Real estate crisis: What will happen to the Adler Group's construction project on Wilhelmstrasse?

Real estate crisis: What will happen to the Adler Group's construction project on Wilhelmstrasse?

The current article reports on the Adler Group's construction project on Wilhelmstrasse in Berlin-Mitte, which has been dormant for three years. The construction pit, in which prefabricated buildings once stood, was intended to provide space for 160 luxury apartments with underground parking spaces, but has been closed since 2018. There is little movement on site, apart from a sudden appearance of an excavator on the site in mid-October. The original construction deadline has long since passed, and little progress can be seen on other construction projects such as the roundabout construction site in Steglitz.

According to a report by www.rbb24.de, there are also problems with another Berlin Consus project, the Staytion – Forum Pankow. The shares were sold to partner Kondor Wessels, and construction on over 200 apartments is scheduled to start next year. But selling condominiums is proving difficult and building planning in Berlin is stagnating.

There is also speculation about resuming construction work in order not to jeopardize the building permit. Furthermore, the state of Berlin could use the opportunity to buy back the property on Wilhelmstrasse to build social housing. However, the Senate Department for Urban Development does not currently see this as an issue.

Overall, these developments point to a crisis in Berlin's real estate market, caused by a variety of factors such as a lack of investors, delays in construction projects and falling demand for condominiums. This could have long-term effects on the real estate market and the construction industry in Berlin.