Located in the heart of Berlin, Prenzlauer Berg has become a must-visit district in the German capital. Marked by a tumultuous past, it has now transformed into a true haven of peace where historical heritage blends seamlessly with the city’s modernity. “P-Berg” is currently a prominent and prestigious international neighborhood. Apartments in Prenzlauer Berg are spacious, with an average price per square meter higher than the city’s average.
If you are considering selling your property in Prenzlauer Berg, you have made the right choice. This charming Berlin neighborhood is one of the most sought-after locations for buyers in search of an exceptional home in the German capital.
Together, we will explore why Prenzlauer Berg is a coveted choice for real estate sellers and how our agency can assist you in successfully navigating this significant transaction.
The Past of Prenzlauer Berg: A Dynamic Evolution of the Real Estate Market
To fully understand the current appeal of Prenzlauer Berg as a real estate investment, it is essential to delve into its past.
One of the most striking features of Prenzlauer Berg is its well-preserved historical architecture. 19th-century buildings, often referred to as “Altbau” (old buildings), are iconic in this neighborhood. The 20th century brought about significant changes. The division of Berlin during the Cold War left an indelible mark on the district, with the construction of the Berlin Wall in 1961 separating the neighborhood from its Western neighbors.
However, after the wall’s collapse, Prenzlauer Berg embarked on a spectacular rebirth; the event paved the way for a wave of renovation. Artists, creatives, and young families flocked to the area, drawn by its rich history and potential. Dilapidated buildings were restored, parks were rehabilitated, and trendy cafes began to open. Moreover, investors quickly recognized the value of these historical properties, and many Altbau were transformed into modern and stylish apartments while retaining their charm. After several waves of transformation, it is now a highly upscale, expensive, and international neighborhood.
The Real Estate Market Trends in Prenzlauer Berg
When it comes to selling a property in Berlin, Prenzlauer Berg is increasingly emerging as a top choice. It currently holds a privileged position in the market. Therefore, understanding the trends and opportunities that arise there is essential for making informed decisions. Here is an overview of the latest market trends in Prenzlauer Berg:
The obligation for energy renovation
It concerns all property owners, under the Building Energy Act (GEG) that came into effect in 2020 and has been revised multiple times since. It is crucial that property owners do not take the obligation lightly. In case of non-compliance, a fine of up to 50,000 euros can be imposed.
In the event of a change of ownership, the new owner is obligated to comply with the requirements of the GEG. The new owner has two years from the move-in date to carry out these renovations.
Additional rules regarding the renovation obligation during the replacement of the heating system are scheduled to take effect from 2024.
An Established and Solid Real Estate Market
Over the past 10 years, Prenzlauer Berg has experienced steady growth in real estate prices. This stability reflects the confidence of buyers and investors in the market, making it one of the most valuable neighborhoods in Berlin.
A Constant Demand
Prenzlauer Berg not only attracts local buyers but also foreign investors. This ongoing demand is a clear sign that the neighborhood is expanding, and your property is likely to find a buyer quickly.
Investment for self-use
Many people opt for real estate investment in Prenzlauer Berg due to its exceptional quality of life. Moreover, Prenzlauer Berg attracts an international community; it is a cosmopolitan neighborhood where English is widely spoken, making it particularly appealing to expatriates and international investors.
Consequences of the Pandemic (COVID-19)
The housing trend in Berlin has been influenced by the COVID-19 pandemic. An increasing number of people have sought to leave the city center for slightly more peripheral neighborhoods, offering a quieter living environment. The pandemic has heightened the importance of infrastructure such as green spaces and recreational areas. Additionally, with the shift to remote work, many individuals have looked for homes providing enough space to create comfortable home offices. Prenzlauer Berg offers a variety of apartments suited to this new reality.
The complexity of certain regulations
The regulation of the “Milieuschutzgebiet” in Berlin aims to protect established tenants against the risks of eviction related to abrupt rent increases. Selling real estate in these areas is subject to strict rules, including the municipality’s right of first refusal, which has two months to decide whether to purchase the property.
Potential buyers must adhere to certain conditions, such as municipal approval to convert a rental property into condominiums, which is rarely granted. Renovations also require municipal approval. Selling in these areas requires a thorough understanding of the regulations and the search for suitable clients, often interested in a long-term investment strategy.
Our agency is familiar with the regulations in force in the protected sectors of Berlin. With our in-depth expertise, we have the necessary skills to effectively market your real estate property.
The evolution of prices in Prenzlauer Berg
One of the most striking trends in the real estate market of Prenzlauer Berg is the constant evolution of property sale prices. Over the past few years, the neighborhood has experienced a significant appreciation in property values, making it extremely appealing for sellers.
This upward trend can be attributed to several factors, including the growing demand for high-quality housing in a central area of Berlin. The types of properties that have contributed to the appreciation of the neighborhood include:
Altbau apartments, characterized by their historical charm and high ceilings, are often highly sought after. If they are renovated (meaning they have modern amenities, are energy-efficient, etc.), they can command prices ranging from 5,000 to 7,000 euros per square meter.
In general, modern apartments tend to be more expensive than Altbau (historic) apartments in Prenzlauer Berg, as they feature modern amenities, are energy-efficient, etc. On average, they typically range between 7,000 and 10,000 euros per square meter.
Houses and Family Properties
These properties are rarer in the urban neighborhood. Prices for such properties can typically range from 1 million to several million euros.
Nevertheless, it is important to bear in mind that property purchase prices can vary considerably depending on various factors such as property size, condition, precise location, energy certification, whether it is rented or not, etc. For example, there may be renovated Altbau apartments with modern features selling at higher prices, just as there may be modern apartments at more affordable prices.
