Munich for Property Investors: All 25 Districts Compared in 2026
Michael Pauker · 2026-10-14
Munich is on your shortlist. You already know that the city as a whole is expensive. Now comes a question with particularly large financial implications here: which of its 25 districts?
The differences are substantial. In the old town, sellers ask, on average, more than twice as much for an existing flat as in Feldmoching-Hasenbergl. Advertised rents differ by only around 30%. And while some districts are expected to shrink by 2045, Aubing-Lochhausen-Langwied is projected to grow by 85%.
We present all 25 districts using city figures, explain the main types of district and run the numbers for the same flat in three districts. This is not a ranking.
01Munich at a glance
The citywide figures provide the benchmark against which to assess each district. You can find them in detail, alongside the economy, regulations and a new-build comparison, on our page Investment property in Munich.
| Indicator | Munich | Source, date |
|---|---|---|
| Population (main residence) | 1,603,776 | Statistical Office, 31 December 2024 |
| Change from 2015 to 2024 | +5.4% | Statistical Office |
| Forecast to 2045 | 1.83 million (+14.1%) | Department of Urban Planning and Building Regulation |
| Single-person households | 54.4% | Indicator Atlas, 2025 |
| 2025 rent index | €15.38/m² | Average, qualified rent index |
| Advertised rent for re-lettings | €22.52/m² | 2025 Housing Market Barometer |
| Asking price, existing flats | €8,836/m² | 2025 Housing Market Barometer |
| New-build purchase price (contracts) | €9,800/m² | Property Valuation Committee, average residential location, first half of 2026 |
| Vacancy rate | 2.4% | Census, 15 May 2022 |
| Property transfer tax | 3.5% | Bavaria |
There is no freely accessible analysis of prices by district from the Property Valuation Committee. We therefore use the city's Housing Market Barometer. It analyses listings, so these are asking prices. According to the Property Valuation Committee, prices actually paid for existing flats in 2025 ranged from around €6,500 to €9,150/m² depending on the year of construction, meaning they tended to be lower on average.
02All 25 districts in figures
The city publishes a separate population forecast for each district. It analyses rents and prices across 28 housing market areas, which do not always follow district boundaries exactly. Where a district covers several areas, several values are shown.
| No. | District | Population 2024 | 2015–2024 | Forecast to 2045 | Single-person households | Unemployment share | Advertised rent €/m² | Asking price €/m² |
|---|---|---|---|---|---|---|---|---|
| 1 | Altstadt-Lehel | 20,876 | −1.2% | −0.1% | 63.7% | 3.0% | 24.99 | 14,904 |
| 2 | Ludwigsvorstadt-Isarvorstadt | 50,081 | −7.3% | −1.6% | 64.8% | 3.5% | 25.53 | 12,290 |
| 3 | Maxvorstadt | 52,434 | −2.4% | +2.8% | 67.7% | 3.2% | 24.91 | 12,151 |
| 4 | Schwabing-West | 68,610 | +0.1% | −2.2% | 61.6% | 2.9% | 25.46¹ | 10,753¹ |
| 5 | Au-Haidhausen | 63,972 | +4.0% | +1.1% | 59.4% | 3.6% | 25.08 | 10,822 |
| 6 | Sendling | 41,002 | +0.3% | +4.4% | 60.4% | 4.1% | 22.02² | 7,950² |
| 7 | Sendling-Westpark | 62,240 | +6.6% | +4.4% | 56.0% | 3.9% | 22.02² | 7,950² |
| 8 | Schwanthalerhöhe | 28,684 | −5.6% | −2.8% | 60.8% | 4.4% | 23.63 | 9,502 |
| 9 | Neuhausen-Nymphenburg | 101,901 | +3.2% | +2.4% | 57.3% | 3.3% | 23.54 · 23.17 | 9,812 · 11,205 |
| 10 | Moosach | 56,015 | +5.2% | +19.6% | 51.6% | 4.4% | 21.47 | 7,433 |
| 11 | Milbertshofen-Am Hart | 77,281 | +2.4% | +6.1% | 54.4% | 4.3% | 22.77 | 7,904 |
