In the last 15 years, real estate prices in Berlin have raised more than 120 percent and there seems to be no end in sight as people around the globe seem to all want to move to the city that has great food, a hot art scene and a friendly attitude. Whether you want one of the architecturally amazing buildings in Charlottenburg, a home around the delicious Turkish restaurants in Neukölln, an apartment in the art district of Kreuzberg, properties around the active nightlife of Friedrichshain, the diversity of Mitte, the Bohemian atmosphere of Prenzlauer Berg or to own complexes in the lush green inner core of Tiergarten, you can be almost guaranteed that your investment in an apartment or home will grow. It really does not matter if you are looking for old or new buildings under the current conditions.
Alternatively, like approximately 45,000 people discover each year, Berlin is a great place to live. Many European companies choose to run their companies from here, so there is a constant need for luxury apartments for the high-paid executives. If you are looking for a great place to start a new business, then this city has one of the highest venture capital rates of any city in the world. The city is also poised to become one of the major leaders of the world in technology. Germany's economy shows very little chance of slowing down over the next few years.
With an average age of just 42.7 years, many people are just starting to want to sell their apartments to move to larger apartments. While these people are looking for larger homes, there are plenty who are looking to take their place within this booming economy.
By world standards, it is relatively easy to buy and sell real estate in Berlin. While some just put an ad in the local newspaper or on the internet and wait for offers to pour in, the smart investor will work with international real estate agent like First Citiz Berlin to benefit from a maximum market visibility and to get the best price whether they are buying or selling.
As with any important life decision, the process should start by answering some important questions. After all, this may be one of the largest transactions you will conduct in your lifetime. For example, if you are the seller, then you need to consider if there is a better time of year to list properties, how can I afford a new place while still paying the mortgage on your current one and what legal requirements must be completed before you can complete the sale.
One of the ways that you can minimize hassles when selling a property in Berlin is to trust the advice of a knowledgeable real estate agent. The agent can help you appraise current market value. Since many potential buyers are located overseas, the agent can also assist with taking professional photos making the entire property and your apartment look its best while still presenting a realistic viewpoint. You can trust him or her to know where to market your property with your goals in mind whether you are looking for the fastest sale or the highest asking price or a combination of both.
Alternatively, if you are looking to relocate or invest in a property like an apartment or a home, then you may need help completing a sale like locating bridge financing, learning about what paperwork needs to be completed on the sale of real estate and how quickly the transaction can be completed. If you fail to answer any of these questions correctly, then you may have to pay additional costs or experience long delays.
Working with an agent allows you to minimize the amount of time spent looking for new properties as they know what is available. They can also help you get all the governmental paperwork in order to complete the sale quickly. If you are interested in buying an existing apartment building in Berlin, then an agent can help you learn about the current tenants in the building and what they are paying in rent. The agent can also advise you on the building's potentials.
Regardless of whether you are the buyer or the seller, the agent can help you negotiate a fair price. Once the purchase is ready to be completed, then the agent can refer both parties to bilingual notaries to complete the required paperwork. If a deal falls through, then the agent can help you start on a new one right away.
Working with an international agent has many advantages including:
• Fair property appraisal based on the rapidly changing conditions found in Berlin
• Increased visibility because of their expert knowledge
• Increased security and protection of financial data
• Fair and quick prices for both buyer and seller because of their knowledge of the law and market conditions
One of the key factors that you will want to consider when selling your apartment in Berlin is the neighborhood that it is located in. Each neighborhood has its own unique characteristics attracting certain types of buyers. The more that you understand about the neighborhood where the property is located, the more that you can enhance property features drawing those buyers. Working with an experienced real estate agent will help you get the top sale price for your property because they understand the different markets intimately.
This district in the middle of the city offers lots of tourists attractions. The presence of Humboldt University means student apartments are always in high demand. While there are some sales on low-price units in this area, do not be afraid to position as a high-end unit attracting embassy and other government workers.
Almost 25 percent of people in Prenzlauer Berg come from outside Berlin. Prices are rising quickly in this area as the government enacts laws limit the supply of housing. New and old buildings are both demanding a premium. This is especially true in areas around Arnimplatz, Schlachthof, Bötzow and Kollwitz. Many buyers are looking for chic places so try emphasizing that aspect of your property. You are still better off working with an experienced real estate agent, so you maximize your profits in this district.
