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Rents, Investments, Transactions and Preferred Locations

Rents, Investments, Transactions and Preferred Locations

HousingMarketReport

The HousingMarketReport from GSW and Jones Lang LaSalle is the most comprehensive current survey of the housing market. This, the fourth edition, shows the trends and developments for 2008 for rents, investments, transactions and preferred locations. The rents quoted are listed separately for all 190 postal code areas of the city. Photo: Thomas Röske Thomas Photo: Good prospects for the Berlin: Trend Towards the City Centre western central districts

ell-off Berlin tenants are being ever more various scenarios, the result is some 7,500 development. Some of these properties – as Wstrongly drawn into the centre of the additional households a year in need of ad- is the case with the existing housing stock – city, with rents in the central districts increasing ditional housing. are purchased or rented by people who do the most recently. Interest among investors in Incomes have also risen lately. In 2007, the not live in the city and only use them when residential property has now slowed notice- gross domestic product of the city rose by 2.0 visiting. This means that the amount of hous- ably and asking prices have dropped to some percent in real terms; this year, 1.3 percent ing available for actual residents of the city is extent. These are the results of the latest prop- is still expected even though the situation shrinking even further. erty market analysis by GSW and Jones Lang has become more difficult. This is mainly LaSalle, based on data from almost 80,000 thanks to positive development in some key One phenomenon currently the subject of a offers for housing for rent and sale. “In the sectors in Berlin. The health industry already great deal of discussion in the city is the bur- rental market, we are noticing a gradual short- employs 344,000 people, and the number is geoning influx of high-salaried inhabitants into age of housing and a general trend towards rising. As many as 200,000 certain city centre districts central locations,” said Thomas Zinnöcker, people make their living in the Infrastructure quality such as the historical chairman of the management board at GSW. tourism sector. The creative proving decisive and . Here, “In the case of buyers, on the other hand, in sectors, with their promising supply has already decreased, many parts of the city we have noticed that future in Berlin, number 147,000 workers. and there are now only very few vacancies. international investors are cautious, banks are Even in the crisis period from 2000 to 2005, Less affluent residents and apartment-hunters more restrictive about loans and interest rates this number rose by about 20 percent. can hardly afford the current prices quoted are increasing.” The growing demand has run up against for rent and purchase any more. Gradually, a shrinking supply of apartments. In 2007, much of the traditional population is being Generally, indicators still point towards a short- around 3,700 homes were created in new replaced. This has been particularly extreme age in the Berlin housing market. On the one and existing buildings. However, this was in parts of Prenzlauer Berg over the last 15 hand, demand is rising. In 2007, the number offset with an unrecorded, but probably far years. In the city as a whole, the population of inhabitants rose for the third consecutive higher figure for housing lost due to demoli- turnover remains high, though districts such year. The main reason for this is the continu- tion, conversion and consolidation. Despite as - and certain parts ing surplus in the level of net immigration. But the good economic situation, the number of of Neukölln and will profit from this. the population statistics have also revealed a new buildings is unlikely to increase in 2008. In a few parts of the city, a slight drop in the “small sensation”: For the first time in decades, Last year, the number of building permits is- population may go hand in hand with rising there have been more births than deaths. And sued dropped by 18.3 percent. Some much- rents if wealthy dual-income and single house- because of the trend towards individualisa- hyped individual examples publicised in the holds replace families. Every year, around tion and the growing number of older peo- media, such as the building of townhouse and 100,000 people move away, and roughly the ple living alone, the number of households luxury apartment complexes in the districts of same number move in. Speaking purely sta- is growing even more strongly than that of Mitte and Prenzlauer Berg, hide the fact that tistically then, more than half the population inhabitants. Taking the average value of these this is mainly a qualitative, not a quantitative has changed since the fall of the Wall.

_HousingMarketReport_Berlin_October 2008 The medium-term plans for new city devel- opment projects are predominantly aimed at GSW: Jones Lang LaSalle: wealthy buyers and tenants. These projects Leading the Field in Berlin Global Consultants include the Heidestraße area north of the cen- tral station, parts of what was once Owning and managing some 75,000 Jones Lang LaSalle is one of the world’s airport and the area around the Gleisdreieck homes, GSW is the leading private hous- leading real estate agents and consultants, U-Bahn station in Kreuzberg. The “Medi- ing company in Berlin. It was founded in providing strategic, multi-disciplinary serv- aspree” development straddling the 1924 and, through an international consor- ices and solutions for commercial property river in Friedrichshain-Kreuzberg and Mitte tium, was privatised in 2004. Since then, owners, users and investors. the company has been standing up to the The company is active in more than 450 can be included in these projects despite the challenges of the dynamically changing cities in over 50 countries. In 2006, it referendum result against it. The completion property sector. GSW provides tenants and registered an annual business volume of the Berlin- International airport buyers with attractive housing in carefully of more than 2 billion euros. Jones Lang in 2011 will also have consequences: More developed surroundings at good condi- LaSalle provides commercial property own- peace and quiet in the north (where tions. ers, users and investors with comprehen- airport is located) and more noise – but more The company is customer-oriented, putting sive, integrated property and investment jobs, too – in the southeast. its experience and knowledge of the sector management expertise on local, regional into maintaining and raising the value of and international levels. More than 500 Proximity to public transport, especially the the property. It ensures that tenants feel employees work in the German branches underground and rapid transit (S-bahn) rail happy in all respects with its reliable serv- of Jones Lang LaSalle, located in Berlin, networks, has traditionally been an impor- ices. At the same time, GSW is well aware Düsseldorf, Frankfurt, Hamburg, Munich tant locational factor in Berlin. The city already of its social responsibility for Berlin. and Wiesbaden. has the lowest concentration of cars in Ger- many. As the city centre grows in popular- ity, the trend towards traffic, pollution and In contrast, today’s most affluent districts con- wealthy Berlin residents and newcomers to the noise reduction is likely to last. On the other tinue to have good chances for development. region. “There’s a great deal of movement on hand, the situation for neighbourhoods further This is the case for , and the market in the Berlin region, and there are outside the centre with inconvenient S-bahn in the southwest as well as the many exciting developments,” said Andrew connections does not look good. The same northern district of , which will benefit Groom, head of Valuation & Transaction Advi- applies to socially weak areas, especially if from the closure of Tegel airport. Of all the sory Services at Jones Lang LaSalle in . they are located outside the city centre and if locales in the surroundings of Berlin, the his- “Investors should be selective, though, in terms their architecture and surroundings offer little torical royal seat of is developing the of quality of location, immediate surroundings potential for improvement. most dynamically, attracting more and more and the quality of the building itself.”

