High price brackets in all boroughs
The most expensive addresses in Berlin include Charlottenburg, Mitte, Prenzlauer Berg, Schöneberg and Wilmersdorf. Freehold apartments in Mitte and Prenzlauer Berg reached prices per square metre of up to 16,000 euros in the first half-year of 2018. Besides location, the year of construction is also a key determining factor in the sale price. Clients are looking to buy either grand old properties with stucco ceilings, alcoves and a well-managed community of owners.
Or they are seeking top-quality new developments with parking spaces, high ceilings, and large terraces and balconies. Designer apartments, lofts and penthouse apartments located within Berlin’s suburban subway system are particularly popular with clients and capital investors. Families tend to prefer substantial mansion plots in more natural settings, in the upmarket boroughs including Dahlem, Grunewald and Zehlendorf. Sale prices of up to 6.5 million euros were reached here for detached and semi-detached properties in the first half-year of 2018. Among the up-and-coming regions are prestigious old addresses in Frohnau, Pankow and Köpenick.
Berlin leads ranking of transaction volume from freehold apartments
Compared to other cities in Germany, Berlin comes top of the ranking of transaction volumes on the residential property market for the third time in a row, at 5.68 billion euros. At a total of 21,356 sales, more than double as many freehold apartments were brokered in the capital than in Munich, the city ranked next in second place. In the ranking of detached and semi-detached properties, Berlin comes in third place with a transaction volume of 1.12 billion euros, directly behind Hamburg and Munich.
“There is still a shortage of land plots and construction projects required to meet the demand for housing. We expect prices in all segments to rise further,” said Günter Th. Fischer, Managing Partner of Engel & Völkers Berlin-Mitte.