Housing Market Report Berlin 2019 BERLIN HYP & CBRE Meinungen Market Housing Market Report Berlin 2019
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Housing Market Report Berlin 2019 BERLIN HYP & CBRE Meinungen Market Housing Market Report Berlin 2019 Perspectives on Berlin Dear reader, If you come to Berlin in ten years’ time, the city lion Berliners will either work at home or live will have five million inhabitants and a housing at work, which will have a positive effect on de- stock that has increased by 100,000 units. A ren- mand pressure on the housing market. tal apartment will cost an average of 16 euros However, while the current challenges are per square metre, but will still be cheaper than primarily demand pressure, transport and in- in Munich. Autonomous trains will pull into frastructure development as well as expansion Hauptbahnhof Central Station, while the num- into the surrounding countryside, all of this is ber of cars will have halved, and people use ar- still a vision of the future. The way in which the- tificial intelligence to plan their lives and orga- se and other topics present themselves on the nise things, rendering tech companies like Berlin housing market can be found, as usual, in Google and Facebook obsolete. our small-scale analyses on the following pages. Half of the office space in the city will be We cordially invite you to discover the pre- co-working space and the new ‘co-living-wor- sent phenomena and take a first look into the king’ concept will be well established: two mil- future with us! Gero Bergmann Dr. Henrik Baumunk Member of the board, Berlin HYP AG Managing director, CBRE GmbH 2 3 50 Neukölln Contents 46 54 This divers district stretches from the trendy urban neigh- bourhood to the city’s southern edge. Despite significant Mitte Pankow increases in prices and rents, there are relatively inexpensive Part A Part B apartments to be had here. Market Costs 54 Pankow 08 The city of Berlin 22 Introduction: Housing Costs The district begins just behind Alexanderplatz and comprises residential and recreational areas of all kinds. There is a lot of 10 Rents and sale prices 24 Rental prices potential for new construction, but also sometimes resistance 14 New construction 26 Housing cost ratio against it. 18 Metropolitan area 58 Reinickendorf Leafy suburban locations in the northwest of Berlin are more Part C in demand than the neighbourhoods close to the local centre near Tegel Airport. However, conditions may change when it 66 closes. Districts Steglitz- Zehlendorf 30 Charlottenburg-Wilmersdorf 62 Spandau Berlin's bourgeois-urban district covers the west of the inner The general pressure on the housing market is also placing city. Kurfürstendamm is its backbone; there are well-main- Berlin’s westernmost district increasingly in demand. tained traditional neighbourhoods all around. The leafy Fast rail connections partially offset the distance to the city locations in the west of the district are also popular. centre. 34 Friedrichshain-Kreuzberg 66 Steglitz-Zehlendorf With areas of old Wilhelminian and extensive post-war This district boasts some quarters with magnificent villas, buildings, the district borders directly on the city centre, has but also middle-class areas and modest post-war apartments. a distinct inner-city character and Berlin’s highest population Due to its more decentralised location, rents are often below density. city level. 74 38 Lichtenberg Treptow- 70 Tempelhof-Schöneberg Located to the east of Berlin's city centre, this district offers Köpenick This district stretches from Wittenbergplatz, with the luxury good infrastructure, plenty of leafy spaces and a wide choice KaDeWe department store, to the city’s southern outskirts. of apartments. These range from historic villas to brand new The connection between rent levels and city proximity is multi-storey buildings. particularly obvious here. 42 Marzahn-Hellersdorf 74 Treptow-Köpenick The district on the eastern outskirts has also benefited from Berlin's greenest district, in parts the furthest from the city Berlin's economic boom: building plots and apartments are centre, has a colourful spectrum of neighbourhoods. From in high demand; the quality of the infrastructure and the en- industry-oriented living to luxury villas, there is something vironment is improving. for everyone. 46 Mitte Top locations in the city centre are more sought-after than ever. Development in northern and north-western peripheral 03 Editorial locations stagnated for a long time, but have now been affec- 78 Imprint ted by high demand. 