Berlin Barometer District Residents 1) Area in km2 1 - 316,890 64.7 2 Friedrichshain-Kreuzberg 267,920 20.2 8 7 3 258,100 52.3 4 - 249,350 61.8 5 Mitte 328,430 39.5 9 5 3 4 6 Neukölln 306,710 44.9 2 1 7 Pankow 363,600 103.1

11 8 241,740 89.5 9 10 6 12 223,650 91.9 10 -Zehlendorf 290,300 102.5 11 Tempelhof-Schöneberg 331,790 53.1 12 -Köpenick 237,780 168.4 Built-up space Water Forest/park Berlin total 3,416,260 891.9 1) End of 2007

District Population density Vacancy Unemployment rate 3) Immigrants 4) Share of immi- Permits for residents/km2 in % 2) in % grants in % 4) new buildings 5) Charlottenburg-Wilmersdorf 4,878 4.4 14.4 55,566 17.6 197 Friedrichshain-Kreuzberg 13,210 5.1 18.0 59,986 22.5 376 Lichtenberg 4,919 4.7 13.2 20,999 8.2 162 Marzahn-Hellersdorf 4,039 13.9 13.6 9,619 3.9 135 Mitte 8,281 6.2 15.1 94,278 28.8 415 Neukölln 6,811 4.6 18.7 68,193 22.3 26 Pankow 3,498 5.1 11.3 26,478 7.3 750 Reinickendorf 2,700 3.1 13.0 21,924 9.1 135 Spandau 2,439 3.1 13.9 27,929 12.5 87 Steglitz-Zehlendorf 2,817 3.0 9.4 27,989 9.7 273 Tempelhof-Schöneberg 6,245 5.6 11.1 51,647 15.6 72 Treptow-Köpenick 1,404 3.6 11.0 7,699 3.3 195 Berlin total 3,818 5.2 13.6 472,307 13.9 2,823

2) End of 2006 3) As of: June 2008 4) As of: mid 2007 5) January to May 2008 Source: Statistisches Landesamt, Federal Employment Office, Techem Empirica, own calculation

_HousingMarketReport_Berlin_October 2008 Rents: City Centre Prevails

“The continuing rise in the city centre’s popu- a city centre and the changing labour market larity can be seen in nearly all districts close also mean that more and more housing is be- to the centre, not just in bourgeois areas but ing used entirely, or in part, for commercial also in trendy districts and more basic residen- purposes – from freelancers’ offices to accom- tial locations,“ said Andrew Groom, head of modation rented on a monthly or weekly basis the Valuation & Transaction Advisory team to visitors to the city. This is also putting pres- at Jones Lang LaSalle in Germany. Thomas sure on the city-centre housing market. Zinnöcker, chairman of the managing board at GSW, says several factors explain the rising An examination of the upper segment of the demand. “People have always loved good market clearly reveals wealthy tenants’ prefer- infrastructure and short commutes, and they ence for good city-centre locations. With aver- love it all the more in these times of rocketing petrol prices,” he said. “But more than this, there’s an increasing concentration of jobs in Berlin’s growth sectors in the city centre.” HousingMarketReport This is particularly true for various service Methodology – Rental offers industries, as well as the tourism and media sectors. Many people employed in creative Rents quoted for housing in Berlin are used for the analysis; in the first six fields, such as freelancers and those working months of 2008, a total of 76,558 quotes on temporary projects, require a dense infor- were evaluated. Next, the average and mal network of colleagues and partners, as core rents were determined. The core well as meeting places such as cafés and res- rent is that most commonly cited in one taurants, cultural centres and galleries. Families month of the first six months of the latest with two bread-winners also place great value analysis period. The average rent is the Many Berliners prefer well-tended, spa- on good infrastructure and short commutes. weighted arithmetic mean of the core rents in the observation period. The results are cious older buildings in good locations to Additionally, those moving into the city specifi- presented differently to previous hous- single-family homes in the suburbs cally choose central locations to begin with so ing market reports: the most expensive that they can become established and set up and cheapest 25 percent of the homes on new networks. offer are no longer eliminated, but instead, he much-discussed trend of affluent ten- The growing popularity of the city centre 100 percent of all the quoting rents are Tants moving into the city centre is clearly among demanding, affluent tenants is com- included to give a broader insight into the reflected in current developments on the Ber- ing up against a stagnating, and probably market. From these overall figures, for the lin rentals market. The districts where prices even shrinking, supply of housing. Only a first time, the top and bottom segments of the market are analysed separately. These are rising are mainly within the rapid transit small number of new buildings are being con- represent the cheapest and most expensive (S-Bahn) ring, and the areas where rents are structed, as suitable vacant sites are scarce rented housing in the area, respectively. falling are almost all outside it. According to and expensive, and space for conversions, for In these segments, the average rents are the property clock for rent price developments, example, in attics, has largely been exhausted. listed. this trend will continue in the near future. Both the growth in industrial sectors based in

Current rental development Rental price range for new lettings, 1st half 2008 in €/m2/month Lowest to highest Total market Compared Total market Compared Lower market Upper market monthly frequency segment to 2nd half segment to 2nd half segment segment (total market segment) core rent 2) of 2007 1) average of 2007 1) average average 3) 3) 4) District 4.0 5.0 6.0 7.0 8.0 rent rent rent Trend Charlottenburg-Wilmersdorf 6.95 – 7.45 7.45 7.10 7.30 7.00 4.68 14.32 j Friedrichshain-Kreuzberg 6.20 – 6.45 6.35 6.00 6.30 6.00 5.25 7.96 j Lichtenberg 5.30 – 5.60 5.30 5.70 5.40 5.50 4.72 6.69 l Marzahn-Hellersdorf 4.75 – 5.30 4.80 4.70 4.90 4.70 4.87 6.99 j Mitte 6.25 – 7.25 6.40 5.80 6.70 6.20 4.87 13.48 j Neukölln 5.25 – 5.45 5.25 5.30 5.30 5.20 4.54 6.11 l Pankow 5.90 – 6.25 6.10 5.90 6.10 5.90 4.94 8.10 j Reinickendorf 5.30 – 5.50 5.30 5.40 5.40 5.40 3.70 9.14 l Spandau 5.30 – 5.55 5.30 5.20 5.40 5.30 5.25 8.05 k Steglitz-Zehlendorf 6.35 – 6.75 6.65 6.60 6.60 6.60 5.14 7.86 k Tempelhof-Schöneberg 5.95 – 6.45 6.15 6.10 6.10 6.00 5.11 6.72 j Treptow-Köpenick 5.70 – 5.90 5.75 5.60 5.80 5.60 4.42 7.95 k Berlin average 5.90 – 6.20 6.05 5.90 6.00 5.80 4.79 8.62 j 1) Database HousingMarketReport March 2008 2) 100 % of offers 3) In each case, 5 % of the cheapest and most expensive rents quoted 4) 18-month trend total market segment Source: GSW, Jones Lang LaSalle

_HousingMarketReport_Berlin_October 2008 Property Clock: Flats for Rent 1st half 2008 Treptow-Köpenick Spandau A Clock for the Housing Property Market This diagram shows where, Berlin total Lichtenberg according to Jones Lang The position of a property market in its LaSalle’s assessment, Marzahn- development cycle can be represented Hellersdorf Rental Rents on the property clock. This symbolic clo- the housing markets are growth falling ck was first used by Jones Lang LaSalle positioned within their rent Tempelhof- slowing Schöneberg to provide an overview of various price cycle at the end of markets around the world. The clock is June 2008. Mitte based on the fact that property mar- The local markets can Rental Rents kets develop in a cyclical manner. On move around the clock in Pankow growth bottoming the heels of very high property prices accelerating out Neukölln different directions and at follows an accelerated decline in values different speeds. The clock (oversupply, on the clock between 12:00 and 3:00) that eventually slows down as is a convenient method it approaches the lowest point (market of comparing the relative Friedrichshain- Steglitz- Kreuzberg Zehlendorf correction, 3:00 - 6:00). After bottoming positions of individual out, prices begin to climb again with city districts in their Reinickendorf increasing speed (market stabilisation, rental cycles. 6:00 - 9:00), slowing down as they Charlottenburg-Wilmersdorf Source: Jones Lang LaSalle approach the highest price level (ex- pansion, 9:00 - 12:00).

