The condominium market in Munich picked up noticeably at the beginning of the year: the number of contracts rose by around 8.8% year-on-year to a total of 1,485, while cash turnover increased by 6% to EUR 792 million. This is confirmed by the latest evaluations of the Munich appraisal committee, of which the managing director of Aigner Immobilien GmbH, Thomas Aigner, is also a member. However, there were shifts within the price segments. It is clear that the housing market is divided. One of the main reasons is the interest rate environment.
At the beginning of the year, the Munich condominium market shows a marked distribution of purchase contracts and cash turnover in the various price segments. For apartments under 300,000 euros, the number of contracts rose sharply by 23%, but turnover by only 9%. There was also stable growth for apartments in the range of 300,000 to less than 600,000 euros (purchase cases: +around 6%, turnover: +around 8%). Increases were also recorded in the upper class – apartments from 900,000 euros – 16% in transactions and 17% in cash turnover.
Only in the price segment 600,000 to 900,000 euros were there declining figures. Purchase contracts fell by 9% and sales by 8%. For Thomas Aigner, this clearly shows that the social trend of a dwindling middle class has reached the Munich housing market, while the new interest rate environment is also changing the market dynamics: “The classic group of buyers who were active in this price environment are clearly feeling the increased financing costs, are still holding back a purchase or are switching to cheaper apartments. Interest rates are definitely the showstopper in this price segment.”
Top segment remains independent
The luxury class remains more or less decoupled from the rest of the market. Higher interest rates hardly play a role here. According to the appraisal committee, there were also new record sales of apartments in 2025: a buyer paid 26.5 million euros for a new-build luxury apartment with around 515 square meters, 17.4 million euros were due for an existing apartment with around 345 square meters.
Aigner Immobilien GmbH will soon publish a new market report for Munich and the district of Munich. It offers detailed insights into the developments in the individual market segments with current prices and important information. Make a note here and receive the market report immediately after publication.
