Berlin property prices in 2024

Berlin’s property market is one of the most dynamic in the world. The German capital´s population is growing by about 30,000 annually, with the increase largely from young professionals who move there to seek employment. In 2019, Berlin's GDP grew by 5.3%, exceeding the national average by 4.7 percentage points.

Property for sale in Berlin 203 listings on Tranio

From 411,000 €

Apartments in a new residential complex, Friedrichshain district, Berlin, Germany

Completion in: 2024.II Total of 160 apartments

From 330,000 €

Buy-to-let apartments in a new residential complex, Weissensee district, Berlin, Germany

Completion in: 2022.IV Total of 35 apartments

From 363,000 €

Apartments in a new residential complex with a garden and a parking, Schöneberg, Berlin, Germany

Completion in: 2024.III Total of 219 apartments

From 316,000 €

Buy-to-let apartments in a new residential complex, Friedrichshain, Berlin, Germany

Completion in: 2025.II Total of 60 apartments

From 990,000 €

New apartment in a house with a garden and a parking, Wilmersdorf, Berlin, Germany

Built in 2023 Total of 12 apartments

From 675,000 €

New apartments in Steglitz-Zehlendorf district, Berlin, Germany

Completion in: 2023.III Total of 71 apartments

From 856,000 €

Apartments in a renovated historic building, Wilmersdorf district, Berlin, Germany

Completion in: 2024.I Total of 81 apartments

From 749,000 €

Modern residential complex with a parking in Rudow, Berlin, Germany

Completion in: 2024.IV Total of 20 apartments

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.

Lichtenberg

Lichtenberg is also known as Little Berlin. it is one of the city’s fastest-growing districts. According to analysts, from 2018 to 2030, its population will grow by 7.8%, compared to 4.7% across Berlin. Over the past two years, property prices grew by over 15%. Today, the average price per square metre in Lichtenberg is €4,574, while the rental rate is €11.93/m².

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-Hellersdorf is known as the most Russian-speaking borough of Berlin. There are a lot of standard modular prefabricated houses constructed as early as in the second half of the 20th century in this borough. Authorities began renovating and overhauling these properties in the 1990s.

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 is Berlin’s most expensive borough. Apartments cost an average of €7,102/m², while the rental rates run at €18.09/m².

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 Friedrichshain-Kreuzberg.

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 a working-class, and over a quarter of the local population comprises immigrants. The average property price is €4,900/m², which is slightly lower there than most other Berlin boroughs, while the rental rate runs at €12.58/m².

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 Friedrichshain-Kreuzberg, is especially popular among the capital´s young inhabitants.

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 Berg’s reputation as the home of the city’s bohemian culture.

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 on Berlin’s outskirts. Property prices and rental rates there are lower there than most other boroughs, growing as they draw closer to the city centre. The average price per square metre is €3,636, while rentals average €10.73/m².

Only eleven construction projects are currently planned for Reinickendorf. Many developers feel this area lacks buildable land. However, analysts are positive about the borough’s prospects after the closure of Berlin Tegel Airport, which will free up land for residential property construction.

Treptow-Köpenick

The peripheral borough of Treptow-Köpenick has the lowest population density in Berlin. Prices there decline as the distance from the centre grows. Formerly, the rental price was more dependent on the proximity to the center of Berlin, so Treptow was more expensive. Nowadays the situation has changed due to the active commissioning of new-build apartments in eastern Köpenick. Therefore rentals in Treptow average €10.51/m², in Köpenick at €13.51/m².

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 Berlin’s peripheral boroughs, Treptow-Köpenick is being developed the most actively. According to Berlin Hyp, 32 projects have been launched there so far (fifteen projects less than Pankow), and they will bring over 6,330 apartments to the market.

Tempelhof-Schöneberg

Tempelhof-Schöneberg’s property market is relatively heterogeneous: there are old buildings for middle-class buyers, townhouses in the localities closer to the centre and high-risers on the boundaries of the borough.

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

Friedrichshain-Kreuzberg is the most populated borough of Berlin. Its population density of 14,246/km² exceeds the Berlin average almost 3.5 times. The median rental rate there is higher than in most boroughs: €17.21/m², and in Kreuzberg the rental rate for expensive apartments average €25.91/m². According to Immowelt, over the past two years, rental prices in the borough grew by almost 3%.

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-Wilmersdorf, the former centre of West Berlin, where the ruins of the Kaiser Wilhelm Memorial Church were considered the main tourist attraction, is now the city’s prime district.

Charlottenburg is one of Berlin’s most fashionable localities. Hotels, high-rise office buildings and boutiques on Kurfürstendamm attract tenants and property investors alike. Local property prices are typically higher than in the other city localities. Property prices average €5,886/m², while rentals average €15.81/m².

The borough’s most upscale locality, Grunewald, got its name from the woodland that occupies most of its territory. Luxurious detached houses line the banks of the Havel River and the shores of the Wannsee and Nikolassee lakes. The average price per square metre there is higher than other localities in the borough. The average purchase price in Grunewald is €7,117/m², while average rentals cost €16.70/m².

Charlottenburg-Wilmersdorf is densely built-up. Today, 30 projects with 2,900 prime apartments with purchase prices from €4,700/m² (compared to €2,200–3,000/m² in the other city boroughs) are being planned there.

Spandau

Spandau is Berlin’s least populated borough. Property prices are one of the lowest in the city: €3,613/m². Rental rates are slightly higher than in Marzahn-Hellersdorf: €9.22/m². In 2019, property prices increased by almost 19%, demonstrating the third-highest growth rate after Marzahn-Hellersdorf and Neukölln.

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

The Steglitz-Zehlendorf property market cannot be described as homogeneous. Though far from the city centre, Zehlendorf, in the southwest of the borough, is a place for affluent people who prefer living in spacious houses. At €5,179/m², prices exceed the borough’s average. East Steglitz is more affordable – average prices run at €4,725/m2. Rental rates are almost similar at €12.39/m² and €13.23/m² respectively.

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.

Author: Anna Danishek