Condominium prices in Berlin have been rising steadily for quite some time now. According to the local land valuation committee which has access to all residential property deeds, the average price tag for condominiums was 2,800 euros per square metre in 2015. The committee's real estate experts are convinced that the steady appreciation of condominiums in Berlin will not only continue, but accelerate. One of the key reasons they cite is the brisk demographic growth of Germany's first city, the main driver of the population growth being the strong inflow of employees from other other EU member states. In the medium-term future, the influx of EU nationals will further intensify demand on an already strained housing market. In fact, a survey by real estate service provider Jones Lang LaSalle (JLL) indicates that asking prices for condominiums in Berlin already picked up the pace again during the second half of 2015. Having gone up by roughly ten percent, the average square-metre price is now 3,200 euros.
Berlin's Southwest Most Popular
JLL's survey findings also suggest that Berlin's southwest districts now count among the city's prime locations. In the sub-district of Grunewald, for example, buyers paid between 1,200 and 5,200 euros per square metre of residential floor area in 2015, while square-metre prices in the sub-district of Dahlem went as high as 6,200 euros. Then again, inner-city locations around Torstrasse and Hackescher Markt remain as popular as ever among condo buyers, and the same is true for the districts of Prenzlauer Berg and Friedrichshain. Other resurgent condominium destinations include the districts of Charlottenburg and Wilmersdorf. JLL's experts found that key criteria for condominium buyers in the nation's capital include having easy access to public transportation or generally being close to the city centre.
Ample Potential in Wedding and Marzahn-Hellersdorf Still
According to the land valuation committee, the most affordable condominiums in the district of Wedding have already been taken off the market. Some of them sold for less than 600 euros per square metre. But even at this time, prospective buyers may still benefit from affordable prices and a high capital appreciation potential. Another destination rich in opportunity is Marzahn-Hellersdorf where 200 condominiums were sold in 2015, with prices ranging from 500 to 3,300 euros per square metre. While somewhat remote, it is another borough where great condominiums with reasonable price tags continue to be available.