Students and young internationals are two of the major groups found in Friedrichshain When you trying to complete a sale of your apartment in this district of Berlin, emphasize its closeness to public transportation. You will also want to make the unit seem as large as possible. Those properties located along Karl-Marx-Allee and Frankfurter Allee often bring a premium because of their prime location to restaurants, shopping venues and leisure activities.
People from over 200 nations live in this neighborhood because they love its cultural flair. Brexit will only make housing here even tighter as many from Great Britain choose this district. If you are getting ready to sell your apartment in Berlin-Kreuzberg, then emphasize its modern conveniences as there are still some older buildings here lacking in modern luxuries. The housing market in this neighborhood continues to tighten causing prices to spiral upward. Many moved to this district in the past because of its cheap prices. They fell in love with the district, got better jobs and are now looking for places to raise their families within this district.
The price of properties have been skyrocketing in Neukölln. It is impossible to predict for sure if this trend will continue, so now may be the time to sell your apartment in this district. One thing that many investors are doing here is selling established properties. Then, buying and remodeling some of this district's neglected buildings.
Many immigrants from Austria and Poland choose to settle in this neighborhood. Sellers are getting particularly good prices for units located west of the Berlin Zoo and east of Savignyplatz. Yet, many units in this market remain low priced, so be careful not to overspend if you are going to remodel before placing your apartment on the market.
Those properties near Park Siedlung are bringing the best price in this neighborhood close to Mitte. While this area has long been the pharmaceutical district of the city, that is starting to give way to more diversified economic opportunities. Many startups are choosing this as their first location. Emphasizing elements of your apartment that makes it a great place to work from home may help you get a higher price in this neighborhood.
While this is not all the districts of Berlin, you can see that the city has great diversity. If you are looking to sell your property in Berlin, then you need to work with an agent who can help you emphasize the right elements to get top money for it. We would love to have you contact us today so that our experienced real estate team can help lead you through the sale process.
Berlin, Germany is among the most interesting real estate markets in the entire world. The city boasts attractive houses and apartments as well as prices in sales. Berlin provides real estate developers and families planning to own property in the city with a unique urban and international environment.
There are various reasons why most individuals might choose to purchase an apartment in the city. They might be looking for a temporary space, a second house, an apartment for relative studying or simply adding a valuable property to their investment portfolio. Here are some of the benefits:
• The town provides excellent lifestyle, especially in Berlin central neighbourhoods such as Mitte, Kreuzberg, Prenzlauer Berg, and Charlottenburg.
• It is an international and dynamic town ranked the 3rd best city to invest and live in the entire world.
• Offers attractive property prices and housing that makes it four times less expensive than other cities across Europe.
• It has as a strong capital gain.
• It Provides high commercial and residential housing markets and unique tax benefits for potential buyers.
How to Purchase a Property in Berlin
If you are currently planning to purchase a property in the city, you should work with real estate professionals to help you make the right decisions about the type of building and apartment and the apartment mortgage financing. The housing market in Berlin is booming with a double-digit percentage annual growth in house prices supported by a long-term and robust demand making it the best destination for those looking for apartments for sale. Here are some of the factors to consider when purchasing an apartment in the city.
The selection of the area to invest or live in is a vital step since Berlin is a large city. It features many facets linked to its history of the wall and deep changes since the collapse of the wall in districts such as Berlin Mitte, Friedrichshain, and Kreuzberg. If you are looking for a house to live in, the district and area selection is essential since the neighborhoods are different and have unique flat sale prices, building styles and lifestyle.
Apartment Search and Selection
Before purchasing an apartment in Berlin, you should consider things such as location and neighborhoods. You should remember to work with real estate professionals to help you select the best apartments and deals on the market.
If you are not based in the city, the real estate professionals will help you group your visits to the respective properties within two to three days. If you are looking for an old or new-build property for purchase, an apartment to renovate or a renovated house ready to move in, Berlin is the right place for you.
Selling an apartment in the city is the best decision you can ever make in your life. It will provide you with enough capital to invest in other sectors improving your income generation. Before selling your apartment in Berlin, you should consider the following factors:
• Define Your Goals: The most important factor to consider before selling your property is defining your personal goals. Establishing your goals has little to do with the current real estate market. It has more to do with the current stage you are at in your life, your post-sale plans and your financial circumstances.
• Determine the Value of Your House: When selling your property, it is essential to contact three to four real estate agents for professional valuation of the house. In Berlin, this process is free of charge. You should ensure that you are working with real estate agents with excellent references, reputation and those with professional websites and pay attention to the local market knowledge.
