August 29th, 2016
Major European City Housing anomaly – Berlin affordable!
Berlin is Affordable
In the 26 years since German reunification, Berlin’s wealth has slowly moved eastwards.
While the wealthiest parts of Berlin were in the west before and still are in the west today, it is however in the centre of East Berlin, the areas of Prenzlauer Berg, Mitte, and Friedrichshain-Kreuzberg that rents have risen the most – but still affordable.
You may find this ‘Miet-map’ interesting which appeared in a UK Guardian article earlier this year to compare average rents in different Berlin areas.
When one compares rental and other costs of living expenses in Berlin to other European and North American and Asian cities then Berliners are not doing too badly. Berliners pay an average of circa 22% per cent of their income for housing.
And in comparison with domestic competition from other large German cities like Hamburg, Munich or Frankfurt, living in Germany’s capital is still extremely affordable.
While rents are a major part of monthly costs, they do not tell the whole story, but even on these other criteria, ie; food, clothing, transportation and entertainment, Berlin fares well. It is certainly cheaper than London!
Don’t take our word for it, if you already live in Berlin check out the comparison yourself!
For those who either live, work or have just visited Berlin, many have asked themselves whether it makes sense to buy an apartment in Berlin either as an rental investment or to actually live in.
The risks when buying international real estate can sometimes be hard to quantify, however because of Berlin’s low apartment vacancy rate, slow but sure rental increases along with a solid population growth, Berlin rental properties have come to be viewed as stable investments.
Please contact us at Next-Estate should you require any help in looking into a Berlin real estate possibility which suits your needs.