4 5 Housing Market Report Berlin 2019 Part A Market Where are you headed? Current developments, trends and challenges on the residential real estate market in the capital city and its surrounding areas. The city of Berlin Market Housing Market Report Berlin 2019 Reinickendorf, Neukölln and Spandau have the optimistic forecasts. Although both are already Facts highest unemployment rates, while unemploy- densely populated to an above-average extent – The upswing ment is at its lowest in the up-and-coming eas- due, above all, to their large prefabricated hou- Berlin’s population tern districts such as Lichtenberg, Pankow and sing estates dating from the 1970s and 1980s – has been rising Treptow-Köpenick, but also in the bourgeois they still have great potential in properties that steadily since 2004 continues west in Charlottenburg-Wilmersdorf and Steg- have not yet been developed or are underused. — litz-Zehlendorf. All other districts are also showing an increa- as has its economic In 2017, Treptow-Köpenick recorded the hig- se in terms of population development. There performance, with Berlin remains one of Germany’s most dynamic cities. Population hest percentage of population growth in Ber- was even room for people to move to Friedrichs- the exception of lin, also ranking second in absolute terms. One hain-Kreuzberg, which is by far the city’s most 2009 and economic output have been rising continuously for many years - important reason is the completion of nume- densely populated district; by 2017, almost as has the need for living space. rous new buildings in larger apartment buil- 14,000 people were living here on one square kilo- ding projects and individual houses. In terms metre of land. The district of Reinickendorf recor- of new construction completions, the district ded the smallest increase in population: only 73 Berlin’s population, economy and labour market But the city is still trailing behind Hamburg, Mu- ranked third in Berlin’s 2017 statistics, ranking apartments in apartment buildings were comple- are continuing to grow. Over 3.7 million peop- nich, Cologne, Frankfurt, Stuttgart and Düssel- second in the issue of permits. The district of ted here in 2017. In future years, however, Reini- le were living in the city at the end of 2017; the dorf – a late consequence of socialism and the Berlin-Mitte illustrates how closely population ckendorf will have one of Berlin’s largest building growth of recent years continued in the first half subsequent upheavals. Amongst these seven ci- development and new construction are linked, land reserves at its disposal on the grounds of of 2018 but, in comparison, somewhat less dyna- ties, nevertheless, Berlin has the highest unemp- recording both the most extensive residential Tegel Airport. ■ mically. The economy also continued to expand: loyment rate and, by far, the lowest purchasing 33,533 construction and the highest absolute popula- the gross domestic product rose by 3.1 per cent power index. In the meantime, however, the city net migration tion growth. In 2017, more new apartments were in 2017 in 2017 and thus more strongly than the Ger- has just overtaken Düsseldorf in terms of asking completed here than in any other district, while man national average (2.2 per cent). Based on de- rent levels. In 2017 and in contrast to previous more permits to build further apartments were velopments in the first half of the year, economic years, Berlin no longer ranked last of the seven issued here than anywhere else. 7 growth in 2018 is also expected to exceed Germa- cities when it came to the number of completed Pankow, the first district in Berlin to exceed 8 ny’s national average. building projects for apartments. Comparable the 400,000-inhabitant mark, ranked third in Today, services account for 85 per cent of to the number of apartments completed in Düs- terms of absolute population growth. Due to the 9 5 3 Berlin’s economic output. Strongly influenced seldorf, Hamburg and Stuttgart, 3.1 new apart- population development in previous years and 4 by the Internet economy, the “Information and ments per every thousand inhabitants were 390,792 the high amount of potential building land, the Communication” segment recorded particularly completed in Berlin. jobs created forecast for Berlin’s population for the year 2030 1 2 since 2008 high growth with added value in price-adjusted predicts the strongest growth of all districts in ab- terms rising by 9.4 per cent. Tourism and the Significant gap in the labour market solute and relative terms. 11 construction industry also saw another signifi- The growth of Berlin’s economy is also clearly 10 6 12 cant increase. reflected in the labour market. The long-time Optimism in the north-east Berlin has thus somewhat bridged the eco- double-digit unemployment rate is now stable at Both districts of Lichtenberg and Marzahn-Hel- nomic gap in which it had been lagging behind below 10 per cent. However, there is a clear gap lersdorf, between the city centre and the city’s the six next largest metropolises in Germany. within the city: in comparison, districts such as eastern