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?