Individual pays 250 million euros for Munich property


Individual pays 250 million euros for Munich property

Thursday February 29, 2024 | 5:23 p.m.

Luxury watch retailers Hublot and Blancpain rent there, as do luxury fashion retailer Fendi and luxury stationery maker Montblanc. It also includes an entire hotel and several apartments. This is the building complex Maximilianstrasse 12 to 14 in Munich, which also includes the address Falkenturmstrasse 5-7.

The real estate information service “React News” and the “Süddeutsche Zeitung” unanimously report that an individual wishing to remain anonymous purchased the real estate complex on February 29 for no less than 250 million euros. The number was confirmed by Commerz Real, who made the purchase on behalf of the individual.

Commerz Real: “Jewel of the Munich real estate market”

Considering the location, history and importance of the real estate complex, the sale price is not surprising, says Kerstin Struckmann, head of business with wealthy private clients at Commerz Real. The listed property was built in 1867 and offers a rental area of ​​approximately 6,100 square meters.

“The current market situation and the quick action of everyone involved allowed us to acquire a rare gem of the Munich real estate market for our client,” says Struckmann. The former owner is a subsidiary of the insolvent real estate company Centrum from Düsseldorf.

Real estate prices are in a downward trend

For a long time, property prices in Munich and throughout the country only rose. Prices nationwide increased three to four times between 2009 and 2022, depending on the segment. But in 2022, this trend seems to have reversed.

“Given the exorbitant price increases for more than ten years and the new interest rate environment, a price correction phase is certainly appropriate,” IfW President Moritz Schularick recently told the Tagesschau. However, the fall in prices is “not as worrying for the economy as a whole as it has been so far.”

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