The cyclical development of property age net rents (excluding service costs) of 14.32 segment, however, Mitte leads the field; in markets is largely explained by the slow and 13.48 euros per square metre respectively, absolute terms it is now the second highest reaction times to changes in demand. prices in Charlottenburg-Wilmersdorf and in the city. The average figures are raised con- For this reason, increases in the supply Mitte are well above those of all the other siderably by the high rents charged in Berlin’s of new space typically are strongest city districts. In these two districts, the upper historic centre. It’s no coincidence that Frie- during the oversupply phase. Cons- segment is almost three times as expensive drichshain-Kreuzberg has become the latest truction of additional space is weaker in the phase of market correction, and as the lower one. In Pankow, central district to experience can in extreme cases even be negative the relatively high rents in the Prime rents for the highest percental rise in in phases when rent prices are rising. upper segment are probably urban luxury rents quoted. Unlike the bour- Buildings that were planned in reaction strongly influenced by more geois Charlottenburg, it has a to higher prices in the expansion phase central district of Prenzlauer Berg. Reinicken- diverse social mixture. It is home to academics are only finished once the market has dorf and Spandau have a smattering of prime and students, creative people and the trendy alreadey moved on to the next phase. locations near the woods or the water, which set, as well as numerous migrants, a large Real estate that is planned, or, as the explain why these areas come out so well in number of unemployed people, and pension- case may be, deliberately not planned, the upper segment. Yet differences in rents in ers on a low budget. The district’s attractive- during a phase of low property prices, the lower segment of the market at a district ness comes from the fact it is so close to Berlin are finished during a phase of higher level cannot be explained by any particular Mitte, which is increasingly radiating out into demand and are not always able to meet features of locations. Friedrichshain-Kreuzberg. Not everyone living that demand. This situation in turn leads When looking at entire districts, it’s not the in these parts welcomes this development, as to price increases and, as a consequence reputed trendy neighbourhoods in and near can be seen from protests against the “Medi- of this, renewed construction of a sur- plus of supply. Berlin’s historical centre topping the table, but aSpree” development and projects to renovate rather the bourgeois district of Charlottenburg- and improve residential areas. Movements on the property clock can Wilmersdorf west of the city centre. Looking Pankow, which has also undergone a rise in go forwards, but also backwards. at rents quoted, it has both the highest aver- rents quoted, is the district with the highest age rents and the highest core rents of all population growth, not just in the city-cen- the Berlin districts. This can be explained in tre neighbourhood of Prenzlauer Berg, but part by its relatively homogeneous structure: also in the leafy residential neighbourhoods distance from the city centre, core rents have The majority of the district’s population is in of Alt-Pankow, and Weißensee risen slightly, in part thanks to their small-town the city centre and the social structure is al- or typically owner-occupied areas such as atmosphere and proximity to attractive recrea- most entirely upmarket. Other districts with , and . In Tempelhof- tion areas. In contrast, the outer northern and attractive city-centre neighbourhoods have Schöneberg, rents have also risen once again, southern districts are currently experiencing a far more diverse composition. Mitte also particularly around Schöneberg’s more central slight drops, as is Steglitz-Zehlendorf, which includes the socially weaker districts of Wed- neighbourhoods. According to the property remains Berlin’s second most expensive district ding and , and the district of Pankow clock, both of these districts can expect a fur- after Charlottenburg-Wilmersdorf in terms of stretches from Prenzlauer Berg all the way to ther rise in rental prices, although not as fast core rents. On the property clock, the fall in the northeastern outskirts of the city. Charlot- as in recent times. rents is now in a phase of deceleration; in the tenburg-Wilmersdorf’s location and structure The eastern district of Marzahn-Hellersdorf, medium term, a new rise seems possible. This also explain why Berlin’s rental market prop- on the city outskirts, is in a class of its own. is also partly true of Neukölln. In the northern erty clock predicts that this frontrunner district It has by far the lowest rents in Berlin, but part of this district, on the border to Kreuzberg, is starting to enter a period of accelerated rent has recently experienced a somewhat dispro- certain areas are currently being discovered increases. portional rise. In the neighbouring district of by trendy artists, creative types and students. Of all the Berlin districts, Charlottenburg- Lichtenberg, by contrast, quoted rent prices The south will benefit from its proximity to Wilmersdorf has the highest figures in abso- dropped. Treptow-Köpenick and Spandau are the future major airport, BBI, which is easy to lute terms for rises in average and core rents. the two districts of Berlin with the most inde- get to but will not cause any noise pollution For rises in the average rent for the central pendent characters. Here, despite their great in the district.

_HousingMarketReport_Berlin_October 2008 Purchase Prices for Owner-Occupied Homes: Interim Slump in Investment

he worldwide financial crisis and the re- Tsulting cautious attitude toward property investment are also affecting the Berlin hous- ing market. Prices quoted for owner-occupied apartments between the second half of 2007 and the first half of 2008 dropped by 7.7 per- cent on an average for all districts – for both average prices and core prices. However, price development varied greatly from one district to the next, just as the core and average prices varied greatly in individual cases. Despite a few outliers, the data enables some conclusions to be drawn about the popularity of individual districts among investors, as well as about the development of local markets.

Generally, the statistics indicated a certain lev- elling of purchase prices in Berlin. Last year, for example, the core price difference between the most expensive and the cheapest districts was as much as 1,500 euros per square me- tre. In 2008, it’s only 900 euros. Decreases were mainly seen in districts which have un- til now been more expensive, while prices in City-centre housing on five stories: The Friedrichswerder townhouse the cheaper districts increased. In 2007, Frie- development, next to the Foreign Ministry drichshain-Kreuzberg still had the lowest core square metre prices of all the districts; today, there are three districts with similar prices and state of construction and their technological Mitte is also experiencing rising core prices, if one with even lower prices (Neukölln). The fittings. In this district, average prices also only to a lesser extent. However, in this district 25 percent rise in core prices in Friedrichshain- rose significantly. In Friedrichshain-Kreuz- there is a distinct split in the market. On the Kreuzberg was also the highest in absolute berg, on the other hand, the one hand, there are sought-af- terms, at 200 euros. Here, however, Frie- market is dominated by often The price gaps are ter, often high-priced properties drichshain-Kreuzberg shares first place with very basic older buildings from getting smaller in the historical heart of Berlin; Marzahn-Hellersdorf, which showed, and still Imperial times. For both districts, on the other, the district also shows, a slightly higher absolute price level. the Jones Lang LaSalle purchase price clock includes Wedding and Tiergarten, with their The main reason for this is the considerably forecasts further price increases, although the basic housing often dating from the Imperial lower age of most of the multi-family apart- speed of these increases is likely to drop in the and post-war eras, and a population with a ment buildings, their correspondingly better foreseeable future. comparatively low income level. Here, invest- ment is considerably cheaper, but also mark- edly riskier than in the heart of Berlin. Generally speaking, the district of Pankow Property Clock: Flats for Sale Pankow Spandau 1st half 2008 remains unaffected, although average prices Charlottenburg- have experienced a drop. In this very extensive Wilmersdorf district, however, the market should again be The diagram shows where, examined from all angles. Prenzlauer Berg re- according to Jones Lang Sales price Sales Reinickendorf mains extremely popular among both tenants Mitte LaSalle’s assessment, growth price and buyers, as demonstrated, for example, the housing markets are slowing falling by some new builds in the upper price seg- positioned within their Treptow- ment. More remote parts of the district, such Köpenick purchase price cycle at as Alt-Pankow, Weißensee and Wilhelmsruh, the end of June 2008. Sales price Sales price Tempelhof- are currently not profiting from the trend in growth bottoming The clock allows for Schöneberg accelerating out the city centre. However, investments made comparison of the posi- before the planned closure of Tegel airport in tions of individual districts Marzahn- Neukölln 2011 should prove worthwhile: The closure in their own cycle. The Hellersdorf will free large parts of the district from today’s positions are not necessar- Lichtenberg serious noise pollution and should raise the ily representative for the Friedrichshain- value of residential property considerably. Kreuzberg investment market as they Berlin total relate exclusively to the The two very different districts of Steglitz-Zeh-

