Munich even more expensive than London

Munich According to the management consultancy Deloitte, rents and real estate prices in Germany will continue to rise next year. For buyers, Munich is now the second most expensive city in Europe, after Paris and ahead of London. According to Deloitte, “new construction activity in Germany is still below average compared to other European countries”.

For the industry study published on Friday, the experts compared the data from 68 selected cities in 23 European countries. Real Estate Leader Michael Müller said that prices for construction work had risen across Europe.

Disrupted supply chains and scarce building materials increased the risks in the planning and execution of construction projects. A lack of staff and general inflation continued to drive up construction prices. However, rising interest rates could slow demand and price increases.

According to Deloitte, buyers of a new apartment in Munich had to pay an average of 10,500 euros per square meter last year. Only Paris was even more expensive at 13,462 euros.