Berlin property prices have dramatically increased over the last 10 years. The median property price in Berlin is currently € 5495 / m2. That’s about a 6% increase over the last 12 months. But when looking at averages, it’s interesting to differentiate between a few factors. Firstly, the district where the property is found. Secondly, the prices of existing buildings vs. new buildings. This is because existing and new buildings are very different in terms of price, demand and availability. Therefore, we see different trends amongst the two groups.
Berlin property prices: old vs. new buildings
For existing buildings, the median property price in Berlin is currently €4,740 / m2 ($481 / ft2). On the other hand, new buildings generally cost much more at €6,250 / m2. This article will go in-depth into property prices across the districts of Berlin, with a separate focus on existing and new offers.
Berlin property prices: by neighbourhood
Many of Berlin’s most expensive properties are unsurprisingly found in Mitte, particularly on Chausseestraße. However, you’ll still see social housing in-between the fancy new builds. The average price of existing properties is about €6,880 / m² and for new builds, it’s €8,320 / m², which is very high compared to the overall Berlin average. The prices increased by about 8% in the last 12 months, and only 1,780 properties went on the market in that period.
Prenzlauer Berg is the most desired district in East Berlin, the most sought after neighbourhoods being around Kollwitzplatz, Kastanienallee and Helmholtzplatz. The prices of existing apartments have been increasing year after year and the current average is €5,860 / m². Interestingly, the prices of new builds in Prenzlauer Berg has decreased by 17% over the last 12 months, and the average price is lower than existing apartments in the same neighbourhood at €4,880 / m². This goes against the trend across the city, where new builds are generally more expensive than existing properties.
The vast majority of Friedrichshain properties were built between 1900 & 1920, and so there are fewer overlaps of new and old buildings than in other districts. Therefore, there is a huge price gap between the existing and new buildings. Currently, the average price of existing properties is about €4,850 / m², but for buyers looking for a taste of history, Karl-Marx Allee offers rare, Stalinist period buildings, reputed for their robust and functional layouts, for a slightly higher price level. On the other hand, new apartments will cost you around €7,600 / m². Sustained price increases are likely in the coming years due to the popularity and development of this district.
Before the fall of the Berlin Wall, Kreuzberg was one of the poorest areas in West Berlin, located right next to the East German border. But since reunification in 1990, Kreuzberg has been right in the centre, transforming from a dodgy suburb to a cosmopolitan, international hotspot. The property prices in Kreuzberg are therefore some of the highest in the city. The average price is € 5,830 / m² for existing properties and € 7,880 / m² for new properties, with both categories increasing since this time last year.
Neukölln is undergoing a deep transformation. It is an enormous district and so it makes sense to focus on various areas individually. The most desired areas are found in the north, nestled in between Tempelhofer Feld and Sonnenalle. These areas are particularly popular amongst international buyers from Scandinavia, France and Britain. Existing apartments around here costs €4,770 / m² and a new build will set you back a staggering €7,130 / m². But, geographically, Neukölln is so much more, spreading far into the South and including the areas of Britz, Buckow, Gropiusstadt and Rudow. When we take these areas into account, the median prices drop to €4,170 / m² and €5,760 / m² for existing and new builds respectively.
Charlottenburg is nowadays a very coveted district in Berlin. The ‘City-West’ has returned to its former glory over the last 10 years and is now a truly international hub. The most sought-after areas are around Savignyplatz, Kurfürstendamm and Oliverplatz. The average property price is currently €5,350 / m², but you might find a better deal in 1960s buildings in the north of Charlottenburg, where prices are around € 4500 / m². New builds are priced at €8,650 / m² on average.
Moabit is another district that has found itself near the centre of Berlin since reunification. Before that, it was a heavily industrialised, working-class area, but has recently been attracting the attention of investors, due to the excellent location. The Stephan and North Rhine-Westphalian neighbourhoods boast quiet streets, lined with cafés, bakeries, restaurants and beautifully restored Altbau apartments. Apartments in Moabit cost around €4,250 / m². For new properties, the average price is more than 30% higher than last year at €8,190 / m².
Wedding is a fantastic investment opportunity because of its proximity to Mitte and its huge development potential. In Autumn this year Tegel Airport will shut down and be transformed into a technology and science hub, which will have a big effect on northern Wedding. At the same time, business locations of Mitte are spreading out, slowly creeping into the south of the district. The prices in Wedding are still a bit lower than in other districts, although they caught up a bit recently. The number of properties on offer is also increasing, which goes against the overall trend in Berlin. Existing properties in Wedding cost on average €4,160 / m², while new properties cost about €5,700 / m².
This central neighbourhood between East and West has seen high demand for and low supply of properties since the 1980s. But although Schöneberg has been popular for a long time, the price developments are not slowing down. Currently, the average price of an apartment in Schöneberg is €4,820 / m², which is a YoY increase of almost 15 %. New buildings are priced at €7,070 / m², which is a YoY increase of almost 18 %. These increases are much higher than the city-wide trend over the last 12 months.
Berlin property prices: Wilmersdorf
Property prices in Wilmersdorf are high across the board, as there are many good locations to live in this district. However, the prices do still differ according to the precise location because certain areas are really exclusive. For example, many diplomats live near their embassies in the famous Grünewald, or near Roseneck. These areas are therefore relatively expensive. In other locations, such as Fehrbelliner Platz, prices tend to be a bit lower than the average. Wilmersdorf properties cost around €5,600 / m², but new builds will, on average, set you back €7,800 / m².
Berlin property prices: Steglitz
Although located further away from the city centre, a stone’s throw away from the Grünewald, Steglitz feels close to everything. This is largely due to the great connections to Charlottenburg, Kreuzberg and Mitte. But Steglitz has a city-life of its own now, centred around the bustling Schloßstraße, and yet has kept its old-world, classy vibe. It’s a fantastic place to live. The median property price is currently €4,600 / m², while new builds cost more at €6,400 / m².