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Britons are flocking to Berlin as a resurgent German economy makes Europe's
cheapest metropolis attractive to second-home buyers. Skip additional links
Brandenburg Gate, Berlin BERLIN RUSH: British property buyers are snapping up
German homes abroad - especially in trendy Berlin WANT TO KNOW MORE? * REPORT:
Should you buy in Germany? * TIPS & ADVICE: Five ways into the 'Old East' *
GUIDES: Mortgages and property advice OTHER STORIES * The property pain in
Spain * Property abroad: Retiring hotspots * Spanish property crash feared *
Top five property abroad hotspots * Property abroad: South Africa MOVING MONEY
ABROAD woman on tropical beach There's a cheaper alternative to banks when
moving money abroad. >> Currency transfer service READER OFFER: VIEW
HOMES Spanish villa This is Money's partner service allows you to view property
abroad on discounted trips. >> Find out more MOVING ABROAD: THE GUIDES
Man in swimming pool with cigar This is Money has all the information you need
on how a life abroad will affect your finances. Read Brits, Irish and Americans
last year spent £7bn on properties in the German capital. Much of the
spend was by institutional investors but private individuals are buying
hundreds of flats. Investors have also come from Spain, Norway, Sweden and
France. Big flats in trendy areas can cost as little as £110,000. Move
slightly out and that can drop to between £70,000 and £90,000.
Jurgen Michael Schick, vice president of Germany's IVD Real Estate Association,
said more than €10bn(£6.6bn) was spent on Berlin properties in 2006,
with 'foreign investors accounting for most of those transactions'. Philipp
Tabert, head of Berlin real estate consultancy Winters & Hirsch, said:
'Values are significantly lower than those in London, New York or even Prague
and Moscow.' Almost 95% of Tabert's clients are from Britain, Ireland, America,
Spain, Italy and France. Berlin property prices dropped every year from 1996 to
2004 while in London they climbed 80%. A renovated flat in a prime Berlin area
can today cost €1,500 a square metre while one in London is €15,000.
Gary Savage, a teacher from London, said his 87-square-metre apartment in the
heart of the Mitte district, for which he paid €145,000, was a real
bargain. 'You couldn't even buy a garage or a shed in London today for that,'
he said. Private equity funds such as New York-based Cerberus Capital
Management and Goldman Sachs' Whitehall investment fund have also been
targeting Berlin. In 2004, the two together bought 65,700 units of Berlin
public housing for €2.1bn. Foreigners Buy-to-let vivastreet Financing buy German house Advice on Mortgages Charlottenburg money Spandau Wilmersdorf Tiergarten Schöneberg - Schoeneberg Berlin Mitte Moabit Wedding Craiglist Friedrichshain - Fridrichshain Pankow Kreuzbergflat with loggia balcony rented apartment tenanted appartment maisonette maisonnette duplex home-owning culture period building rent yields |
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vacant apartments tenanted studios & flats cheap properties (under 40.000€) commercial premises, offices & shops buildings - apartments blocks |
