Most of us have daydreamed about living in our very own stunning home in a fantastic location. But just how likely is it for the average person to achieve this? One thing is for certain - you have to earn a fair bit of money to buy a home in Germany. Recent studies give an idea of how high your salary would need to be to secure a million euro property.
READ ALSO: Is it a good time to buy a home in Germany? How much money do you need for a €1 million home? For 100 square meters - preferably with your own garden - you have to dig deep into your pockets in Germany. The most expensive properties are in the south, mainly in Munich as well in the far north in the district of Nordfriesland. A house or apartment of this size costs around €1 million in these places.
For example, a luxury ground floor four-room, 105 square metres apartment with a garden in Munich's Obermenzing suburb costs just under €1.3 million in August 2024. Very few people have that kind of money sitting in their bank.
But even getting a mortgage would be unaffordable for most people. And remember - this is Germany. There are plenty of hidden costs you have to consider when buying a home.
In addition to the actual purchase price of around a million euros, there's the property transfer tax, which is between 3.5 and 6.5 percent of the purchase price depending on the federal state.
READ ALSO: The fees you have to pay when buying a home in Germany Furthermore, there is a broker's commission of at least 3.57 perc.