Berlin property prices in 2024
Economic growth and a rising population in the city are fuelling property demand and pushing up prices.
- Between 2015 and 2020, the average residential property prices in Berlin more than doubled to €5,103/m².
- The average residential property rental rate grew by almost 50% over the same period to reach €13.77/m² per month. Berlin comprises 12 boroughs, made up of 96 localities.
Borough | Locality | Apartment purchaseprice, €/m² | Apartment rental rate,€/m² |
---|---|---|---|
Lichtenberg | Lichtenberg | 4,574 | 11.93 |
Marzahn-Hellersdorf | Marzahn | 3,160 | 8.1 |
Mitte | Mitte | 7,102 | 18.09 |
Neukölln | Neukölln | 4,900 | 12.58 |
Pankow | Prenzlauer Berg | 5,557 | 16.5 |
Pankow | 4,867 | 11.97 | |
Reinickendorf | Tegel | 3,636 | 10.73 |
Treptow-Köpenick | Köpenick | 4,042 | 13.51 |
Tempelhof–Schöneberg | Tempelhof | 4,119 | 12.24 |
Schöneberg | 5,251 | 14.75 | |
Friedrichshain-Kreuzberg | Friedrichshain | 5,406 | 17.21 |
Kreuzberg | 6,309 | 16.64 | |
Charlottenburg-Wilmersdorf | Charlottenburg | 5,886 | 15.81 |
Wilmersdorf | 5,760 | 14.96 | |
Grunewald | 7,117 | 16.7 | |
Spandau | Spandau | 3,613 | 9.22 |
Steglitz-Zehlendorf | Dahlem | 7,287 | 14.44 |
Zehlendorf | 5,179 | 12.39 | |
Steglitz | 4,725 | 13.23 |
Lichtenberg
Lichtenberg is also known as Little Berlin. it is one
Lichtenberg ranks second in Berlin in terms of residential property under construction. About 6,300 new-build apartments will be commissioned there in the near future.
Marzahn-Hellersdorf
Marzahn is the cheapest locality to rent property in Berlin. Rental rates for apartments average €8.10/m². Property prices, at €3,160/m², are also one of the lowest in the city.
Today, 3,780 apartments are planned to be constructed in Marzahn-Hellersdorf.
Mitte
Located in the city centre, Mitte
Mitte is home to the Bundestag, Bundesrat, foreign embassies and the headquarters of international and German companies. It is the cultural and commercial heart of the capital, with the tourist localities of Alexanderplatz, Potsdamer Platz and the Hackesche Höfe located there. The shopping street Friedrichstraße runs through the centre of Berlin, connecting the boroughs of Mitte and
According to Berlin Hyp, 42 construction projects, including almost 5,900 new-build apartments with prices ranging from €4,350/m² to €16,000/m², are now being carried out in Mitte.
Neukölln
Neukölln is traditionally considered
The local property market is developing actively.
The borough has been vigorously built up, which is why there are only eleven construction projects happening there now.
Neukölln, like Lichtenberg and
Pankow
With over 400,000 inhabitants, Pankow is the most populated borough of Berlin. Real estate prices vary greatly within its borders: prices per square metre are significantly higher in the localities closer to the city centre.
In Prenzlauer Berg, the closest locality to the centre, property costs €5,557/m² on average, while farther out in Pankow, it falls to €4,867/m². There is a similar difference between the rental rates: €16.50/m² and €11.97/m² respectively. Most buildings in this locality were constructed before the middle of the 20th century and about 300 of them are considered cultural sites. This has partly contributed to Prenzlauer
The Pankow borough has enormous potential thanks to the abundance of vacant space there. According to Berlin Hyp, borough ranks first in Berlin in terms of planned projects and 47 construction projects are being realised there now, which will bring 5,450 new-build apartments to the market.
Reinickendorf
The Reinickendorf borough lies
Only eleven construction projects are currently planned for Reinickendorf.
Many developers feel this area lacks buildable land. However, analysts are positive about
Treptow-Köpenick
The peripheral borough
One of the main benefits of living in this borough is its abundance of parks and lakes. Köpenick is good for surfing or diving, while Treptow has a huge park stretching alongside the Spree River.
Among
Tempelhof-Schöneberg
The average property price is €5,251/m², and rentals average €14.75/m². Tempelhof is cheaper with prices averaging €4,119/m², and rentals at €12.24/m².
Friedrichshain-Kreuzberg
The borough was formed in 2001 by the merger of two districts — Friedrichshain and Kreuzberg — that belonged to East Berlin and West Berlin respectively.
Charlottenburg-Wilmersdorf
Charlottenburg is one
Spandau
Spandau
There are many sites suitable for the construction of new builds in Spandau, but the borough is located on the outskirts and many locations do not have direct access to the centre. Seventeen projects are now being realised there, but at €3,300–6,700/m², the constructed apartments will have one of the lowest purchase prices in the city.
Steglitz-Zehlendorf
Free University of Berlin, one of the largest higher education institutions in Germany, is located in Dahlem, in the north of the borough. This partly explains the location’s higher average rental rate of €14.44/m². According to Berlin Hyp, 20 projects with 1,390 apartments are currently being realised in Steglitz-Zehlendorf. However, according to analysts, the reason for this is not the lack of buyer demand, but the scarcity of suitable sites for construction because of the geographical location of the borough.
Berlin is an amazing city with a lot of profitable and reliable investment opportunities. It is also a great place to live in. For example, Charlottenburg, Wilmersdorf, Grunewald and Prenzlauer Berg are perfect for families with children, while Mitte, Tiergarten, Kreuzberg and Friedrichshain are ideal for those who prefer to go out more often as there are many boutiques, restaurants, bars and nightclubs there.
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