average purchase price. Source: Jones Lang LaSalle Steglitz-Zehlendorf lendorf and Lichtenberg are reporting drops in

_HousingMarketReport_Berlin_October 2008 Current purchase price trend Purchase price development of owner-occupied apartments in multi-family dwellings, 1st half 2008 in €/m2 Lowest to highest Core Compared Compared Average Compared Compared monthly frequency1) purchase to 2nd to 2nd half purchase to 2nd to 2nd half (total) price1) half of of 2007 3) price1) half of of 2007 3) 1, 2) 1, 2) 4) District 0 1,000 2,000 3,000 4,000 (all months) 2007 (all months) 2007 Trend Charlottenburg-Wilmersdorf 1,600 – 3,100 1,800 2,300 1,900 1,900 1,800 2,100 k Friedrichshain-Kreuzberg 800 – 1,000 1,000 800 1,300 1,000 1,200 1,200 j Lichtenberg 900 – 1,000 1,000 1,100 1,300 1,000 1,000 1,300 l Marzahn-Hellersdorf 800 – 1,300 1,100 900 1,200 1,100 1,000 1,300 k Mitte 800 – 1,000 1,000 900 1,200 1,000 1,100 1,100 j Neukölln 900 – 1,500 900 1,000 1,300 900 1,100 1,300 l Pankow 1,000 – 1,500 1,100 1,100 1,500 1,100 1,200 1,400 k Reinickendorf 1,100 – 1,600 1,200 1,500 1,500 1,300 1,500 1,700 l Spandau 1,000 – 1,200 1,000 1,400 1,600 1,100 1,300 1,500 l Steglitz-Zehlendorf 1,300 – 2,500 1,700 1,800 1,700 1,700 1,600 1,800 k Tempelhof-Schöneberg 1,100 – 1,400 1,400 1,600 1,500 1,300 1,500 1,600 l Treptow-Köpenick 1,000 – 1,400 1,200 1,400 1,200 1,200 1,400 1,300 k Berlin average 1,100 – 1,300 1,200 1,300 1,500 1,200 1,300 1,500 l 1) 100 % of offers, database HousingMarketReport October 2008 2) Adjusted data 3) 100 % of offers, database HousingMarketReport March 2008 4) 18-month trend Source: GSW, Jones Lang LaSalle

core prices in the single-digit percentage range, Charlottenburg-Wilmersdorf, this is mainly but an increase and no change, respectively, because of last year’s high core price level. The HousingMarketReport in average prices. In Steglitz-Zehlendorf, Ber- current trend is a sign of normalisation, rather Methodology – Prices Quoted lin’s bourgeois southwest, both the core and than a slump. The district still has the high- average prices per square metre are around est investment prices in Berlin, corresponding Prices quoted for property on sale in 700 euros higher than in the prefab blocks, with its rents, which are also the highest in the Berlin are used for the analysis. In the unrenovated buildings and industrial areas of city. Spandau, on the other hand, is close to first six months of 2008, a total of 2,400 quotes were evaluated. Next, the aver- Lichtenberg in the east of Ber- the other end of the spectrum age and core prices were determined. The lin. Bringing up the rear of all ’s city as concerns purchase prices and core price is that most commonly cited the districts is Neukölln, where centre remains top rents. There is a plentiful supply in the six months of the latest analysis prices are even lower. The area of housing and it is not always period. The average purchase price is the suffers from an unfortunate combination of a very easy to achieve full occupancy. “Here, as weighted arithmetic mean of the core sometimes problematic social structure and dif- everywhere in the city, involvement is worth- purchase prices in the observation period. ficult housing supply. The north is dominated while for investors who do not simply wait The results are presented differently to previous HousingMarketReports: The most by prefab blocks, mostly with small flats; these passively after their purchase, but who ac- expensive and cheapest 25 percent of the have the highest proportion of occupants on tively improve and rent out their stocks,” said houses and flats on offer are no longer welfare in Berlin. Further to the south, the Thomas Zinnöcker, chairman of the managing eliminated. Instead, 100 percent of all the housing stock is mainly composed of buildings board at GSW. “There are new opportunities quoted rents are included to give a broader from the interwar and postwar periods; as a for them to play a part in Berlin, especially insight into the market. The data collected result, their architecture and fittings are often after the latest price decreases.” previously for the second half of 2007 has deficient. Here, on average, tenants are better been transferred to the new observation off, but they are also not very affluent. The causes for the fall in prices lie outside method to ensure that there is true compa- rability between the figures. the city. Within Berlin, the housing market Tempelhof-Schöneberg, Treptow-Köpenick continues to be characterised by gradual and Reinickendorf are in different parts of the shortages in supply which should mean that city, but what they have in common are lo- housing stocks rise in value in the medium cations outside the centre and comparatively and long term. “The price level remains well low-density development by Berlin standards. below that of other European metropolises,” MASTHEAD In all the districts, however, there are also very said Andrew Groom, head of the Valuation high-density high-rise neighbourhoods, but & Transaction Advisory team at Jones Lang GSW Immobilien GmbH these have fewer problems than in some other LaSalle in Germany. “Yet Berlin’s economic Kochstraße 22, 10969 Berlin parts of the city. The decrease in core prices by power, and thus many residents’ home-buy- Germany 12.5 to 20 percent is due less to the districts ing power, is likely to rise further.” Those who Tel. +49 (0) 30/25 34-12 39 themselves than to the effects of the global will profit are investors who are not put off by Fax +49 (0) 30/25 34-19 34 financial crisis. short-term trends in financial cycles, but who Thomas Rücker, Head of Corporate Finally, two districts in the west have the high- invest in more long-term local developments, Development and Communications est decreases in core prices in both relative the dynamics of individual districts and many [email protected] and absolute terms, though at the same time, buildings and neighbourhoods’ potential for www.gsw.de (also for download of their average prices are developing better. In improvement. HousingMarketReport)

