Buying Property on a Budget: How Much Spaciousness You Get in Munich, Gotha, and More!
By Daniel Bakir and Patrick Rösing • 🕒 2 Min Read
Affordable (or cramped) dwelling possibilities within a budget of 500,000 euros - Amount of Accommodation Procurable with 500,000 Euros Budget
You've picked your savings goal—€500,000—but wonder what you can purchase with that amount. Online budget calculators can help you determine this, but what about the living space you'll get?
Here's a breakdown of what you might find in several German cities:
- Munich (Bavaria):
- Munich is one the pricier German cities. For €500,000, you might land an apartment with 80-100 square meters of living space, often in less central areas. Central locations will usually offer less space for the same price.
- Gotha:
- In Gotha, a smaller city in Thuringia, €500,000 could potentially snag a larger house with approximately 150-250 square meters of living space and a yard. Of course, the property's condition and age come into play.
- Berlin:
- In Berlin, €500,000 would typically buy an apartment with 80-120 square meters of space, depending on the district. Areas like Kreuzberg or Prenzlauer Berg might offer less space, while neighborhoods farther from the city center could provide more.
- Wolfsburg (Lower Saxony):
- Wolfsburg, a hub for automobile manufacturing, has lower housing costs compared to major cities like Munich or Berlin. For €500,000, you could find an apartment or small house with 120-180 square meters of space.
- Other Cities:
- North Rhine-Westphalia (Cities like Cologne or Düsseldorf): Similar prices to Berlin, offering apartments around 80-120 square meters.
- Baden-Württemberg (Cities like Stuttgart): Prices are mid-range, potentially offering a bit more space than Munich but less than smaller towns.
- Hesse (Cities like Frankfurt or Wiesbaden): Expect higher costs, similar to Munich, with less space per €500,000.
Remember that the actual size and quality of living space will depend on property specifics, location within the city, and amenities. In addition, consider the living costs in each city to make a well-rounded decision.
- Munich: One of the higher-cost-of-living areas in Germany.
- Berlin: Offers a vibrant lifestyle with relatively moderate living costs compared to Munich.
- Wolfsburg: More affordable compared to major cities like Berlin or Munich.
So, now that you have a rough idea of what €500,000 could buy in the German real estate market, it's time to start house hunting!
- The community policy should consider the spaciousness that can be expected when purchasing property in Munich, as €500,000 may only secure an apartment with 80-100 square meters of living space.
- Employment policies in Gotha should be reviewed, as a person with a €500,000 budget could potentially buy a larger house with approximately 150-250 square meters of living space, given a suitable investment strategy in the local housing-market.
- Employers in Berlin might benefit from offering quality housing allowances, as a salary of €500,000 would typically yield an apartment with 80-120 square meters of living space, depending on the district.
- If Bakir is considering investing in property to attract employees, Wolfsburg could be a cost-effective option, as €500,000 could purchase an apartment or small house with 120-180 square meters of living space.
- Finance departments in cities like Cologne or Düsseldorf should take real-estate trends into account, as prices are similar to Berlin, offering apartments around 80-120 square meters, and question whether investing in more spacious properties in smaller towns could be a more efficient use of resources.