From exclusive downtown locations to country living to waterfront villas – the city’s unique locations and affordable rents and purchase prices set the Berlin real estate market apart.
The city's 1.6 million rental apartments make up 87 percent of the entire housing supply. At the beginning of 2009, 1.9 million apartments were available in Berlin, 3,321 more than in the previous year. Most residential units had been added in Pankow and Lichtenberg.
Each district has its own charm. Outside of the city’s major centers, the Mitte district stretching between Friedrichsstrasse and Alexanderplatz, and City West around Kurfürstendamm, there are a number of secondary hubs, each with its own character and atmosphere.
Old and new
Nearly 516,000 apartments in Berlin were built prior to 1918; an additional 287,000 were built before 1948. Most of the pre-war apartments are located in Mitte, Friedrichshain-Kreuzberg and Charlottenburg-Wilmersdorf. Of the 1.1 million residential units constructed after World War II, about 170,000 were built since 1991, in the period since the fall of the wall.
According to a market report by the real estate portal Immowelt.de, rents for apartments in Berlin, at an average of 6.56 Euros per square meter, are just slightly higher than the Germany-wide average of 6.31 Euros per square meter. While residential real estate for purchase, at 1962 Euros per square meter, is somewhat more expensive relative to the low cost of rental property, it remains affordable for a large city.
New modes of living
The current demographic trend of young people from the middle class migrating to the city has fueled the development of new modes of living in urban districts. New developments consisting of modern, townhouses are cropping up in vacant urban spaces like the former Berlin Stockyards, the Prenzlauer Gardens, or in Friedrichswerder. More and more developments like this are being built in Berlin.
An increasing number of seniors are also drawn to the vibrant urban centers. The reasons are the same: these areas offer good infrastructure, shopping is nearby and there is a wide variety of cultural events to enjoy.