No respite in sight for the Berlin housing market

After years of rising residential property prices in Berlin, the trend remains unbroken despite inflation, increasing energy and construction costs, and rising interest rates. As can be seen from the IVD Berlin-Brandenburg’s real estate price report for 2022/2023, from October 2021 to October 2022, prices for condominiums increased by an average of 7.3 per cent in upscale neighbourhoods and 5.9 per cent in normal neighbourhoods. According to the report, a 90-square-metre apartment now costs an average of EUR 4,400 per square metre in upscale residential locations and EUR 3,600 in simpler locations. On year ago, the prices were EUR 4,100 and EUR 3,400, which means that prices in more sought-after locations rose by EUR 300/sqm and in less fashionable locations by EUR 200/sqm. The top addresses in Berlin-Mitte continue to be the most expensive at EUR 5,900 per square metre, followed in second place by Charlottenburg at EUR 5,500. The most affordable prices are found in Marzahn-Hellersdorf and Spandau at EUR 3,100 and in Neukölln at EUR 3,200 per square metre.