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Housing in San Sebastián, Barcelona or Madrid is more expensive than in Germany, except for Munich
 03

  FEB

Housing in San Sebastián, Barcelona or Madrid is more expensive than in Germany, except for Munich

Source: Idealist

Munich (6,913 euros / m2) is the most expensive city in Germany to acquire a house with a difference, according to the latest study by the real estate agency McMackler, followed by Stuttgart, Düsseldorf or Berlin, with prices around 3,745 and 4,400 euros / m2 The wage effort rate in the Bavarian capital skyrockets at age 11, ahead of Berlin (7.9 years), in a country where the average salary is around 45,000 euros.

Acquiring a home in Munich can be an important effort that few can afford. The average price of housing in the former federal capital reached 6,913 euros / m2 at the end of the year, well above other large German cities such as Stuttgart, Düsseldorf or the capital Berlin, where the average price of housing is at 4,361 euros / m2, 3,747 euros / m2 or 3,745 euros / m2, respectively, according to the study conducted by the real estate agency McMackler.

For making a quick comparison with Spain, the most expensive cities are San Sebastián (4,540 euros / m2), followed by Barcelona (4,115 euros / m2) and Madrid (3,732 euros / m2, according to the year-end data of idealist, principal real estate marketplace in southern Europe These Spanish capitals rub shoulders with the great German cities, except Munich, at least in terms of the price of housing.

In the center of the Bavarian capital there are several areas that exceed 10,000 euros / m2 such as Universität, Englischer Garten Süd, Lehel, Deutsches Museum or Kleinhesselohe. In Spain, the most expensive neighborhoods at the end of 2019 were Recoletos (8,415 euros / m2) and Castellana (7,120 euros / m2), in the Salamanca district of Madrid, or the Miraconcha neighborhood (8,052 euros / m2) in San Sebastián .

The average price of a type house in Munich, of about 90 m2, can be found above 620,000 euros. Meanwhile, the average annual salary in the capital of the State of Bavaria (Bayern) was around 55,980 euros, above the average salary in Germany, which is around 45,000 euros in 2018, according to the German portal specializing in salaries Gehalt.de.

Therefore, the rate of wage effort to buy a home exceeds 11 years. But Munich may have the highest effort rate, especially for the high price of its houses, but it is not the city with the highest average salary. Stuttgart has a salary of 56,160 euros on average and an average price of housing of 4,361 euros / m2, which gives for an average house about 392,490 euros. With that salary, the effort rate stays at 7 years of full salary to pay for housing, four less than Munich.

Berlin, however, has the second highest effort rate of the 15 cities analyzed, with 7.9 years. It has an average price of 3,745 euros / m2, so that the type of housing costs just over 337,000 euros, for salaries that are below the national average. Berliners charge an average of 42,452 euros per year.

The districts of Mitte and Tiergarten, in the heart of the capital, come to have prices between 6,300 and 6,400 euros / m. Behind, other Berlin neighborhoods such as Kreuzberg and Charlottenburg go from 5,400 to 5,600 euros / m2.

These are the hottest points of a market that has been rising for years, both the sale and the rent, and on which experts are beginning to warn of the bubble risk in some segments and areas. Bundesbank itself, the German central bank, has warned of "speculative overvaluations" that can amount, in some cases, to up to a third of the total price of the property.

In fact, Munich was leading the edition of the Real Estate Bubble Index produced by the Swiss bank UBS, ahead of Hong Kong, Paris and London. Frankfurt was in fifth position; Madrid, as a reference, the seventeenth.

Among all these cities, üss Düsseldorf (47 3,747 euros / m2) has been cast, having the third highest average price of housing, just slightly above Berlin. The average price of a type house reaches 337,230 euros. But in this city washed by the Rhine, the wage effort rate is reduced to 6.4 years, thanks to its 52,965 euros of annual average income.

Only in seven German state capitals, the average salary is above the national average. The rest of the cities are below. Consequently, the salaries already mentioned of Stuttgart, Munich and Düsseldorf are those of Wiesbaden (52,020 euros), Hamburg (47,655 euros), Mainz (47,295 euros) and Hannover (46,665 euros).

Of these four cities, Hamburg has the highest effort rate with 7.1 years of full salary. It is followed by Wiesbaden (6.4 years / salary), Mainz (6.2 years / salary) and Hannover (5.5 years / salary). The prices of the first three are around 3,200-3,700 euros / m2. For the capital of the state of Lower Saxony, prices average 2,856 euros / m2.

On the contrary, it is worth noting the situation of Postdam, the capital of the federal state of Brandenburg, and near Berlin. Its nearness
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