| 12 | Schwabing-Freimann | 77,092 | +2.8% | +22.8% | 56.6% | 3.6% | 25.46¹ · 23.24 | 10,753¹ · 9,135 |
| 13 | Bogenhausen | 95,475 | +11.1% | +27.8% | 51.7% | 3.6% | 22.22 | 8,800 |
| 14 | Berg am Laim | 47,367 | +5.2% | +13.0% | 55.1% | 5.2% | 21.45 | 8,738 |
| 15 | Trudering-Riem | 76,280 | +9.2% | +42.5% | 42.5% | 3.9% | 20.44 | 7,968 |
| 16 | Ramersdorf-Perlach | 120,776 | +7.5% | +12.5% | 48.9% | 5.0% | 21.12 | 7,191 |
| 17 | Obergiesing-Fasangarten | 54,352 | −0.1% | −0.1% | 59.0% | 3.7% | 22.18³ | 8,193³ |
| 18 | Untergiesing-Harlaching | 54,067 | +1.3% | −5.2% | 58.9% | 3.8% | 22.18³ · 21.99 | 8,193³ · 9,228 |
| 19 | Thalkirchen-Obersendling-Forstenried-Fürstenried-Solln | 103,717 | +10.8% | +14.7% | 51.8% | 3.9% | 20.68 to 22.03 | 7,093 to 8,275 |
| 20 | Hadern | 51,637 | +2.7% | −3.4% | 48.9% | 3.5% | 20.18 | 7,450 |
| 21 | Pasing-Obermenzing | 81,804 | +11.6% | +10.2% | 48.4% | 3.7% | 21.78 · 21.36 | 8,022 · 8,357 |
| 22 | Aubing-Lochhausen-Langwied | 61,011 | +39.7% | +85.4% | 40.8% | 4.4% | 20.18 | 7,330 |
| 23 | Allach-Untermenzing | 36,230 | +13.6% | +25.2% | 41.5% | 3.4% | 20.46 | 7,932 |
| 24 | Feldmoching-Hasenbergl | 63,756 | +3.6% | +36.4% | 46.1% | 4.5% | 19.66 | 7,036 |
| 25 | Laim | 57,116 | +3.1% | +4.9% | 59.3% | 4.5% | 21.59 | 7,835 |
| Munich | 1,603,776 | +5.4% | +14.1% | 54.4% | 3.9% | 22.52 | 8,836 |
Population (main residence, 31 December 2024), change since 2015 and forecast to 2045: Department of Urban Planning and Building Regulation, Munich Demographic Report Part 2, data from the Statistical Office. Single-person households (2025) and unemployment share (unemployed people per 100 residents aged 15 to 64, 2024 average): Statistical Office, Indicator Atlas. Advertised rent (re-lettings, unfurnished) and asking price (existing flats): 2025 Housing Market Barometer, data supplied by Immobilien Scout GmbH. ¹ combined figure for Schwabing and Schwabing-West. ² combined figure for Sendling and Sendling-Westpark. ³ figure for Giesing. District 19: range across the Thalkirchen-Obersendling, Forstenried-Fürstenried and Solln areas.
The pattern is clear. The central districts have the highest prices and the most single-person households, and are barely growing or are shrinking. On the western, northern and eastern outskirts, prices are around 40 to 50% lower, and this is where most new housing is being built. Aubing-Lochhausen-Langwied alone, with the new neighbourhood of Freiham, is expected to gain a little over 52,000 residents by 2045.
„Location, location, location.“
That is often how clients respond when we ask about their criteria. In Munich, this means paying around €7,900 more per square metre for the location when comparing Feldmoching with the old town. Whether that adds up financially depends on how much of the difference translates into rent.
03Prices, rents and what you actually receive
Advertised rents look attractive at first glance. For re-lettings in 2025, landlords asked an average of €22.52/m² across the city, and over €24/m² in central areas. Comparing these rents with asking prices produces gross yields ranging from around 2.0% in Altstadt-Lehel to 3.5% in Ramersdorf-Perlach.
For a tenanted flat, however, these figures are too optimistic. If you buy a flat with an ongoing tenancy, the rent index is what counts. In 2025, it averaged €15.38/m². For a new letting, the rent brake permits no more than 10% above the local comparative rent, which works out at around €16.90/m². Exemptions apply to new builds and comprehensively modernised flats, among others.
