Relocating to Munich: What You Need to Know
Posted by: Rolf Diepeveen, Director, Strategic Business Solutions.
Our latest Cartus Germany MarketWatch focuses on Munich, a city where the traditional and modern go hand-in-hand. A frequented destination for international assignees, it’s as famous for its beer halls and festivals as it is for its arts and culture scene. Our publication discusses the city’s rental market trends, popular expatriate neighborhoods and schools.
The Rental Market
As the number of prospective tenants has increased in the last year, growing demand outstrips supply. The city’s overall vacancy rate – the length of time between rental property tenancies– has also declined in the last 12 months, meaning that available stock continues to decrease. The rental market is currently so competitive, that even with the introduction of three new districts (Aubing, Feldmoching, and Freiham), construction continues to fall short of meeting Munich’s rising housing demand. With this in mind, when looking for a property, assignees should try to ensure their search criteria is not too strict, as flexibility will be key to sourcing suitable accommodation.
As well as the beer halls, the capital of the southern German state of Bavaria boasts a number of Mediterranean-style street cafes. Some of my favorite ones can be found in the Glockenbach, Haidhausen, and Maxvorstadt neighborhoods.
The city also has more than 80 art galleries and museums, from world-renowned facilities like the largest museum of science and technology, the Deutsches Museum, to establishments on a smaller scale such as das Kartoffelmuseum, which takes a quirky look at the art history of the potato. Arguably the most important (and largest) in Germany, is the Munich Residenz Museum. Originally the main palace of Bavaria's rulers, it opened to the public in 1920 and is now considered one of the best palace museums in Europe.
For international assignees with a love of the outdoors, Munich is known for its green open spaces, including the world’s largest public park, the English Garden or Englischer Garten. Fancy a swim? Be sure to visit the beautiful lakes of Starnberger See, Ammersee, and Wörthsee. If hiking is more your thing, there’s also the surrounding mountains just an hour’s drive from the city. Of course, if you prefer a more relaxed approach, why not sample the local cuisine in the various mountain villages, including Tegernsee, Garmisch Partenkirchen, and Chiemgau.