Munich, in the south of Germany, renowned for its royal residences, immense parks, and baroque churches, and favored destination for the more affluent Germans. The city is now starting to attract International buyers.
A recent survey indicates that around 5% of luxury homes in Munich purchased above 2 million euro are from foreign buyers, particularly from Russia and the Middle East.
After the recession in the real estate market at the end of 1990, Germany decisively bounced back and it surpassed its neighboring European countries in the residential sector.
The politics of the cautious loan of German banks, concord the fact that only 45% of German families are home owners. Which contributed in reducing the impact of the global credit crisis, when it hit in 2008.
After the crisis real estate prices rose by 7.4% in Germany, they fell by 8% in the rest of Europe.
The luxury homes in Munich have registered a growth of 9.3% in 2012, surpassing many other European cities, including London. The city has become a point of attraction for international investors, attracted by the city’s historic center and the beauty of the nature in Bavaria.
The most popular areas of the city are found about a 30 minute walk from the center, along with areas such as Altstadt-Lehel, Glockenbach, Schwabing and Maxvorstadt.