendy area of Glockenbachviertel are in increasing demand.
The main reason for the high demand in these residential areas is largely due to the central location and excellent transport links. Impressive wholesale and construction projects in the centre of Munich for 2013/14 are a clear sign of the intense demand for housing and the related excess demand due to a short supply of homes for rent and for sale.
The area between Sendlinger Tor, Marienplatz and Karlsplatz is fast up-and-coming. This development is being driven by a new build on the former site of the Süddeutsche Zeitung as well as the demolition of “Karstadt” in Neuhauser Strasse, where 44,000 square feet of floor space will be created. In addition, Sendlingerstraße has been partially converted to a pedestrian zone, which will affect demand and therefore have an affect on the price differential. Also, the changeover of commercial and industrial space into living space is a method which is frequently applied to meet the excess demand.
Villa, single family house, semi-detached house or historic mansion for sale and to buy: The best locations & districts in the south of Munich and Gruenwald
The traditionally exclusive communities in the south of Munich continue to enjoy great popularity. Especially families enjoy moving to the green suburbs of Gruenwald , Pullach, Schaeftlarn and Baierbrunn of the southern districts of Munich: Prinz-Ludwigs-Hoehe, Solln, Menterschwaige and Harlaching.
In particular the community Grünwald, has been investing in family-friendly infrastructure for several years. With the construction of schools, the community has mastered a generational change. Magnificent historic and modern buildings, create a distinct community appearance, which is reflected in the price range. In addition, it can be said that apartments continue to play a minor role and account for only about 10% of the total living capacity; this is the case in Gruenwald.
Communities Pullach and Solln located on the western bank of the Isar are growing steadily. Similar to Grünwald, these communities offer varied houses with large plots of land, detached or terraced houses within a price range attractive for young families. Furthermore Pullach impresses with the third highest tax revenue per capita in the district of Munich, a good transport connection to the S7 and numerous kindergartens and schools. These advantages draw in more and more people, which is why the prices for single-family homes in the past year have increased by approximately 18%.
SOME DETAILS ABOUT THE MARKET IN MUNICH
We would like to start by saying that our information is based on experience relating to the market segment handled by Engel & Völkers. Engel & Völkers specialises in the procurement and supply of upmarket residential properties in Munich. Munich, also known as the “northernmost city in Italy” is maintaining its position as a very popular residential and business location in Germany during an upward trend in economic activity. A healthy mix of industries with the focus on “cutting-edge technology“ and “media management”, a model infrastructure and many tourist attractions justify the strong attraction for the Bavarian capital. Its “assets” also include the beautiful surrounding areas, such as the Bavarian lakes, and its proximity to the Alps and Italy.
There was already a clear upturn in the real estate market in Munich. During the course of the year the property market showed itself to be extremely stable in terms of sales. The strong trend being observed towards urban living contributed to this to a marked degree. The already well-known top locations also enjoyed great popularity in 2006. The prices achieved have been heading the top market segment for many years. Many of the customers, who are for the most part relatively young, financially strong families, come originally from other countries in Europe, or are returning to Germany from these other countries in Europe.
The demand for attractive residential properties continues to outstrip the supply. This results in the fact that prices notably for quality villas and town houses are stable. Hence the purchase of a residential property in one of the following very desirable locations constitutes a safe investment. Nevertheless, generally well-informed interested parties repeatedly also encounter prices from sellers, which are not currently justified. This leads in many cases to the fact that marketing time-frames, unlike previous periods, are extended by -6 months. The average marketing time-frame is months.
THE MOST DESIRABLE LOCATIONS
The districts of Alt-Bogenhausen, Bogenhausen–Herzogpark, Lehel and Alt–Schwabing have always been some of the most desirable locations in the city of Munich area. In great demand are notably Jugendstil villas, detached houses suitable for families and town houses. The residential property market in terms of generously-proportioned, old owner-occupied flats restored to a high quality, with at least four to six rooms, also remains stable and high-priced. On the other hand, unrestored properties with less attractive facade architecture are in competition with new building activity in these areas.
Many customers searching for detached houses want properties with a living area of at least 180 m² and land of between 800 and ,000 m². Apart from the right location (sunny aspect or not, quiet area, representative neighbourhood development) and the design and layout, the infrastructure plays an important role when deciding on a property. The better the location, the more likely buyers will be prepared to accept compromises in terms of design and layout.
Customers wanting owner-occupied flats place particularly large value on a generously-proportioned ground plan with a minimum living area of 120 square metres, and high-quality design and layout. In the case of particularly desirable old flats, typical style elements such as parquet floor, panelled doors and stucco are a must. Flats with the largest possible balconies and / or terraces are very desirable. In the case of flats above ground level, the complex should have a lift. In a city centre location parking opportunities are very rare, so that if they are available their impact is to greatly increase the value of properties in this location.