A noticeable price correction is emerging in the Munich premium real estate market. According to a recent study by estate agency DAHLER based on data from the portal ImmoScout24, the median price for premium flats fell by 8.5 per cent year on year in the third quarter of 2026 to EUR 13,734 per square metre. For detached houses and villas in the upscale segment, the median value dropped by 5.5 per cent to EUR 14,182 per square metre. The study examined the most expensive decile of all properties offered in the city area. Despite these declines, the Bavarian state capital maintains its position as by far the most expensive premium location among Germany's top seven metropolitan cities.
For the premium flats segment, which comprised properties with a threshold value of EUR 11,965 per square metre and above during the survey period, supply contracted noticeably. The number of active listings decreased by 12.1 per cent year on year. In parallel, the portal recorded a 20.3 per cent drop in search queries. In a nationwide comparison of the leading seven cities, only Frankfurt am Main (down 18.9 per cent) and Düsseldorf (down 1.1 per cent) alongside Munich recorded declining search interest in the top segment, whereas rising enquiry numbers were measured in Berlin, Hamburg, Cologne and Stuttgart.
Diverging trends in Schwabing-West and Maxvorstadt
At district level, trends varied considerably. The largest supply of exclusive condominiums was available in Schwabing-West and neighbouring Maxvorstadt. In Schwabing-West, listing volume climbed by 52.2 per cent compared with the prior-year quarter. With a median of EUR 13,692 and a minimal decline of 0.4 per cent, the price per square metre proved largely stable, while enquiries from prospective buyers rose by 20.4 per cent. The top price segment thereby decoupled distinctly from the district-wide overall market, where asking prices slipped by 5.7 per cent and demand slumped by 24.2 per cent.
In Maxvorstadt, the number of premium listings increased even more sharply, surging by 76.2 per cent. Here, however, the median price fell by 9.8 per cent to EUR 13,373 per square metre, accompanied by a 15.4 per cent decline in demand. By contrast, the neighbourhood's overall condominium market recorded a 27.3 per cent increase in supply and 6.3 per cent more prospective buyer enquiries. Florian Danitz, Managing Director at DAHLER Munich City, emphasised that the city's premium market cannot be generalised. Even in directly adjacent districts, prices responded in very different ways despite increased supply, which is why owners rely on micro-location-specific valuations.
Premium houses prove more stable in value than the overall market
In the premium houses segment, defined by square-metre prices from EUR 11,606, the price drop of minus 5.5 per cent was more moderate than in the Munich house market as a whole, which recorded a decline of 8.7 per cent. This dynamic contrasts with the flat sector, where the top segment suffered steeper losses than the overall market. The volume of listings for upscale houses decreased by 6.1 per cent year on year, while enquiries dropped by 9.7 per cent.
