Berlin: Erstmals mehr Eigentums- als Mietwohnungen im Angebot
In 2023, inflation, increased construction costs, and high interest rates shattered many dreams of homeownership. The pressure on the Berlin rental housing market continues to rise. The consequences include continually rising rental prices and the ongoing trend of relocating to the outskirts, despite the increasing costs there as well. These are the central findings of the 2024 Housing Market Report for Berlin by real estate financier Berlin Hyp and global real estate services provider CBRE.
According to the report’s data analysis for the year, there were approximately 23,300 rental offers, around 28,400 purchase offers for condominiums and multi-family homes, and 220 new construction projects with approximately 34,900 units in Berlin. Despite rent control measures, rental prices in the capital city increased by 18.3% to 13.60 euros per square meter. The upper-priced segment saw an 8.7% increase to 26 euros per square meter, while the lower-priced segment rose by 4.9% to 6.25 euros per square meter, creating a nearly 20 euro per square meter price gap between the segments.
Michael Schlatterer, Managing Director of CBRE, emphasized the limited availability of unfurnished rental properties in Berlin due to strong housing demand and low turnover rates. As a result, furnished rentals or short-term rentals are increasingly favored by private small landlords, leading to significant rent increases. Schlatterer noted that for the first time, there were more offers for ownership properties than for rental housing in the Berlin housing market.
While the offer prices for condominiums in Berlin slightly decreased by 1.4% to 5750 euros per square meter in 2023, the upper market segment remained above 10,000 euros per square meter for the second consecutive year. Offer prices for multi-family homes also declined by 11.7% to 3179 euros per square meter compared to the previous year.
In Berlin, there are currently about 220 construction projects with approximately 34,940 units in various planning, development, or construction phases, with only 15.1% of these units located within the S-Bahn Ring. Most large-volume rental housing projects are concentrated in the outer districts, where the Berlin state-owned housing companies are predominantly active. The trend towards developing areas outside the city center is driven by diminishing new construction opportunities within the S-Bahn Ring.
Sascha Klaus, CEO of Berlin Hyp, stressed the urgent need to boost new construction activity. He welcomed the current draft of the „Schneller-Bauen-Gesetz“ (Fast Construction Law) by the Berlin Senate and expressed hope for its swift implementation. Klaus highlighted that harmonizing building regulations, relaxing building codes, and implementing digital interfaces would accelerate housing construction significantly.
