Buy an apartment building in Munich – discreetly and without a public listing

What is the Munich property market like?

In Munich the number of sales picked up in 2025, while prices remained stable or fell slightly. According to the preliminary market analysis, the number of contracts rose by 14%, but the transaction volume by only 2% to €11.6 billion. For apartment buildings the pattern was even clearer: 14% more contracts, but 15% less volume. In other words, more buildings were sold, but on average they were smaller or cheaper.

How the multiple is derived and what it does not show is explained in the guide Purchase price multiple for apartment buildings; briefly in the glossary.

What stands out about Munich: The multiple is significantly higher than in other major cities. In Hamburg buyers paid on average 22.1 times the rent in 2025, in Berlin on average 23.5 times over the years 2023 to 2025. In Munich it was around 30 in the first half of 2026. Anyone buying here is buying above all substance and location – the current rent covers a smaller part of the price. The capitalisation rate of 2.8% says the same thing from the other side.

Which properties are traded off-market in Munich?

With only a few dozen analysable rental apartment buildings per half-year, every public offer attracts attention. Owners who want to avoid this approach selected buyers first. Properties offered without a public listing are mainly:

• Period rental apartment buildings on the edge of the city centre.
• Mixed-use buildings with shops or practices.
• Buildings from the 1950s to 1970s with potential for densification or modernisation.
• Villas and single-family houses in the garden-city districts – more on this under Buy a villa in Munich.
• Plots whose sale should only become known once the building rights have been clarified.

Describe what you are looking for in the search above, for example „rental building in Munich, 8 to 15 units, up to 6 million euros“. More on the property types: Off-market apartment buildings and Off-market investment buildings.

Where in Munich are rental buildings traded?

The stock of rental apartment buildings is concentrated in the Gründerzeit and early post-war districts between the old town and the Mittlerer Ring, such as Maxvorstadt, Schwabing, Haidhausen, Au, Giesing, Sendling and Neuhausen.

For buyers, the most important location question in Munich is not the address but whether the building is located in a preservation statute area (Erhaltungssatzungsgebiet). Our anonymous profiles only state the city district and approximate location. As a verified buyer you receive the exact address after release with the owner’s consent.

Do you own a rental building in Munich and want to know first who would buy it? With an anonymous profile you can test demand without the building appearing on portals.

What do owners in Munich need to consider when selling?

Preservation statutes apply to more than 200,000 apartments

According to the city, 36 preservation statutes (Erhaltungssatzungen) apply in Munich, covering a total of 204,400 apartments and around 340,500 residents. In these areas, structural alterations, modernisations, changes of use and the demolition of residential space require approval. The creation of residential or partial ownership (Wohnungs- oder Teileigentum) also requires approval; the Social Services Department (Sozialreferat) reviews the applications. Infringements can be punished with a fine of up to €30,000 (§ 213 Federal Building Code, BauGB).

Right of pre-emption and aversion declaration

The City of Munich has a right of pre-emption (Vorkaufsrecht) in preservation statute areas. Since a 2021 decision of the Federal Administrative Court it can only use it to a very limited extent. Buyers can avoid its exercise through an aversion declaration (Abwendungserklärung), in which they undertake, for example, not to carry out luxury modernisation. This applies regardless of whether the building was listed: what matters is the notarised purchase contract.

Conversion ban under § 250 BauGB

With effect from 1 June 2023 Bavaria introduced an approval requirement under § 250 BauGB for existing buildings with more than ten apartments; Munich is within the designated area. The state government extended it by one year in December 2025; the regulation expires at the end of 31 December 2026 (§§ 2, 3 Gebietsbestimmungsverordnung Bau, GVBl. 2025 p. 717). Whether it will continue to apply after that should be checked before you buy. In Munich’s preservation statute areas, division into apartments remains subject to approval regardless; this regulation (§ 5 DVWoR) applies until 31 December 2028.

How a quiet sale works is shown on the page Sell an apartment building in Munich discreetly.

Not legal or tax advice. The information on preservation and pre-emption rights reflects the position as of 26.10.2026. Have your case reviewed by a lawyer or notary (Notar) before a sale.

How do you buy in Munich via diskret.immo?

1. Register free of charge and save a search profile; our team then activates your account as „verified“.
2. View anonymous profiles showing the city district, property type, price and floor-area range.
3. Receive the exposé as a verified buyer after a confidentiality undertaking and with the owner’s consent.
4. Address after a conversation about your financing and a further release; our team hands over documents in person.

As of 31 October 2026: fewer than three released anonymous profiles in Munich and 7 active purchase requests that include Munich.

Other regions: Berlin · Hamburg · Frankfurt · Leipzig · Potsdam and surrounding area · all off-market property