Average prices in area
Munich (; German: München [ˈmʏnçn̩] (listen); Austro-Bavarian: Minga [ˈmɪŋ(ː)ɐ]; Latin: Monachium) is the capital and most populous city of Bavaria, the second most populous German federal state. With a population of around 1.5 million, it is the third-largest city in Germany, after Berlin and Hamburg, as well as the 12th-largest city in the European Union. The city's metropolitan region is home to 6 million people. Straddling the banks of the River Isar (a tributary of the Danube) north of the Bavarian Alps, it is the seat of the Bavarian administrative region of Upper Bavaria, while being the most densely populated municipality in Germany (4,500 people per km²). Munich is the second-largest city in the Bavarian dialect area, after the Austrian capital of Vienna. The city is a global centre of art, science, technology, finance, publishing, culture, innovation, education, business, and tourism and enjoys a very high standard and quality of living, reaching first in Germany and third worldwide according to the 2018 Mercer survey, and being rated the world's most liveable city by the Monocle's Quality of Life Survey 2018. According to the Globalization and World Rankings Research Institute Munich is considered an alpha-world city, as of 2015. Munich is a major international center of engineering, science, innovation, and research, exemplified by the presence of two research universities, a multitude of scientific institutions in the city and its surroundings, and world class technology and science museums like the Deutsches Museum and BMW Museum.. Munich houses many multinational companies and its economy is based on high tech, automobiles, the service sector and creative industries, as well as IT, biotechnology, engineering and electronics among many others. The name of the city is derived from the Old/Middle High German term Munichen, meaning "by the monks". It derives from the monks of the Benedictine order, who ran a monastery at the place that was later to become the Old Town of Munich; hence the monk depicted on the city's coat of arms. Munich was first mentioned in 1158. Catholic Munich strongly resisted the Reformation and was a political point of divergence during the resulting Thirty Years' War, but remained physically untouched despite an occupation by the Protestant Swedes. Once Bavaria was established as a sovereign kingdom in 1806, it became a major European centre of arts, architecture, culture and science. In 1918, during the German Revolution, the ruling house of Wittelsbach, which had governed Bavaria since 1180, was forced to abdicate in Munich and a short-lived socialist republic was declared. In the 1920s, Munich became home to several political factions, among them the NSDAP. The first attempt of the Nazi movement to take over the German government in 1923 with the Beer Hall Putsch was stopped by the Bavarian police in Munich with gunfire. After the Nazis' rise to power, Munich was declared their "Capital of the Movement". During World War II, Munich was heavily bombed and more than 50% of the entire city and up to 90% of the historic centre were destroyed. After the end of postwar American occupation in 1949, there was a great increase in population and economic power during the years of Wirtschaftswunder, or "economic miracle". Unlike many other German cities which were heavily bombed, Munich restored most of its traditional cityscape and hosted the 1972 Summer Olympics. The 1980s brought strong economic growth, high-tech industries and scientific institutions, and population growth. The city is home to major corporations like BMW, Siemens, MAN, Linde, Allianz and MunichRE. Munich is home to many universities, museums and theatres. Its numerous architectural attractions, sports events, exhibitions and its annual Oktoberfest attract considerable tourism. Munich is one of the most prosperous and fastest growing cities in Germany. It is a top-ranked destination for migration and expatriate location. Munich hosts more than 530,000 people of foreign background, making up 37.7% of its population.