Berlin property prices have seen a dramatic increase over the last 10 years. Currently, the median property price in Berlin is €5495/m2 but just within the last 12 months, we’ve seen an increase of roughly 6%.
When looking at these average prices, however, it’s important to consider a few factors: firstly, the district where the property is located. Secondly, whether it is a new or old building.
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, differentiating between new and old buildings.
Berlin property prices: by neighbourhood
Unsurprisingly, many of Berlin’s most expensive properties are found in the central expanse of Mitte, particularly on Chausseestraße. However, you’ll still see social housing blocks tucked in among the fancy new builds and worldly array of restaurants.
The average price of existing properties is about €6,880/m² while for new builds, it’s €8,320/m², which is very high compared to the overall average in Berlin. It’s a property hotspot–– prices have increased by about 8% in the last 12 months and only 1,780 properties landed on the market during that period.
Berlin property prices: Prenzlauer Berg
Prenzlauer Berg is easily the most desired district in East Berlin, the most sought after neighbourhoods being around Kollwitzplatz, Kastanienallee and Helmholtzplatz. The prices of existing apartments increase year after year with the current average at €5,860/m². It’s all about that altbau liebe in Prenzlauer Berg –– interestingly, the average price of a new build is at €4,880/m², making it cheaper to buy new than existing apartments. Furthermore, the prices of new builds in Prenzlauer Berg have decreased by 17% over the last 12 months. This goes against the city-wide trend where new builds are generally more expensive than existing properties.
Berlin property prices: Friedrichshain
The vast majority of Friedrichshain properties were built between 1900 & 1920, causing less overlap of new and old buildings than in other districts. This has resulted in a huge price gap between the two. Currently, the average price of existing properties is about €4,850/m². If buyers are 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, newly-built apartments will cost you around €7,600/m². Sustained price increases will continue to roll in the coming years due to the popularity and development of this district.
Berlin property prices: Kreuzberg
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. Post-reunification in 1990, Kreuzberg found itself in the centre of the city, transformed from a dodgy suburb to a cosmopolitan, international hotspot. Today, the property prices in Kreuzberg are among the highest in the city. The average price is €5,830/m² for existing properties and €7,880/m² for new properties, and still steadily increasing.
Berlin property prices: Neukölln
Neukölln is in the midst of undergoing a deep transformation. It’s an enormous district so it makes sense to focus on its many kiezs individually. The most desirable neighbourhoods 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. However keep in mind that, geographically, Neukölln spreads far into the Southern 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.
Berlin property prices: Charlottenburg
Charlottenburg has long been 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 among the bright and spacious 1960s buildings in the north of Charlottenburg, where prices linger reasonably around€4500/m². New builds on average are priced at €8,650/m².
Berlin property prices: Moabit
Moabit is another district that has found itself near the centre of Berlin since reunification. Once a heavily industrialised, working-class area, it has recently been attracting the attention of investors, due in part to its accessibility to the rest of the city. 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, coming in at €8,190/m².
Berlin property prices: Wedding
Wedding offers a fantastic investment opportunity because of its proximity to Mitte and its huge development potential. In autumn 2020, Tegel Airport will be shut down and transformed into a technology and science hub. This will, undoubtedly, have a huge effect on northern Wedding. At the same time, business locations of Mitte have been slowly creeping into the south of the district. The prices in Wedding are still a bit lower than in other districts, although recently they’ve been playing catch up. 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.
Berlin property prices: Schöneberg
This central neighbourhood between East and West has seen high demand and low supply of properties since the 1980s. Although Schöneberg has been popular for a long time, the relentless price developments are not slowing down. Currently, the average price of an apartment in Schöneberg is €4,82m², 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 considerably higher than the city-wide trend over the last 12 months.
Berlin property prices: Wilmersdorf
Property prices in Wilmersdorf are high across the board, with so many good locations to live in this district. However, the prices do still differ according to the precise location because certain areas are particularly exclusive. For example, many diplomats live near their embassies in the famous Grünewald, or near Roseneck, making these areas 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, in the shade of the Grünewald trees, Steglitz still feels close to everything. This is largely due to the great transport connections to Charlottenburg, Kreuzberg and Mitte. Steglitz boasts a city-life of its own, 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.