The rent index differentiates by residential location, year of construction, size and fittings, with premiums for central and desirable locations. However, the differences between districts are much smaller than for purchase prices. This leads to this page's most important finding: the more expensive the district, the less rent you receive per euro invested. That says nothing about future price movements.
04Four types of district
The 25 districts can be broadly divided into four groups by location, price level and development. The boundaries are fluid, and streets and buildings within any one district vary considerably.
City centre: expensive, young, little growth
Altstadt-Lehel, Ludwigsvorstadt-Isarvorstadt, Maxvorstadt, Schwabing-West, Au-Haidhausen and Schwanthalerhöhe form the core. Asking prices range from €9,500 to €14,900/m², with advertised rents above €23.50/m². In Maxvorstadt, 67.7% of all households are single-person households, and the average age of 38.6 is the lowest in the city. Forecast population changes to 2045 range from −2.8% to +2.8%, as hardly any land remains available for development. Many neighbourhoods fall within areas covered by preservation statutes, where the city can consider exercising a right of pre-emption.
- You are investing substantial equity and accept a very low initial yield.
- Small flats for students and young professionals are important to you.
- You can deal with rights of pre-emption and approval requirements.
- You want your flat to come even close to paying for itself.
- You are relying on new construction and people moving into the surrounding area.
Inner-city fringe: mixed locations with mid-range to high prices
Neuhausen-Nymphenburg, Sendling, Sendling-Westpark, Laim, Obergiesing-Fasangarten, Untergiesing-Harlaching, Berg am Laim and Milbertshofen-Am Hart lie between the city centre and the outskirts. Asking prices range from around €7,800/m² in Laim to €11,205/m² in Nymphenburg, while advertised rents mostly range from €21.50 to €23.50/m². The forecast is generally for slight growth. Untergiesing-Harlaching is the only district in this group expected to shrink significantly (−5.2%). Berg am Laim has the city's highest unemployment share at 5.2%, followed by Ramersdorf-Perlach at 5.0%.
- You are looking for good connections to the city centre at mid-range prices.
- You value a broad tenant base.
- You check older buildings for renovation needs and reserve funds.
- You want a city-centre address for a future sale.
- You expect an ongoing surplus.
Growth districts on the outskirts
Aubing-Lochhausen-Langwied, including Freiham (+85.4%), Trudering-Riem, including Messestadt (+42.5%), Feldmoching-Hasenbergl (+36.4%), Bogenhausen (+27.8%), Allach-Untermenzing (+25.2%), Schwabing-Freimann (+22.8%) and Moosach (+19.6%) are expected to grow most strongly by 2045. The driver is new construction, which particularly attracts families. Single-person households often account for only 40 to 52% here. Asking prices mostly range from €7,036 to €8,800/m², and advertised rents mostly from €19.66 to €22.22/m². Freimann, to the north of Schwabing, is higher at €9,135/m².
- You want to buy at a lower price per square metre.
- You want to let larger flats to families.
- You are counting on new infrastructure and have the patience to wait for it.
- You do not want to factor in competition from many new flats nearby.
- You are mainly looking for studio flats for people living alone.
Established outlying locations in the south and west
Pasing-Obermenzing, Hadern, Thalkirchen-Obersendling-Forstenried-Fürstenried-Solln and Ramersdorf-Perlach are established residential districts with a mix of building types. At 43.0 years, Hadern has one of the highest average ages in the city and is expected to shrink slightly by 2045 (−3.4%). Pasing is a rail hub with S-Bahn and regional services. Asking prices range from €7,093 to €8,357/m², and advertised rents from €20.18 to €22.03/m².
- You are looking for dependable residential locations with long tenancies.
- Attracting commuter tenants with good rail connections is important to you.
- You are relying on strong population growth nearby.
- You are mainly seeking young people living alone as tenants.
05The same flat in three districts
How much does the district affect your calculations? Take Markus. He is single, has taxable income of €100,000 and buys a tenanted one-bedroom flat of 55 m². We hypothetically place it in Maxvorstadt, Pasing and Feldmoching-Hasenbergl. The name is fictional, and the figures are an illustrative calculation, not a forecast.
