Berlin Property Market and Real Estate Guide
Europe's second-largest city and Germany's largest, Berlin is one of the best-value major cities on the continent. It is a huge city of a dozen districts and well connected by an efficient public transport system.
The overall property market in Berlin is generally stagnant, meaning good deals for buyers. Housing and apartments can be had for a fraction of those in London
, although more and more people have realised this and are jumping on the bandwagon, raising demand.
Most residential property within the city is in the form of apartments. However, detached houses in fancy areas of the city's environs are also available and include the likes of the upmarket Steglitz-Zehlendorf district, home to the Freie University, grand buildings and swathes of green, .
Reinickendorf is another nice district to live in, while Neukolln is a little rough and the historical centre (Mitte) somewhat congested. Be aware that the buyer pays the estate agents' fees.
Renting Serviced Apartments
Inner Berlin has numerous apartments, with the vast majority coming unfurnished. There are also serviced apartments in Berlin, in the central Mitte district and other inner-city areas, and these are available on a monthly or yearly basis.
Prices are fairly low for a major European capital and facilities generally include heating, fitted kitchen, washer / drier, TV and Internet connectivity. You may have to pay two or three months' deposit when going through an estate agent, although it is also possible to find deals online.
Buying Apartments and Houses
Foreigners can buy apartments and houses in Berlin without restriction. There may be an issue in fixing a mortgage with a low deposit, yet you can buy and sell as and when. Set aside somewhere between 10 and 12 percent of the value of the property for taxes and charges, which will include stamp duty, notary fee, registration and estate agent fees.
Berlin is a good investment as prices are relatively low and unlikely to nosedive, yet you may have to wait it out to make any serious money. If you go the buy-to-let route, it is best to set a time limit on the term of the lease, since German law stipulates that landlords cannot give notice to tenants.
Real Estate Agents
Many Berlin real estate agents now have English-speaking staff and unless you are familiar with Germany property law, it is best to go through one. Although fees are negotiable, they work out at about five to seven percent of the property's value and are payable by the buyer.
Examples of Berlin real estate agents:
Address: Meinekestrasse 20, 10719, Berlin, Germany
Tel: +49 (0)30 8871 8890
Frontline Berlin features a team of professional advisors to guide buyers through the process of obtaining German real estate.
Ad Hoc immobilien Berlin
Address: Hohe Allee 36, Neuenhagen, Germany
Tel: +49 (0)33 4225 9560
If you are after an apartment, Ad Hoc immobilien Berlin has years of expertise in investing in city apartments.
Address: Berlin, Germany
Tel: +49 (0)30 2757 2080
Berlin Investment specialises with foreign buyers of German property in the city centre and east of town.