Residential market trends

New development beats Berlin Victorian style apartments

Development activities in Berlin are still picking up. 282 projects with a total of almost 45,000 apartments were analysed, according CBRE market report. Individual projects have become considerably larger and are mostly completely sold off-plan or rented out before the building process has been completed.

There is a wide range of asking prices for owner-occupied condominiums, starting from around €6,000 to over €10,000 per square metre in top locations.

The top four districts

The city-wide average asking price for existing condominiums has risen by 10 per cent , to € 4.630 per square meter. New developments start at € 6.000 in areas providing mainly family homes or in suburbs outside the S-Bahn ring. In central areas prices go up to € 9.000. In some top locations and for penthouses, prices already exceed € 12.500 per sqm.

There are four districts mainly representing the large existing condominium market in Berlin. The highest asking prices are being paid in: Mitte, Friedrichshain-Kreuzberg, Charlottenburg-Wilmersdorf and Pankow-Prenzlauer Berg.

Front runner for prices is Mitte
Average price in the four districts momentarily is at € 5,372 per square meter. In the historical center of Mitte, an average of € 8,500 per square meter is being asked. On the lower end of the market, such as Wedding and Moabit, prices below € 3.500 still can be found.

In the top segment, Friedrichshain- Kreuzberg ranks third with an average asking price of € 5,037. Charlottenburg- Wilmersdorf comes second, with a median asking price of € 5,313. In fourth place, with prices of €4,910 – slightly above the whole-city average – is Pankow-Prenzlauer Berg.