We use the asking price from the Housing Market Barometer as the purchase price. For rent, we use €16.90/m² in all three districts: the rent index average plus 10%. Markus finances the full purchase price at 3.6% interest and a 1.5% principal repayment rate (assumption). He pays the purchase costs, comprising 3.5% property transfer tax, notary and land registry fees and a 3.57% estate agent's fee, from savings. Whether a bank would offer this financing depends on his creditworthiness.
| Maxvorstadt | Pasing | Feldmoching-Hasenbergl | |
|---|---|---|---|
| Purchase price (55 m²) | €668,305 | €441,210 | €386,980 |
| Purchase costs paid from savings | €56,783 | €37,998 | €33,426 |
| Annual rent excluding service charges (€16.90/m²) | €11,154 | €11,154 | €11,154 |
| Rental income loss, assumed at 3% | −€335 | −€335 | −€335 |
| Service charges not recoverable from tenants (assumption) | −€1,020 | −€1,020 | −€1,020 |
| Interest (3.6%) | −€24,059 | −€15,884 | −€13,931 |
| Principal repayments (1.5%) | −€10,025 | −€6,618 | −€5,805 |
| Result before tax | −€24,284 | −€12,702 | −€9,937 |
| Tax effect at €100,000 income | +€10,465 | +€5,240 | +€3,993 |
| Result after tax | −€13,819 | −€7,462 | −€5,944 |
| Per month after tax | −€1,152 | −€622 | −€495 |
| Of which monthly principal repayments | €835 | €552 | €484 |
| Gross rental yield | 1.67% | 2.53% | 2.88% |
All three flats cost Markus money every month, even after tax. In Maxvorstadt, it is around €1,152, in Pasing €622 and in Feldmoching-Hasenbergl €495. Excluding the principal repayments, which reduce his loan, the actual monthly shortfalls are €316, €70 and €12 respectively.
Isn't using the same rent in all three districts unfair? To some extent. The rent index allows premiums for central locations. So let us calculate Maxvorstadt using the full advertised rent of €24.91/m², which would be almost impossible to achieve with an existing tenancy: even then, Markus still contributes around €925 a month after tax. The purchase price remains the key lever.
With a lower income, the contribution increases because the tax benefit falls. At taxable income of €80,000, the monthly figures would be €1,379, €718 and €565. Our guide Tax on rental income explains how the tax effect arises. You can assess your own flat using the rental yield calculator.
What is the rental yield on your flat? Enter the purchase price, purchase costs and rent, and the calculator will show the gross and net rental yields.
06Risks by district
The rent brake and the 15% cap on rent increases apply throughout Munich until 31 December 2029. The approval requirement for conversions into individually owned flats under § 250 BauGB has been extended in Bavaria until 31 December 2026. Additional risks vary by district.
- Preservation statutes: In 36 areas containing around 204,000 flats, the city can consider exercising a right of pre-emption, and modernisation work requires approval. Since February 2026, the city has, as a rule, no longer approved the demolition of residential buildings in these areas.
- Competition from new builds: Tens of thousands of flats will be built in the growth districts by 2045. New builds are exempt from the rent brake on their first letting and can compete with existing flats for tenants.
- Shrinking districts: Untergiesing-Harlaching, Hadern, Schwanthalerhöhe, Schwabing-West and Ludwigsvorstadt-Isarvorstadt are forecast to lose residents slightly. A forecast is not a certainty: it depends above all on new construction and inward migration.
- Asking prices rather than purchase prices: District prices are listing figures. Negotiate on the basis of comparable values from the Property Valuation Committee, not property portal prices.
- Interest rates: At Munich purchase prices, every percentage point of interest has a major impact. If the interest rate rises when refinancing, the required contribution increases substantially in every district.
07Other locations
Munich in detail: Investment property in Munich, covering the economy, regulations and a new-build comparison · In the same federal state: Bavaria · Nuremberg · Augsburg
Other major cities in detail: Berlin: all 12 districts compared · Hamburg: all 7 districts compared
All locations compared: Where is property investment worthwhile? Cities compared in 2026 · Federal states compared
08Further reading
- Investment property in Munich
- Buying a flat as an investment: advantages and disadvantages
- Tax on rental income
- Property transfer tax in Bavaria
- Rental yield calculator
- Purchase costs calculator
09Sources
All sources accessed on 14 October 2026.