_HousingMarketReport_Berlin_October 2008 Calm Returns to Transactions Rate

ince mid-2007, the number of rented quoting prices fell at about the same ratio percent of Berlin’s rented housing stock. In Shomes sold on the Berlin market has been as the actual prices, but at a far higher level. 2007, one in three were from abroad, mainly on the decrease. The strongest drop was in the The fact that they have fallen far less than the from Luxembourg, Britain, the , number of portfolio transactions, which fell 55 multipliers is mainly explained by the improve- Denmark, Sweden, Ireland and Italy. Not all percent compared to 2006. In the first half of ment in these properties’ management results. purchasers will keep their stocks long term: 2008, the transaction volume fell further. From The reasons for this are the lower vacancy rate Changing conditions on their home markets the seller’s perspective, the range of the sup- thanks to greater demand on the part of ten- mean that some investors involved in Berlin ply has significantly increased, although the ants, and the acquired properties being more will come under pressure to sell. For 2008, average quality of the apartments up for sale actively managed. however, the transaction volume is expected has gotten worse. The average quoting price, to fall considerably, and the structure of supply in contrast, has hardly changed as yet. However, many owners do not want or are and demand successively to balance out. not able to react to the changing market The sellers’ behaviour can largely be explained and financing situation – which is why cur- by the changed market and financing situa- rent average quoting prices are well above HousingMarketReport tion in which their exit strategies have been the average actual prices. For their part, the Methodology – Transactions newly aligned. In particular, purchasers, sometimes they aim to use targeted For those who must sell with a great deal of equity The table refers to residential and business streamlining to improve now, profit is no sure thing capital, are waiting for the properties (residential properties for rent the asset management current gap between the with or without a commercial section). indicators of portfolios which were only re- trends in supply and demand to close: After GSW and JLL estimate that in this segment, cently acquired at relatively high prices. In this all, by international standards, Berlin still has a an average of about 80,000 homes a year process, the sellers do not always achieve a relatively low price level, and thus remains one are up for sale on the market. mark-up – but investors who followed the of the top investment locations for residential For the quoting prices, data was analysed property trend very early on could make a property in Europe. from the roughly 45,000 homes up for sale profit even in today’s market environment. in 2007 and 20,000 of the homes up for In 2007, despite the significant decrease in Although a considerable proportion of residen- sale in the first half of 2008. The actual portfolio transactions, the average actual tial property – around 28 percent – belongs prices indicated are based on publica- price per square metre rose in comparison to municipal housing associations or Berlin tions by the Committee of Land Valuation with 2006, from 801 to 893 euros. However, cooperatives, and is basically unavailable, in Experts (GAA) in Berlin, plus our own surveys. These resulted in base data of in the first half of 2008, it dropped back to the medium term, the market will remain around 20,000 homes (not including the 861 euros. The average purchase price mul- volatile. In the last five years alone, it is es- Gehag association) in 2007 and around tiplier to actual price fell from 16.8-fold to timated that foreign investors have acquired 10,000 homes in the first half of 2008. 14.7-fold, i.e. by 12.5 percent. The average more than 200,000 homes or around 12.5

Property owners and buyers are beginning to see eye to eye when it comes to price Photo: imago/imagebroker/leuzinger Photo:

_HousingMarketReport_Berlin_October 2008 Actual multipliers and offer price according to location and age, 2007

Built before 1918 Built up to 1949 Built up to 1969 Condition Location Price in €/m2 Actual multiplier Price in €/m2 Actual multiplier Price in €/m2 Actual multiplier renovated basic 1,106 16.2 935 17.2 1,082 17.2 average 1,409 19.2 979 16.1 1,116 15.5 good 1,440 18.4 1,351 20.6 1,426 16.5 renovated total 1,239 17.3 1,019 17.0 1,180 16.7 partly renovated basic 880 15.4 1,039 14.5 936 16.1 average 992 15.9 1,059 16.5 937 15.8 good 1,535 16.9 982 15.0 914 15.8 partly renovated total 960 15.7 1,050 16.0 935 16.1 unrenovated basic 535 19.4 831 14.6 701 12.6 average 785 14.9 980 17.8 good 2,780 18.3 unrenovated total 549 19.0 831 14.6 772 13.1 total result 1,092 17.0 1,033 16.2 960 15.9

Built up to 1979 Built up to 1999 Built as of 2000 Total result Condition Location Price in €/m2 Actual multiplier Price in €/m2 Actual multiplier Price in €/m2 Actual multiplier Price in €/m2 Actual multiplier renovated basic 722 14.8 904 15.5 1,347 14.3 988 15.9 average 1,345 15.4 1,077 14.5 2,346 16.2 1,207 16.6 good 1,428 16.5 1,732 19.6 1,834 18.8 1,602 18.6 renovated total 838 15.2 981 15.5 1,867 18.4 1,162 16.8 partly renovated basic 912 15.1 970 14.1 937 15.3 average 1,027 16.6 1,293 14.1 1,045 16.2 good 838 14.1 952 13.5 975 15.0 partly renovated total 983 16.0 1,053 14.1 991 15.7 unrenovated basic 607 16.1 average 802 15.2 good 2,780 18.3 unrenovated total 633 16.1 total result 971 15.9 1,000 15.1 1,867 18.4 1,052 16.2

Actual multipliers and offer price according to location and age, 1st half 2008

Built before 1918 Built up to 1949 Built up to 1969 Condition Location Price in €/m2 Actual multiplier Price in €/m2 Actual multiplier Price in €/m2 Actual multiplier renovated basic 1,076 15.2 841 21.2 1,144 15.6 average 1,453 18.9 1,266 15.9 1,026 13.9 good 1,458 18.6 1,792 20.9 renovated total 1,229 16.8 857 20.8 1,267 16.4 partly renovated basic 848 14.9 774 14.5 741 14.6 average 1,141 16.8 730 16.1 1,242 16.9 good 1,214 17.7 1,260 18.2 1,035 15.6 partly renovated total 886 15.2 808 15.2 971 15.5 unrenovated basic 784 15.7 771 13.7 average 1,382 18.6 816 19.9 good 900 15.0 unrenovated total 840 16.0 794 16.5 total result 1,062 16.1 839 18.4 1,022 15.7

Built up to 1979 Built up to 1999 Built as of 2000 Total result Condition Location Price in €/m2 Actual multiplier Price in €/m2 Actual multiplier Price in €/m2 Actual multiplier Price in €/m2 Actual multiplier renovated basic 905 13.1 998 14.8 797 15.7 979 14.8 average 1,021 15.5 1,050 15.9 1,959 19.2 1,222 17.1 good 1,139 12.1 1,739 21.2 1,576 19.5 renovated total 911 13.2 1,077 16.1 1,767 18.9 1,107 16.0 partly renovated basic 739 13.4 796 13.6 812 14.3 average 909 14.4 1,172 17.6 1,106 17.0 good 1,038 14.3 1,325 16.1 1,064 15.3 partly renovated total 887 13.9 878 14.5 892 14.8 unrenovated basic 713 13.9 758 15.0 average 1,235 18.8 good 900 15.0 unrenovated total 713 13.9 797 15.3 total result 895 13.5 989 15.4 1,767 18.9 1,004 15.5

