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Tech Industry Boosts Berlin

22.01.21

Over the last year, many global real estate markets have seen a trend towards people moving out of the city towards the suburbs and the countryside. However, the German market has seen its residents opting to stay in town, and upsize, causing a continued price growth for inner city luxury properties.

Berlin has seen a year long upward trajectory for the city’s luxury housing market, cementing itself as a leading hub for the European Tech industry. This, combined with its relatively affordable house prices compared to other major world capitals, has set the city up as an attractive prospect for young, wealthy start-up employees, as well as established tech industry investors. This new wave of buyer has changed the market from one dominated by rentals, towards one of luxury sales and stylish developments.

This move towards more popular luxury housing, alongside a shortage of housing stock and land for possible development, has created upward pressure on prices. That said, prices for housing in Berlin are still lower than similar properties in other major cities such as New York, London and Paris, making it an attractive option for investors.

The reputation as the leading Tech Hub in Europe is one of the main factors driving this luxury property market growth. A Tesla Giga Factory is currently under construction just outside of Berlin and is planned to open for operations later this year. Amazon also has plans to move into a forthcoming office tower in the Friedrichshain-Kreuzberg district of the city in 2023.

Brexit may also be a factor in the rise of the Berlin property market, with many international investors and companies seeking out European bases outside of the UK.

PwC Global and the Urban Land Institute named Berlin as the top-ranking European city for “overall real estate prospects” and the city is expected to welcome 250,000 new residents by 2030. Popularity of location reflects the growth of young wealthy professionals within the city. Young start-up workers are gravitating towards districts such as Friedrichshain and Prenzlauer Berg, situated in what was once east Berlin.

However, the trend toward high-end new developments with luxury amenities not traditionally seen in Berlin can be found throughout the city and looks set to be a trend that’s likely to keep growing.

 

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