Transaction processes remain lengthy, buyers act selectively
According to Savills, around 920 million euros were turned over in the Munich real estate investment market in the 1st half of 2026, about the same as in the same period last year. Compared to the 10-year average, sales were 53% lower. In the last twelve months, Savills has registered about 40 transactions, which represents a decline of almost 10% compared to the same period last year. The prime yield for offices stood at 4.0% at the end of June, unchanged from the previous quarter and 10 basis points below the previous year's figure. The prime yield for commercial buildings stood at 3.9% at the end of June, unchanged from the previous quarter and the previous year's figure.
Philipp Traumann, Associate Director Investment at Savills in Munich, comments on the market as follows: "The environment hardly changed in the second quarter – if anything, the market has become somewhat sluggish and the supply has become somewhat larger. Even in the core and prime segments, transaction processes now take a comparatively long time. On the seller side, we continue to see mainly institutional owners, while on the interested side, family offices and private equity investors are predominantly active – although the return expectations of the latter are rarely met. Purchasing decisions are still made very selectively. The focus is on properties with long-term secured cash flow, also with mixed use. Many investors find it difficult to take risks or assume growth scenarios. Accordingly, the discrepancy between the price expectations of many sellers and the calculations of buyers remains large, so that the outcome of numerous ongoing lawsuits remains open."
With a transaction volume of EUR 860 million, retail properties have contributed the most to investment turnover in the last twelve months, followed by office properties (approx. EUR 770 million) and residential properties* (approx. EUR 240 million).