One crucial feature that can significantly influence the selling price of an apartment in Germany lies in its tenancy status, namely whether it is currently rented or not. The German real estate market is strongly influenced by some of the most tenant-protective rental laws in Europe.
These regulations typically impose long-term lease agreements, thereby ensuring strong rights for tenants. In practice, if the apartment is already rented, it can create uncertainty about when the current tenant will vacate the premises. This uncertainty can potentially lead to a decrease in the selling price, as the buyer cannot be guaranteed a specific date of occupancy of the apartment.
Steady Appreciation in the Medium and Long Term: Data shows that the appreciation of real estate in Prenzlauer Berg is sustained in the medium and long term. This means that owners have seen the value of their investment increase significantly over the years.
Price Variation Based on Specific Properties: Depending on the nature of your property, there is a noticeable difference in price trends. The average asking price is 6,850 EUR/sqm for existing properties and 11,460 EUR/sqm for new constructions.
The evolution of apartment sale prices since 2010
Two-line graph illustrating the evolution of average square meter sale prices in Berlin and Prenzlauer Berg.
The real estate market in Prenzlauer Berg has been experiencing a consistent growth in value for decades. Indeed, the average price per square meter in Prenzlauer Berg has risen from 3,010 euros to 6,850 euros, marking an increase of 3,840 euros over the past 10 years.
The number of listings on the market is not increasing as rapidly as prices; demand continues to outpace supply. Sellers are, therefore, in a strong position and are able to find buyers more quickly.
This trend reflects the characteristics of a mature market, with high-quality properties and consistent price increases.
The price range of the most significant streets and micro-districts in Prenzlauer Berg.
|District||Price range for sale (€/m²) rented||Selling price range (€/m²) not rented||Main streets||Postal codes|
|Kollwitzkiez||€5,500 to €7,500||€7,000 to €10,000||Strassburger Strasse|
|Helmholtzkiez||€4,900 to €6,000||€6,000 to €8,500||Buchholzer Strasse|
|Winsviertel||€5,000 to €6,000||€6,000 to €8,000||Raaberstrasse|
Immanuelkirchstrasse Marienburger Strasse Christburger Strasse
|Bötzowviertel||€4,500 to €6,000||€6,000 to €8,000||Am Friedrichshain|
|Gleimviertel||€4,000 to €5,500||€5,000 to €7,000||Gleimstrasse|
Y stader Strasse
Key figures about Prenzlauer Berg
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The Advantages of Selling in Prenzlauer Berg
What makes Prenzlauer Berg truly special is its historical charm, creativity, and friendliness. It holds a place of great importance to me.
– Interview with a local resident.
Prenzlauer Berg is a highly sought-after district of Berlin, and it offers several specific advantages for those wishing to sell property in this area. Here are just a few of them:
Sculpture Arnimplatz (Prinz) Bettina Achim by Arnim&Michael Klein.
Jogging trail at Volkspark.
- Mauerpark: the district’s landmark. Formerly located in the border zone of the Berlin Wall, this park is a great success for the variety of activities it offers (flea market, open-air concerts and karaoke…).
- Kollwitzplatz: Located in the heart of the district, this is often the meeting point for residents who want to enjoy a coffee or the fresh produce market on Saturdays. Families are particularly fond of this area for its children’s playgrounds.
- Volkspark: with its large surface area, it offers a variety of outdoor activities (sports fields, jogging paths, playgrounds, small pond, etc.).
Culinary discoveries in Prenzlauer Berg
“Anna Blume”: welcoming atmosphere, fine selection of pastries and teas.
The area is also renowned for its diverse gastronomic scene, and friendly cafés for a relaxing break.
- Cosy cafés: are often warm and inviting places to enjoy home-made pastries.
- International cuisine: From Italian to Japanese to Lebanese, the neighborhood offers an impressive culinary diversity.
The Kulturbrauerei: Once a functioning brewery, it now stands as a unique cultural center housing a variety of artistic activities, including contemporary art gallery exhibitions, performance and concert halls, and contemporary dance festivals.
Innovative art galleries: You can explore the latest local and international artistic trends by visiting venues such as the Eigen+Art gallery, which showcases both emerging and established artists.
Workshops and Art Courses: If you’re looking to enhance your creativity, numerous workshops and art courses are available, ranging from pottery to contemporary dance.
Kulturbrauerei (Schönhauser Allee 36, 10435 Berlin).
Neighborhood and Environment: The quality of life in Prenzlauer Berg
Green spaces such as Mauerpark and Volkspark Friedrichshain provide residents with the opportunity to escape into the heart of the city.
Prenzlauer Berg is a socially diverse neighborhood, attracting residents from various backgrounds and walks of life. This fosters a rich and varied community.
It is located near the city center of Berlin, making it a highly attractive location for potential buyers who want to settle in a vibrant yet somewhat secluded area. Well-connected by public transportation, it provides easy access to all parts of the city.
Future and Development
The neighborhood continues to evolve with new development and renovation projects. For instance, the most expensive construction project in Prenzlauer Berg in recent years was completed in February 2021 on Pappelallee; 240 residential units were developed and completed as part of this project.
A sample of successful sales
- Surface : 110m2
- Prix : 650.000 €
- Rue : Ueckermünder Strasse 11
- Surface : 71m2
- Prix : 465.000 €
- Rue : Dunckerstrasse 21
- Surface : 103m2
- Prix : 749.000 €
- Rue : Erich-Weinertstrasse 5
- Surface : 74m2
- Prix : 679.000 €
- Rue: Kollwitzstrasse 68
- Surface : 51m2
- Prix : 299.000 €
- Rue : Kopenhagenerstrasse 77
- Surface : 50m2
- Prix : 359.000 €
- Rue : Pappelallee 82
Choose your micro-district in Prenzlauer Berg
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