Through its history, the German capital has experienced several cultural, economic and political influences that have shaped and influenced the urban landscape of the city.
Walking through the capital of Germany, one changes the era at the turn of each street and is seized by the contrast between the architectural styles and influences of each era in Europe.
Given the diversity of construction styles, the type of the property and building becomesa central criteria, on which depends the price, whether it's to rent or to buy a property in Berlin.
The period properties (“Altbau” in German) are buildings that were mostly built between the end of the 19th century and 1930. The Altbau homes were built in the Art Nouveau style (Jugendstil) with different levels of sophistication.
In addition to coloured glass windows of the period, the common areas of the Altbau buildings are distinguished by the presence of ornaments, decoration in stucco and ancient faience.
In some buildings, notably in the district of Charlottenburg, KreuzbergPrenzlauer Berg, there are prestigious Altbau buildings with marble entrances, period frescoes and sometimes charming period lifts with bench seats.
The interior of an Altbau property is distinguished by sub-ceiling heights up to 3,50m for the lowest floors (the height generally decreases with the upper floors) with interior stucco decoration. Some apartments are with a well-preserved period parquet floors (Dielen) made of solid pine boards up to 10m length each.
The plan of the apartments is characterized by the large size of the rooms often around 20m2.
In recent years, many of attics of Atlbau buildings have been converted into Penthouses (by removing parts of the roof and replacing it with a terrace) and have become very popular properties.
Berliners have developed an almost affective relationship with Altbau apartments which are the most sought-after properties, although most of them have no elevators.
An Altbau property for sale in a good location in Berlin would have a sale price of 4300 to 6000€/m2.
The new buildings in Berlin, called Neubau, are distinguished by their elegance and sobriety. As German urban planning regulations are particularly strict, they are often built at the same height as period buildings (5-6 floors maximum). The Neubau are also energy efficient (Standard Kf-70) and are equipped with modern lifts and parking spaces, which makes them appreciated by business and expatriate clientele. Usually th ground floor are commercial units or apartments with private gardens.
The no man’s Land around the Berlin Wall location (notably between the central station and Chausseestraße or south of Mitte towards Spittelmarkt), a time disgraced by the inhabitants of the city have now become a real growth driver the Berlin real estate market. New central neighbourhoods emerge from zero like the Mittenmang area.
The Neubau are particularly appreciated by international investors because they do not obey the rents. Seekers of high-end real estate could enjoy exceptional penthouses with oversized terraces, or even private gardens on the roofs. A new build apartment for sale in Berlin good locations would have a sale price of 5000 to 7000€/m2 depending on location, floor and number of bedrooms.
The lofts are probably the type of property currently the trendiest and sought after in Berlin. This is due to the rarity of the buildings and also to the charm of industrial design knowing that Berlin is a very dynamic city in the field of design and at the forefront of interior decoration trends.
The lofts in Berlin are housed in buildings often made of red brick, formerly used as artisanal factories, old administrations or hospitals of the early 20th century, such as the Joli cœur project in Berlin Charlottenburg or the Metropol Park project in Mitte.
The apartments are distinguished by ceiling heights of up to 8m allowing mezzanines to be built (Galerie Wohnung).
The lofts in Berlin have become the playground for interior designers and enthusiasts of retro design furnishings, which cover the city's countless flea markets in search of furniture and period fixtures.
The so called “Plattenbau” are buildings that were built in the 50s to 70s. Unlike other cities, they have the particularity of having been built in very central locations like Schöneberg after the destruction caused by the war.
These apartments have good quality services, particularly in terms of insulation and functionality and often benefit from large loggias, lifts and common areas serving gardens and shared parking which is an advantage as the parking space price in Berlin is currently trading between 20,000 and 60,000 euros.
Imperial Stalinist-style buildings can be found in a single area of Berlin, in Friedrichshain around the Karl-Marx Allee in which military parades were held during the DDR era.
These buildings, classified as historical monuments (Denkmalschutz), were built in the "classical socialist" style (Sozialistischer Klassizismus) for the nomenclature and the elite of the East German communist party.
These buildings are reputed to be very solid constructions and are distinguished by large entrances and common parts and ceiling heights of about 3m, well-preserved period parquet floors.
These buildings, are authentic pieces of history and are recognizable by the bright earthenware faience that decorates their facades.
