“A shock for us”: Teachers reserve million-dollar apartment in Munich, but construction is not progressing

Created: 09/01/2022, 22:04

By: Andreas Thieme

Bernd K. (41) in front of the building site in Obermenzing.

Now he's tired of waiting © SIGI JANTZ

For his condominium, Bernd K. wanted to conclude a sales contract for one million euros.

But little progress was made on the construction in Obermenzing.

A look into the Munich real estate bubble.

Munich – It should be the new family home and a real home: Bernd K. (41) wanted to buy an apartment in Obermenzing for more than one million euros.

"I had already paid a reservation fee of 5,000 euros in June," says the teacher.

His dream of owning his own home: around 85 square meters with high-quality floors in an apartment building.

But little progress has been made on Dr.-Blaich-Strasse since then - workers were "rather rarely" seen on the construction site there, as local residents confirm.

"It was a shock for us," says Bernd K. Because the shell of the building was supposed to be up and bricked in mid-August.

"That's what the client had promised us in May.

We visited the building site together twice.” But not even the ground floor is completely finished at the moment.

“My husband and I actually wanted to move in in January.

But that is completely unrealistic,” says Bernd K. He had been to the construction site several times in the summer and was surprised that hardly anyone was working there.

The teacher eventually lost confidence in the construction project and canceled his reservation as a precaution.

Munich: million-euro construction project in Obermenzing will be delayed - buyers are angry

After weeks of trouble, he got half of the money back.

But the terror remains.

"The pressure when you want to buy a property in Munich has become enormous," says Bernd K. "There are only a few properties that are often very expensive - and it has to be done quickly".

This is how Bernd K. explains his commitment to the condominium afterwards.

"A look at the internet would have been enough to see that something might be wrong there."

The ground floor of the apartment building in Obermenzing has not yet been completely bricked © SIGI JANTZ

Because there, various dissatisfied customers complain about construction defects and delays.

Our editorial team confronted the client with the situation.

“The project is in the construction phase, since there has not yet been any completion or acceptance of the building, there are no defects.

If there is a defect after acceptance, it will be remedied by a specialist company," says Steffen Bünger from Kiefer Vermögensverwaltung based in Königsbrunn near Augsburg.

Eddy about the construction project in Munich: "Energy supply newly chosen"

A total of ten new apartments are being built in Obermenzing, all ten of which have already been sold.

The completion of the house is now planned for March 2023.

The reasons are “in addition to the political and pandemic situation, a massive revaluation of the house and the associated replanning,” says Bünger.

"We switched from a new building standard to a KFW 55 efficiency house and had to redesign all floors here - in addition, the energy supply was reselected in order to also heat in a contemporary, cost-effective and climate-friendly manner.

The associated extended construction time was accepted and embraced by every buyer.

In addition, every buyer now receives a premium of 26,500.00 euros.” Let's hope that the buyers will actually be able to move into their new homes in the spring.

property owner?

Share it with us.