The evaluation based on the mentioned population in each case shows the weighted average of apartments on offer according to year of construction, condition and rent table location, which could be clearly assigned to the respective cluster, based on the analysis. When no sufficient number of offers for selected clusters was available, no evaluation took place. Actual multiplier: Relationship of purchase price excluding service costs to actual rent of the leased surface area. Source: GSW Research

_HousingMarketReport_Berlin_October 2008 Photo: Tiophoto/F1 ONLINE Tiophoto/F1 Photo: Residents and visitors to Berlin enjoy relaxed city life on wide boulevards such as Kurfürstendamm. Luxury shops and upmarket service providers are flourishing here

Charlottenburg-Wilmersdorf: Central and Bourgeois

ere the part of Berlin found inside the district is the exhibition grounds, with the WS-Bahn ring a cake, the district of Char- directly neighbouring International Congress lottenburg-Wilmersdorf would be the icing. Of Centre. In Charlottenburg-Wilmersdorf there all the city districts with period buildings, it has are large numbers of sophisticated restaurants er is to be added for the the most magnificent stuccoed buildings with and well-known cafés, cinemas, theatres and next few years at least, when the the largest flats, the most famous boulevard – galleries, the recently extended museums at Staatsoper takes up the Kurfürstendamm – and especially lovely Charlottenburg Palace, and one of the city’s provisory residence at the old Schillertheater nearby recreation areas, from the Grunewald three opera houses, on Bismarckstraße. Anoth- during renovations. forest or Lietzensee lake to the manicured park of the Charlottenburg Palace. Residents in many parts of the district are correspondingly District and City in Comparison Charlottenburg-Wilmersdorf Berlin total affluent. Charlottenburg-Wilmersdorf is much Area in km2 64.7 891.9 loved by Berliners and visitors to the city, who Number of residents 1) 315,629 3,405,341 look for a combination of urbanity and spa- 2 ciousness in their homes and surroundings. Population density in residents/km 4,878 3,818 Immigrant residents 1) 55,566 472,307 The district begins immediately to the west Share of immigrants in % 1) 17.6 13.9 of Tiergarten and stretches from there all the Resident population development 2) – 50 616 way to the banks of the . In Imperial Number of households 196,400 1,930,000 times, Charlottenburg, then an independent Average number of people per household 1.8 1.6 city, had more than 300,000 inhabitants, mak- Unemployment rate in % 3) 14.4 13.6 ing it one of the largest cities in the German Average net household income in €/month 4) 1,980 1,808 Reich, as testified by its magnificent town hall. 5) Today, Charlottenburg-Wilmersdorf contains Rent for middle segment in €/m²/month 7.30 6.00 the services hub of western Berlin, around Rent for upper segment in €/m²/month 5) 14.32 8.62 Kurfürstendamm. Its boutiques and shopping Rent for lower segment in €/m²/month 5) 4.68 4.79 streets are more commonly frequented than Purchase price of owner-occupied homes 6) in €/m² 1,900 1,200 Friedrichstraße or . The district New building permits from January to May 2008 197 2,823 is popular among service providers for the 1) As of mid-2007 2) 2nd quarter 2007 3) End of June 2008 4) GSW/JLL Wohnkostenatlas, March 2008 5) Quoted rent, segment corporate sector, such as lawyers, consultants average in 1st half of 2008 6) In multi-family dwellings, average offer price, 1st half of 2008 and agencies. One important institution in the Source: GSW, JLL, District Office of Charlottenburg-Wilmersdorf, Federal Employment Office, Statistisches Landesamt

_HousingMarketReport_Berlin_October 2008 The residential neighbourhoods on either side there is a leafy, green neighbourhood from the of Kurfürstendamm are among those taking inter-war and post-war periods. It is an area in the highest rents in the city. While this is where prominent architects such as Walter the case per square metre, it’s even more so Gropius and once worked. in terms of the total rent paid – due to the of- This summer, their Ringsiedlung was one of ten aristocratic dimensions of the apartments, six historical housing estates to be awarded each taking up a whole floor, with as many World Heritage status by UNESCO. as 10 rooms. They were built during the Wil- helminian era for the nobility, rich merchants, Recently, Charlottenburg-Wilmersdorf has high-ranking officials and the military. Yet been less the focus of public and media at- Charlottenburg-Wilmersdorf still has plenty tention than the fashionable neighbourhoods to offer in the segment of medium-sized at Hackescher Markt, Prenzlauer Berg or Frie- period homes suitable for families or small drichshain. Local residents appreciate this, as households with a need for space. Outside they do not want any fast changes or a trendy the S-Bahn ring, the district has community which might also some of the most popular and More discreet and be loud and busy. As current expensive exclusive residential dignified than the data on rents and purchase areas in the city: The historical trendy districts prices shows, the high quality of Grunewald villa quarter with Charlottenburg-Wilmersdorf is its many man-made lakes created long ago, asserting itself on the property market without and the with the less well-known any other help: The rents and purchase prices but high-class area between Heerstraße and are the highest in the city, the latter despite a . drop in recent times because of a phase the sector is going through. In the outer part of the district, there are also large neighbourhoods with blocks of flats, in- In terms of urban planning, Charlottenburg- cluding , which is very popular Wilmersdorf is one of the most “finished” among pensioners, in the south. It has a large parts of Berlin. There are hardly any more large proportion of homes from the period between reserves of space, and there is little potential Shopping and dining below, living above – the wars, and a gem of urban planning: The for new city developments, apart from a few the mix is what makes this district neighbourhood around Rüdesheimer Platz. industrial areas in the north of Charlottenburg. Northeast of Charlottenburg Palace, around But that is of benefit to landlords and sellers: Mierendorffplatz, there is a simpler, older area, There is healthy demand from people with centrally located areas around Hohenzollern- and in the far north of Charlottenburg, not far strong purchasing power, in the face of a sta- damm, Kurfürstendamm, Kantstraße and the from Tegel airport and the park, ble supply. This is very much the case for the great Bismarckstraße/Kaiserdamm axis, with their period buildings. Here it is even possible for affluent apartment-hunters to squeeze out previous commercial tenants, restoring some apartment floors to their original use – or even converting whole administration buildings into residential properties, as in the recent case of the old courthouse Alter Kammergericht at Lietzensee, which now houses 96 apartments in a top location near the water.

Another of Charlottenburg-Wilmersdorf’s qualities is also likely to be preserved in fu- ture: The fact that it’s a district for all genera- tions. There are family-friendly homes, a high quality of life for pensioners and attractions for younger people – to mention but two ex- amples, the Institute of Technology and the University of the Arts, both leading Berlin universities. One day it may even become the in-district again, as it was many decades ago around Savignyplatz, the Paris Bar and the Schaubühne theatre at Lehniner Platz. But given the character of the neighbourhood, it would be a more established, affluent crowd. The area is not the centre of a youthful urge to experiment, nor does it wish to be so. Instead, the focus is on building upon qualities which have proven successful for a long time.

The plaza around the Memorial Church is still the heart of West Berlin

10_HousingMarketReport_Berlin_October 2008 Rental offers in 1st half of 2008 by postal code

The breakdown of rents quoted into the city’s 190 postal code areas gives an insight into the finer details of the geographical structure on the Berlin market. The average sizes of the homes on offer vary wildly, and the rents asked differ even more greatly. The range extends from 11.83 euros per square metre at Unter den Linden to 4.23 euros in the industrialised district of Reinickendorf.

