Munich’s premium real estate market: DAHLER sees stable purchase prices, but different supply trends for apartments and houses
The Munich premium residential real estate market showed stable price levels in the third quarter of 2025, while the supply figures in the individual sub-markets developed differently. This is the result of DAHLER’s current market analysis, which is based on data from ImmoScout24 and examined the most expensive tenth of all advertised condominiums and houses in the Munich city area in the third quarter of 2025. With a median price of around €14,200/m2 for premium apartments and around €15,520/m2 for premium houses, the Isar metropolis maintains its top position as the most expensive real estate location in Germany. At the same time, there is a clear trend towards a growing supply of premium apartments – an indication of a possible phase of market adjustment in the upper price segment.
Premium apartments with a growing range
There is good news for buyers: Anyone who is currently looking for a condominium in the premium segment in Munich – these are properties with a price per square metre starting at around €12,346 – has more choice. The number of advertisements rose by 8.4% from July to September compared with the previous quarter. In terms of prices, the market remained largely stable – the median prices per square metre climbed by 1.8% to around €14,200.
There were significant differences depending on the district: Compared to the previous quarter, prices rose by 8.8% in Maxvorstadt and 5.6% in Bogenhausen, while a decrease of 4.9% was recorded in Schwabing-West. The trends also differed depending on the district in terms of supply – in Maxvorstadt, the supply increased by 19.0%, while in Schwabing-West it decreased by 16%.
Prices of premium houses fall
The situation is different for premium houses – which include properties with an asking price of €13,412/m2 or more. After a positive development in the first half of the year, prices fell noticeably in the third quarter – by 4.6% to a median of around €15,520/m2. At the same time, the number of offers fell by 9.1%. This development could indicate that sellers are currently still hesitant to offer their properties in a more uncertain market environment.
“The fact that at least the prices for premium houses are falling is positive for interested parties,” says Salima Torno, site manager of DAHLER Munich. “At the same time, however, we see that the Munich market as a whole remains stable in terms of price, at least for condominiums. Many owners are currently holding back their properties instead of selling them below value – although this leads to less movement in the market in the short term, it does not mean that interest is generally declining. Munich remains one of the most sought-after real estate locations in Germany, as we see every day in our discussions with our customers. We assume that the market for premium real estate will settle in a sideways movement with a high price level in the coming months and that buyers will return to the market more strongly as soon as there is more planning security.”
The premium housing market Q3-2025 compared to Q2-2025 at a glance:
- The number of offers in the premium segment increased by 8.4% (compared to Q2-2025).
- The median price in the premium segment of the condominium market in the Isar metropolis was €14,200/m² (+1.8% compared to Q2-2025).
The premium house market Q3-2025 compared to Q2-2025 at a glance:
- The number of offers fell by 9.1% (compared to Q2-2025).
- The median price in the premium segment in Munich was around €15,520/m² (-4.6% compared to Q2-2025)