- City of Munich, Department of Urban Planning and Building Regulation: Munich Demographic Report Part 2, Small-Area Population Forecast 2025 to 2045 for the City Districts; 2025 Housing Market Barometer, Table 4 (re-lettings by sub-area) and Table 12 (existing flats, purchase prices by sub-area), data supplied by Immobilien Scout GmbH
- Munich Statistical Office: Munich Statistics, First Quarterly Issue 2026, Population Forecast for the City Districts; Indicator Atlas on the Munich Open Data Portal: single-person households (2025) and unemployment share (2024)
- City of Munich: Munich Rent Index 2025; Population forecast
- Property Valuation Committee for the City of Munich: Half-Year Report 2026; for 2025 prices of existing flats by year of construction, see Investment property in Munich
- Rules for landlords (Tenant Protection Ordinance, prohibition on conversions into individually owned flats, preservation statutes): for sources, see Investment property in Munich
- § 32a EStG (2026 tax schedule), § 7 Abs. 4 EStG (depreciation), § 556f BGB, GNotKG Anlage 2 (notary and land registry fees)
- Change from 2015–2024 and gross yields based on listings: our calculations using the sources listed; illustrative calculation: our calculation, as at 14 October 2026
Please note: This page provides general information and does not constitute investment, tax or legal advice. All figures come from the sources listed or are illustrative calculations with disclosed assumptions, as at 14 October 2026. Past trends and forecasts are not reliable indicators of future results.
FAQHäufige Fragen
Which Munich district is best for property investment?
That depends on your goal. The central districts have the strongest demand for small flats, but the lowest gross yields. On the outskirts, prices are around 40 to 50% lower, and several districts are forecast to grow strongly. There is no one-size-fits-all answer: what matters is the relationship between the purchase price and the legally permitted rent.
Where are flats cheapest in Munich?
According to the 2025 Housing Market Barometer, asking prices for existing flats were lowest in Feldmoching-Hasenbergl (€7,036/m²), Forstenried-Fürstenried (€7,093/m²), Ramersdorf-Perlach (€7,191/m²) and Aubing-Lochhausen-Langwied (€7,330/m²). They were highest in Altstadt-Lehel (€14,904/m²), Ludwigsvorstadt-Isarvorstadt (€12,290/m²) and Maxvorstadt (€12,151/m²).
How high are rents in Munich's neighbourhoods?
Advertised rents for re-lettings in 2025 ranged from €19.66/m² in Feldmoching-Hasenbergl to €25.53/m² in Ludwigsvorstadt-Isarvorstadt, with a citywide average of €22.52/m². The 2025 rent index averages €15.38/m². It is the benchmark for ongoing tenancies and new lettings subject to the rent brake.
Which Munich districts are growing fastest?
According to the city's forecast to 2045, these are Aubing-Lochhausen-Langwied, including Freiham (+85.4%), Trudering-Riem (+42.5%), Feldmoching-Hasenbergl (+36.4%), Bogenhausen (+27.8%) and Allach-Untermenzing (+25.2%). Districts expected to shrink slightly include Untergiesing-Harlaching (−5.2%) and Hadern (−3.4%).
Where do most people live alone in Munich?
In Maxvorstadt, 67.7% of all households are single-person households, compared with 64.8% in Ludwigsvorstadt-Isarvorstadt and 63.7% in Altstadt-Lehel. The share is lowest in Aubing-Lochhausen-Langwied (40.8%) and Allach-Untermenzing (41.5%).
Does the rent brake apply throughout Munich?
Yes, the Bavarian Tenant Protection Ordinance covers the whole of Munich until 31 December 2029, as does the 15% cap on rent increases. Exemptions from the rent brake include flats first occupied and let after 1 October 2014.
Why does this page quote asking prices rather than purchase prices?
Munich's Property Valuation Committee does not publish freely accessible average prices by district, only figures by year of construction and residential location. The city's Housing Market Barometer, by contrast, analyses listings by area. Experience shows that prices actually paid are often below asking prices.