Postal District Number Total Average Rent Postal District Number Total Average Rent code space apartment price code space apartment price in m2 size in m2 in €/m2 in m2 size in m2 in €/m2

10115 Mitte 754 58,330 77.36 7.75 10825 Tempelhof-Schöneberg 198 17,352 87.64 6.90 10117 Mitte 988 102,962 104.21 11.83 10827 Tempelhof-Schöneberg 393 31,865 81.08 5.84 10119 Mitte 543 40,813 75.16 8.44 10829 Tempelhof-Schöneberg 328 22,584 68.85 5.74 10178 Mitte 560 46,039 82.21 8.83 10961 Friedrichshain-Kreuzberg 502 40,568 80.81 6.30 10179 Mitte 526 38,521 73.23 7.22 10963 Friedrichshain-Kreuzberg 353 28,604 81.03 6.12 10243 Friedrichshain-Kreuzberg 851 62,560 73.51 6.20 10965 Friedrichshain-Kreuzberg 371 28,016 75.51 6.28 10245 Friedrichshain-Kreuzberg 540 38,355 71.03 6.11 10967 Friedrichshain-Kreuzberg 387 29,930 77.34 6.12 10247 Friedrichshain-Kreuzberg 1,334 96,168 72.09 6.06 10969 Friedrichshain-Kreuzberg 494 35,787 72.44 5.79 10249 Friedrichshain-Kreuzberg 188 12,433 66.13 6.33 10997 Friedrichshain-Kreuzberg 406 28,014 69.00 5.61 10315 Lichtenberg 598 41,518 69.43 5.06 10999 Friedrichshain-Kreuzberg 131 9,727 74.25 6.10 10317 Lichtenberg 967 65,985 68.24 5.45 12043 Neukölln 565 41,649 73.72 4.86 10318 Lichtenberg 520 39,893 76.72 5.99 12045 Neukölln 552 37,363 67.69 5.00 10319 Lichtenberg 234 15,057 64.35 5.24 12047 Neukölln 380 24,343 64.06 5.27 10365 Lichtenberg 529 36,568 69.13 5.11 12049 Neukölln 903 59,865 66.30 4.92 10367 Lichtenberg 297 20,063 67.55 5.38 12051 Neukölln 842 56,358 66.93 4.80 10369 Lichtenberg 33 2,245 68.03 5.63 12053 Neukölln 679 46,184 68.02 4.74 10405 Pankow 840 65,747 78.27 7.29 12055 Neukölln 573 40,530 70.73 4.93 10407 Pankow 185 12,083 65.31 7.18 12057 Neukölln 122 7,031 57.63 5.00 10409 Pankow 588 36,393 61.89 6.01 12059 Neukölln 546 35,666 65.32 4.84 10435 Pankow 424 31,056 73.25 7.84 12099 Tempelhof-Schöneberg 441 32,404 73.48 5.54 10437 Pankow 766 53,431 69.75 7.20 12101 Tempelhof-Schöneberg 177 12,667 71.56 5.98 10439 Pankow 944 64,931 68.78 6.25 12103 Tempelhof-Schöneberg 437 31,541 72.18 6.01 10551 Mitte 699 51,273 73.35 5.31 12105 Tempelhof-Schöneberg 562 37,301 66.37 5.59 10553 Mitte 471 33,523 71.17 4.95 12107 Tempelhof-Schöneberg 416 29,455 70.81 5.74 10555 Mitte 574 45,314 78.94 5.60 12109 Tempelhof-Schöneberg 347 23,697 68.29 5.53 10557 Mitte 470 34,002 72.34 6.31 12157 Tempelhof-Schöneberg 323 23,577 72.99 6.06 10559 Mitte 660 50,266 76.16 5.20 12159 Tempelhof-Schöneberg 363 30,462 83.92 6.72 10585 Charlottenburg-Wilmersdorf 453 34,737 76.68 6.40 12161 Tempelhof-Schöneberg 498 39,487 79.29 6.75 10587 Charlottenburg-Wilmersdorf 130 8,395 64.58 6.15 12163 Steglitz-Zehlendorf 464 35,486 76.48 6.32 10589 Charlottenburg-Wilmersdorf 498 33,897 68.07 5.75 12165 Steglitz-Zehlendorf 115 9,380 81.57 6.64 10623 Charlottenburg-Wilmersdorf 203 20,132 99.17 8.35 12167 Steglitz-Zehlendorf 556 40,442 72.74 5.89 10625 Charlottenburg-Wilmersdorf 438 32,218 73.56 7.18 12169 Steglitz-Zehlendorf 324 22,567 69.65 6.06 10627 Charlottenburg-Wilmersdorf 510 41,146 80.68 6.47 12203 Steglitz-Zehlendorf 587 42,441 72.30 6.49 10629 Charlottenburg-Wilmersdorf 484 46,268 95.60 8.27 12205 Steglitz-Zehlendorf 288 22,754 79.01 7.11 10707 Charlottenburg-Wilmersdorf 427 45,087 105.59 7.90 12207 Steglitz-Zehlendorf 523 39,097 74.76 6.17 10709 Charlottenburg-Wilmersdorf 297 21,587 72.68 7.07 12209 Steglitz-Zehlendorf 362 30,734 84.90 6.36 10711 Charlottenburg-Wilmersdorf 295 25,481 86.38 7.48 12247 Steglitz-Zehlendorf 542 39,083 72.11 6.25 10713 Charlottenburg-Wilmersdorf 272 20,382 74.93 6.47 12249 Steglitz-Zehlendorf 526 34,046 64.73 5.61 10715 Charlottenburg-Wilmersdorf 118 8,326 70.56 6.75 12277 Tempelhof-Schöneberg 239 17,464 73.07 5.97 10717 Charlottenburg-Wilmersdorf 380 32,537 85.62 7.12 12279 Tempelhof-Schöneberg 281 20,248 72.06 5.29 10719 Charlottenburg-Wilmersdorf 369 34,554 93.64 9.29 12305 Tempelhof-Schöneberg 314 22,582 71.92 6.05 10777 Tempelhof-Schöneberg 28 2,218 79.21 7.78 12307 Tempelhof-Schöneberg 177 14,542 82.16 6.30 10779 Tempelhof-Schöneberg 31 2,689 86.74 6.82 12309 Tempelhof-Schöneberg 295 21,996 74.56 5.60 10781 Tempelhof-Schöneberg 238 18,403 77.32 6.86 12347 Neukölln 493 33,840 68.64 5.05 10783 Tempelhof-Schöneberg 314 24,506 78.04 5.25 12349 Neukölln 349 24,377 69.85 5.71 10785 Mitte 331 28,236 85.31 7.27 12351 Neukölln 232 16,027 69.08 5.16 10787 Mitte 161 12,618 78.37 7.77 12353 Neukölln 232 16,720 72.07 4.85 10789 Charlottenburg-Wilmersdorf 163 14,975 91.87 8.50 12355 Neukölln 423 31,352 74.12 5.67 10823 Tempelhof-Schöneberg 168 12,795 76.16 6.58 12357 Neukölln 124 8,415 67.86 5.87

