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German housing crisis: 'Like winning the lottery!'
(www.dw.com)
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this post was submitted on 19 Apr 2024
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In Munich, a modest 3-room flat costs 20 annual average for the city of Munich salaries.
And that's without paying any fees for the purchase of the said apartment and those fees can easily add a couple of extra years to the calculation. Then we have the interest rate of the bank, and of course the ever increasing prices of virtually everything but the salaries.
You also need 10% down payment of the said property in cash to ensure a lower interest rate, that's already a lot of money. So do the math to figure out how middle class people can afford a flat in Munich, where a rent for a 3-room flat is almost 2K, which by the way is more than 65% of the average salary in the city.
And all the constructions now within the city are luxurious properties where prices are double or triple that.
It is an absolute disgrace and it has been like this for at least 10 years. A friend of mine bought his flat around 10 years ago and now his flat costs 2.5x more. Crazy!
And then Germany is complaining that they cannot find skilled workers, so tell me would you go to Germany with those prices, relatively low salaries for high skilled positions and high tax burden?
There are good reasons to go to Germany, like relatively high salaries (it always depends on where you're comparing. At least in the fields I'm about to work in you earn significantly more in Germany than in Austria), high security, good schools and universities, ... (similar to Austria in that regard, maybe slightly worse).
The only reason against Europe in general is that you pay a lot for mandatory purchases (a home (doesn't matter if rented or bought), groceries, ...). Personally I still prefer that over cheaper costs of living but less security, worse child- and healthcare etc. but something has to change, because it's only getting more extreme.
If the development of 50 years ago to today will continue for the next 50 years something like a civil war is inevitable.