The properties types in Berlin are very diverse and depend on the area of search, so at the end, it's more on personal criteria, price and location ones that everyone could say what would be the best mix for his ideal berlin property!
Located in East Berlin, Prenzlauer Berg is a residential central neighbourhood, that became the symbol of city life style and one of the best neighboorhoods to live in Berlin.
The area knew a deep transformation with the arrival of new population (young families, artists, expats, entrepreneurs...) and the renovation of many period building (Altbau) in bright colours, typical of the new chic and trendy face of the capital German.
One of the delightful consequences of this change is the emergence of many sophisticated bars and restaurants, art galleries, concept-boutiques, vinyl shops, design furniture stores which contrast with other districts of Berlin. There are as well many street markets as the famous organic market of Kollwitzplatz, which brings together local producers from Brandenburg and bohemian life amateurs. The area is full of green cobblestone streets and shopping districts, including Stargarder str., which is populated by decoration shops, organic glaziers and sunny terraces. The elegant Pappelallee or the charming Kastanienallee, a cheerful mix of thrift shops, design boutiques, vegan restaurants and independent cinemas. The Helmholtzplatz, affectionately called "Helmi" by the Berliners, has become a symbol of the neighbourhood, serving both as a playground for the many children, as a collaborative urban garden and as a meeting place, a breeding ground for the local associations.
But living in Prenzlauer Berg is not only reserved for young, trendy families, and the neighbourhood conserved its bohemian soul which has made its international reputation. It has several alternative astmosphere bars with retro and DDR style furniture. There are still a few socialist and community bars, like in Raumer strasse and Lychener strasse where you can meet colourful characters and attend debates and screenings.
If the area can seem quite dense, living in Prenzlauer Berg can also enjoy the oasis of greenery. The Volkspark, to the east of the city, is famous for its slope allowing toboggan runs in winter. On the other hand, the Mauerpark is a Berlin institution. Every Sunday there is a big flea market, as well as a famous open-air karaoke during the summer season. A true myth, it allows visitors to sing to hundreds of people in the park's arena and share with the crowd an extraordinary joyful and positive energy.
Living in Prenzlauer Berg is also interesting for culture and history lovers. The Kulturbrauerei is a must-see in the district: an impressive set of red brick buildings, a former 19th century brewery, converted into a cultural complex. There are cafes and restaurants, art exhibitions, an auditorium, a cinema and many shops.
Finally, visiting the memorial of the Berlin Wall, located along the Bernauerstraße, is a must, to better understand the former division of the city. The site consists of unbroken portions of the wall and a documentation center, complemented by a route following the old layout of the wall for more than one kilometre.
If the winter is relatively calm, Berlin summer is so intense that its inhabitants express an extraordinary energy and creativity to enjoy every second. The numerous festivals held each year in the German capital are the reflection of this effervescence, and are addressed to all, families or revelers.
The festivities open with the traditional MyFest, a series of events in the streets of Kreuzberg, the most alternative neighboorhood in Berlin, every May 1st. Not only a political event, it is also a festive and family gathering, with street barbecues and street concerts. The famous Carnival of Cultures is held every year in June in the district of Mehringdamm. In a festive and family atmosphere, many stands representing different countries of the world offer to taste local specialties or to buy typical crafts, all on a background of street concerts.
Summertime in Berlin also brings music to life, especially with the Bergmannstraßenfest, a jazz festival that takes place every year in the charming shopping district of Bergmannstraße, at the junction between Kreuzberg and Schöneberg. Classical music lovers will enjoy the Classic Open Air in late July. Eclectic festival, it also proposes classical reinterpretations of rock and pop tubes, in the baroque frame of the elegant Gendarmemarkt, bordered by the cupolas of the two cathedrals. Party goers who love more contemporary music will opt for Loolapazoola, which takes place each summer late in a different and emblematic place of the city. This world-renowned festival brings together the big names of the electro-rock scene. The festival of the citadel of Spandau, a little away from the city, is also a must for lovers of rock music and current scenes. It is also a good reason to visit the impressive fortress of Spandau, one of the oldest buildings in the region, dating back to the 16th century.
Art and culture enthusiasts will be delighted by the Museums' Night, which usually takes place in August: a hundred museums and cultural institutions open their doors until late into the night, an opportunity to discover numerous collections, some of them Unknown, in a new light. The 48-hour Neukölln is also a highlight of the Berlin summer: over a weekend, many artists of this bohemian and trendy area open the doors of their workshops, allowing the public to discover both people and exceptional places.