11_HousingMarketReport_Berlin_October 2008 Postal District Number Total Average Rent Postal District Number Total Average Rent code space apartment price code space apartment price in m2 size in m2 in €/m2 in m2 size in m2 in €/m2

12359 Neukölln 432 27,242 63.06 5.50 13355 Mitte 415 32,119 77.40 4.65 12435 Treptow-Köpenick 498 38,320 76.95 5.67 13357 Mitte 747 57,128 76.48 4.93 12437 Treptow-Köpenick 824 53,399 64.80 5.43 13359 Mitte 661 48,148 72.84 4.76 12439 Treptow-Köpenick 527 37,245 70.67 5.06 13403 Reinickendorf 809 50,893 62.91 5.03 12459 Treptow-Köpenick 1,328 95,621 72.00 5.10 13405 Reinickendorf 190 14,330 75.42 4.67 12487 Treptow-Köpenick 396 28,067 70.88 5.42 13407 Reinickendorf 796 51,002 64.07 5.16 12489 Treptow-Köpenick 718 48,278 67.24 5.59 13409 Reinickendorf 345 21,518 62.37 5.16 12524 Treptow-Köpenick 540 38,648 71.57 5.51 13435 Reinickendorf 112 9,261 82.69 4.68 12526 Treptow-Köpenick 71 5,898 83.07 5.12 13437 Reinickendorf 222 14,384 64.79 5.47 12527 Treptow-Köpenick 72 5,752 79.89 6.43 13439 Reinickendorf 67 5,614 83.79 4.23 12555 Treptow-Köpenick 1,155 83,136 71.98 5.67 13465 Reinickendorf 196 17,156 87.53 7.19 12557 Treptow-Köpenick 682 48,837 71.61 5.80 13467 Reinickendorf 171 15,021 87.84 7.14 12559 Treptow-Köpenick 258 18,718 72.55 5.72 13469 Reinickendorf 300 23,826 79.42 5.37 12587 Treptow-Köpenick 355 28,299 79.72 6.86 13503 Reinickendorf 95 8,243 86.77 7.42 12589 Treptow-Köpenick 76 6,395 84.14 7.09 13505 Reinickendorf 69 5,845 84.71 7.07 12619 Marzahn-Hellersdorf 398 27,880 70.05 4.46 13507 Reinickendorf 455 30,505 67.04 6.02 12621 Marzahn-Hellersdorf 111 8,303 74.80 6.46 13509 Reinickendorf 302 18,140 60.07 5.46 12623 Marzahn-Hellersdorf 203 15,106 74.41 6.30 13581 Spandau 332 24,169 72.80 5.23 12627 Marzahn-Hellersdorf 417 29,132 69.86 4.57 13583 Spandau 458 31,061 67.82 5.18 12629 Marzahn-Hellersdorf 182 12,239 67.25 4.61 13585 Spandau 729 51,642 70.84 4.89 12679 Marzahn-Hellersdorf 281 20,104 71.54 4.60 13587 Spandau 386 27,881 72.23 5.38 12681 Marzahn-Hellersdorf 204 14,331 70.25 4.59 13589 Spandau 261 18,371 70.39 4.81 12683 Marzahn-Hellersdorf 220 15,094 68.61 6.06 13591 Spandau 282 20,007 70.95 5.58 12685 Marzahn-Hellersdorf 316 23,769 75.22 4.60 13593 Spandau 167 12,086 72.37 4.95 12687 Marzahn-Hellersdorf 194 13,450 69.33 4.40 13595 Spandau 557 40,139 72.06 5.45 12689 Marzahn-Hellersdorf 65 4,928 75.82 4.54 13597 Spandau 229 16,755 73.17 5.45 13051 Lichtenberg 131 9,207 70.28 4.51 13599 Spandau 321 20,713 64.53 5.36 13053 Lichtenberg 173 13,010 75.20 5.35 13627 Charlottenburg-Wilmersdorf 393 24,867 63.27 5.64 13055 Lichtenberg 478 34,653 72.50 5.32 13629 Spandau 373 26,444 70.90 5.02 13057 Lichtenberg 186 12,686 68.20 4.69 14050 Charlottenburg-Wilmersdorf 261 20,410 78.20 7.40 13059 Lichtenberg 141 9,029 64.04 5.03 14052 Charlottenburg-Wilmersdorf 379 35,996 94.98 7.55 13086 Pankow 845 58,258 68.94 5.67 14053 Charlottenburg-Wilmersdorf 340 28,042 82.48 7.37 13088 Pankow 549 39,223 71.44 5.36 14055 Charlottenburg-Wilmersdorf 164 13,390 81.65 7.00 13089 Pankow 97 7,076 72.95 5.55 14057 Charlottenburg-Wilmersdorf 383 33,560 87.62 7.41 13125 Pankow 556 42,205 75.91 4.76 14059 Charlottenburg-Wilmersdorf 657 48,702 74.13 6.01 13127 Pankow 552 42,453 76.91 5.30 14089 Spandau 82 8,173 99.67 7.29 13129 Pankow 15 1,163 77.53 5.98 14109 Steglitz-Zehlendorf 74 5,735 77.50 7.44 13156 Pankow 941 69,757 74.13 6.02 14129 Steglitz-Zehlendorf 230 23,001 100.00 8.19 13158 Pankow 361 26,828 74.32 6.17 14163 Steglitz-Zehlendorf 179 15,607 87.19 7.85 13159 Pankow 4 300 75.00 6.08 14165 Steglitz-Zehlendorf 182 12,784 70.24 6.73 13187 Pankow 1,082 81,037 74.90 5.92 14167 Steglitz-Zehlendorf 235 18,693 79.54 7.49 13189 Pankow 936 64,713 69.14 5.67 14169 Steglitz-Zehlendorf 226 18,337 81.14 7.00 13347 Mitte 703 53,910 76.69 4.90 14193 Charlottenburg-Wilmersdorf 552 53,109 96.21 9.71 13349 Mitte 243 17,451 71.81 5.03 14195 Steglitz-Zehlendorf 253 27,309 107.94 9.45 13351 Mitte 255 17,149 67.25 4.95 14197 Charlottenburg-Wilmersdorf 377 27,579 73.15 6.52 13353 Mitte 695 50,349 72.44 4.94 14199 Charlottenburg-Wilmersdorf 292 23,715 81.22 7.86

The average most expensive rental apartments The average largest rental apartments 10117 Mitte 11.83 €/m2/month 14195 Steglitz-Zehlendorf 107.94 m2 14193 Charlottenburg-Wilmersdorf 9.71 €/m2/month 10707 Charlottenburg-Wilmersdorf 105.59 m2 14195 Steglitz-Zehlendorf 9.45 €/m2/month 10117 Mitte 104.21 m2

The average most inexpensive rental apartments The average smallest rental apartments 13439 Reinickendorf 4.23 €/m2/month 12057 Neukölln 57.63 m2 12687 Marzahn-Hellersdorf 4.40 €/m2/month 13509 Reinickendorf 60.07 m2 12619 Marzahn-Hellersdorf 4.46 €/m2/month 10409 Pankow 61.89 m2

12_HousingMarketReport_Berlin_October 2008

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