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Business Growth Makes Munich Attractive to Businesses & Property Investors - 10 November 2009
Munich is the top European city for real estate investors to watch, according to a recent report.
London previously held the number one spot in the European Regional Economic Growth Index (E-REGI), but a diversified business structure and strong employment opportunities have helped Munich withstand the global recession, in turn making it very attractive to overseas professionals.
Germany’s third largest city, as well as the headquarters of BMW and engineering conglomerate Siemens, also offers cheaper property and a more stable market than the country’s capital, Berlin, which was once Europe’s investment darling.
And yet in Munich’s more popular neighborhoods like Grünwald and Schwabing, property values have risen in the last year. By 2013, 11,000 new apartments are expected to be built to accommodate growth.
Low interest rates and fairly uncomplicated mortgaging and banking structures also make it easier for foreign investors to negotiate Munich properties from overseas. Compared to UK for example, one of the few differences in buying a property in Germany is the presence of a notary. However, German banks often require 30 to 40 percent down payment to secure a mortgage.
Aside from being recognized as a business hub, Munich is also rich with culture and astounding architecture—from 1,000-year-old churches to the modern Olympic Park—and is located in the high plains of Bavaria, surrounded by the majestic Alps.
Munich has been on the radar of real estate investors for years, continually ranking on Forbes’ top ten places to invest also.
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*Subject to a written positive RealtyCheck, Onpulse property offer to fully refund the client any initial conveyance fee to our Partner Live Overseas should they not wish to proceed with the purchase based upon any legal matter raised by Live Overseas relating to the property title that did not form part of the RealtyCheck Report. This refund is up to a maximum of £1500 per client.