Why is it so hard to buy a flat in Munich?

[yvonneLLP 7]

Hi all

 

This is basically a RANT, I cannot take it anyone, I would so love to get out the rent trap and live in an apartment with a bathroom larger than a broom cupboard but alas it is IMPOSSIBLE to try and buy a flat in Munich.

UNLESS of course, you want something either: 1. In the middle of nowhere or worse a highrise 2. TOTALLY overpriced!

 

I think you need to be soo lucky I mean you need to know info before these places come onto the market and other than having a seedy affair with a Markler I see no chance of this happening for me!

 

I could never have an affair with one of those people... I mean what is it they actually do??

 

Is anyone else ready to give up or have any horror stories to share... I have many!

 

Please people share with us!

 

Oh and if anyone knows of a flat being sold, Munich east anything more than 75square m's please PM me! Or if the flat they are renting is going to be sold by their landlord please let me know! I will make sure that are plenty of Thank you drinks heading your way!!

[tom_a 459]

What price level do you consider to be "totally overpriced"? Market prices are what they are, I'm afraid. :ph34r:

[yvonneLLP 7]

Basically all the rubbish you see on immoscout 24, I mean 90 squares on a main road with no heating in the flat 750K - that I would consider overpriced... or 400K for opposite Ostbahnhof...again overpriced.

Sadly at this stage I know what the market prices are and am willing to pay, but these properties are either no available or sold within 2 hours...

 

I have witnessed the 2 hour sale only yesterday. Because the woman refused to give me an appointment to see the property and then it was sold before she had time to take me to see it! : (

[Guest]

Munich is one of the most expensive cities in the world for property IIRC.

the best thing to do is buy a new flat that is under construction or about to be built, usually a bit cheaper and you could try to get the bathroom a bit bigger discussing it with the architect.

 

you can get this magazine free in some places, I pick it up at my local Sparda Bank http://www.immostar.de/ it advertises brand new properties some of them not yet built.

[fraufruit 35,100]

The problem with buying a flat under construction is that you may well be living in a Baustelle for a couple (or 5) of years while they finish off the rest. Oh, and then comes Phase 2. The new builds these days seem to be like villages only with more inhabitants.

[tom_a 459]

 

the best thing to do is buy a new flat that is under construction or about to be built

 

I agree. In new projects, they build 50-200 flats at the same time, and not all of it is sold immediately.

 

In any case, property in the inner city (in particular Schwabing, Neuhausen, Nymphenburg, Haidhausen, Bogenhausen, Glockenbach) is outrageously expensive, because too many well-to-do people apparently pay any price. That's the way it is, and it has gotten worse during the last 2-3 years. If you settle for a bit further out, say Messestadt, Giesing, Sendling, Schwabing-Nord (aka Parkstadt), things are much cheaper. And it's not exactly "middle of nowhere" as long as you are still within the regular U-Bahn network, is it?

[yvonneLLP 7]

Thanks for the tip Moonboot... Sadly I agree with fraufruit. New Bau is fine but you have to wait 2 years in most cases and during that time I am still paying rent and the financing cost of the neu house whilst it is being built.

 

The ones that are almost ready already totally sold out.

I am not unwilling to pay and have saved the 1/3 deposit required but sadly its not enough.

 

I am still thinking getting in bed with a Markler is the only way...

[tom_a 459]

 

90 squares ... 400K for opposite Ostbahnhof...again overpriced.

 

Sounds like a pretty "normal" price to me for this particular location. :unsure:

[yvonneLLP 7]

Tom_a - I AGREE, it would be FINE if it was not looking at the Bahnhof and has a 4 lane main road adjacent to the bedrooms. How can you ever sell something like this again?? You cannot even open the window.

 

The problem is the same flat one street back costs about the same - but you cannot find one to buy. That is the main problem... that only in the know people find out about these...

 

Sadly, also it does not help to have an accent when you call and in good German attempt to make an appointment.

[DDBug 1,664]

130 m2 in the lot next to mine (Schwabing) went for over 800,000 two years ago. Whole building was sold before construction was half-way through. 400K is a steal.

[Guest]

then perhaps your best bet is to scan the newspapers for private sales then.

property hunting is only as difficult as you make it, and you may need to compromise on a few things.

 

sadly Munich IS very expensive, but I believe the property market in Germany is controlled so your property should increase in value and not decrease. not by loads though, but better than suffering a loss. and better than renting if you can afford it.

 

good luck :)

[tom_a 459]

 

Sadly, also it does not help to have an accent when you call and in good German attempt to make an appointment.

 

I think being a foreigner is not much of an issue if you want to buy and have the necessary funds (whereas it can indeed be a huge deal if you want to rent). Unless you come from a "notorious country", which makes the seller suspect you might not be trusted to pay up.

 

I understand that much of the high-priced new developments in the downtown area are being snapped up by Arabs and Russians. No problem there, as long as the money is flowing. Also, in various new developments (in less pricey areas, more towards the outskirts) where we talked to the salesperson, we were repeatedly told that quite a number of houses had been bought by Chinese buyers.

[tom_a 459]

 

The problem is the same flat one street back costs about the same - but you cannot find one to buy. That is the main problem... that only in the know people find out about these...

 

My guess is that the same flat one street back does not actually sell for 400k, more like 500k.

[yvonneLLP 7]

Is there anyone out there who is actually also trying to buy a flat, maybe you can help me out a little.

I understand market forces, I understand that quality will usually dictate price - I ALSO know that there are good flats out there.

 

My issue with it is that these are either sold to people with inside intel or to friends etc... and are not on the open market. That is the only issue I have.

What you can find on the net or on the pages of the marklers are the dregs of the dregs...

 

I was just hoping someone else was having the same frustating experiences that I was - and also hoping for a lucky break!

 

I have even considered paying a huge amount more in rent and renting an apartment I would LOVE to buy in the hope that during the lease term the landlord may consider selling!

[Guest]

since when have you been looking?

and how many flats have you viewed?

[tom_a 459]

 

Is there anyone out there who is actually also trying to buy a flat, maybe you can help me out a little.

 

We looked long and hard for about a year, then signed a contract for a still-to-be-built property. Which is still under construction as of now (your 2-year-timeframe mentioned above is accurate if construction hasn't started at the time you sign up, though you might keep in mind that the first payment tranche is usually only due after 6-9 months, as the seller needs to meet certain criteria).

[yvonneLLP 7]

I have been looking for a year.

I have viewed about 25 flats...many of which are still on the market.

 

I have missed 2 that were really good because I was not fast enough - but I continue to try

[tom_a 459]

 

I have even considered paying a huge amount more in rent and renting an apartment I would LOVE to buy in the hope that during the lease term the landlord may consider selling!

 

A colleague of mine tried that years ago. She is still waiting for the landlord to make up his mind. :rolleyes:

[postmann 604]

Yvonne, you need more patience. And why not put an ad into the newspaper(s):

 

Suche 2-3 Zimmerwohnung in Muenchen, ca. 80 qm, nur von privat.

 

Some of the elder sellers don't want to deal with any Makler and select their business partners the traditional way.

[yvonneLLP 7]

Great to know I am not the only one who has considered more "desperate" measures! I was beginning to think I was going crazy..

Oh well still hoping for a lucky break one of these days.