Berlin Property for Sale
A web resource for UK and Irish buyers looking to invest in Berlin propertyBerlin Property for Sale
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| Property prices in Germany rise by 3% and Berlin 7.8% | ||
27 August 2006 Sunday Business Post, Vincent Landon Mirroring the embryonic boom in the German economy, there has also been some movement in the long-stagnant property market in the past 18 months. Across Germany, the price of one-family houses went up almost 3 per cent last year, according to Hamburg-based Gewos property consultants and the Berlin-based IFS Institute for urban planning and development. |
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IFS attributes the rise partly to a rush to buy before the impending abolition of tax deductions for first-time homeowners, and the rising economy. The average price of owner-occupied flats went up 1.2 per cent in eastern Germany and 1.9 per cent in western Germany, compared with the year before. In Berlin, prices rose 7.8 per cent. |
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Over
the past three years, private equity funds have invested more than
€15 billion in German property.Goldman Sachs, Morgan Stanley,
Terra Firma and Blackstone have all acquired large property portfolios.
In Berlin, foreign investors are flocking to pick up what they perceive as bargains, before a predicted boom. Germany's housing association (IVD) notes particular interest by investors from Ireland, Israel and the Scandinavian countries for apartment houses. There has been an influx of Irish investors in the German property market in recent years. Elgin Capital and ECP Finance have raised - both in association with Merrion Capital - more than €40million from Irish investors to buy property in Germany. Small investors are buying up small blocks of between ten and twelve apartments, which they initially continue to rent out, with the potential to sell once the market picks up. Commercial and buy-to-let investments are an indication of activity in the marketplace, and analysts believe the Berlin market has bottomed out. |
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