A stay in Berlin in summer is also an opportunity to enjoy the many parks in the very heart of the city. One of the most emblematic is the Tempelhofer feld, former airport converted into a huge park open to the public. Whether rolling, cycling or even walking, crossing this space provides a feeling of space and freedom. Areas are reserved for barbeques, a tradition particularly appreciated by the people of Berlin, which allows everyone to grill what he wants on small portable barbecues. This practice is very common in Berlin, especially in the volkspark, present in each district.
Summer also sees many open-air bars open to the public: the Sisyphos with its huge outdoor beach at the Club der Visionäre and its floating terrace, Berlin unveils unique and electrifying spaces.
Summer in Berlin is the generous nature of the Brandenburg at your fingertips. Several lakes, such as Wannsee or Schlachtensee, can be reached directly from the city center by S-Bahn and are well worth a day. The more adventurous will opt for a weekend by bike and camping in the refreshing red pine forests, punctuated by numerous wild and preserved lakes.
Berlin is a multiple and contrasted city, eco-friendly, trendy and welcoming. Under a bohemian appearance, it is also bucolic and elegant, with its covered passages and small secret courtyards populated by chic an design boutiques, especially in the area of Prenzlauer Berg and Monbijou Park, in the heart of Mitte. It goes without saying that Berlin is a major destination for amateurs of classical music and operas, with its known “Berliner Philharmonie” and halls like Deutsche Oper and StaatOper.
Culture lovers will be delighted by the several museums hosting masterpieces from all the world, including those on the famous Mitte Museum Island, bordered by Spree banks. Living in Berlin also allows you to enjoy the surrounding nature of the Brandenburg: by bike or S-Bahn, it is easy to reach many wild and unspoilt lakes, to camp in the pine forests, and to discover the surrounding villages. For nightlife, living in Berlin is obviously a source of perpetual inspiration: with its world-known clubs, bars and festive places, the German capital attracts many revellers from all countries.
Living in Berlin involves a life rhythm, more relaxed and alternative than in most major European capitals. It is enough to observe the filled terraces of the cafes and urban parks like Volkspark Firedrichshain, to convince oneself that here one takes the time to live and enjoy.
The life in Berlin is rhythmed by seasons: if the winter is rough, it is softened by the warm gatherings, the numerous Christmas markets and the cosy cafés with retro furniture where people take refuge to sip a hot wine and remake the world with table neighbours. The summer comes as a start, and releases all the energy and creativity of Berliners: festivals, ephemeral bars on the roofs of buildings, barbecues in parks, cinemas and outdoor clubs, a boost of freedom and enthusiasm then blows over the whole city. Mauerpark's outdoor karaoke in Prenzlauer Berg is the symbol of this summer “joie de vivre”.
Berlin is also a city with an affirmed ecological spirit, where most people use bikes, which is facilitated by the many bike paths and large parks in the heart of the city. The taste of bio, recycling and handmade are dear to the heart of Berliners. The city has many associations that can repair or recycle clothes, household appliances, or even easily train themselves in woodworking or other artisanal techniques.
As far as gastronomy is concerned, Berlin is faithful to its reputation as a cosmopolitan capital: restaurants offering specialties from all over the world, from Thailand, Italy, Lebanon, Vietnam...as well as numerous vegetarian and concept food stores. The innumerable street counters obviously serve the Currywurst Berlin specialty.
Finally, unlike many other large cities, living in Berlin remains quite affordable. Prices, especially real estate, have risen steadily for several years, but it is a very accessible city, where it is nice and relaxing to live and where one can find and enjoy its own pleasure with absolute freedom...
Learn more about the neighborhoods and areas of Berlin
Berlin, the capital of Germany! Events, parties, art and history - culture wherever you look! Not surprising that the city is considered as a magnet for tourists. Berlin is Germany's largest city with 3.5 million inhabitants. When moving to this city, it can be difficult to find the neighborhood that suits your needs best. For this reason, we got a closer look at Berlins’ neighborhoods and dida short guide on our top 5 neighborhoods in Berlin.
When moving to Berlin, you have to decide whether you want to stay near nature or whether you want to be at the party area? Think of what is important to you. Which amenities would you like in your area of residence?
District of “Mitte”
"Mitte" as the district is nicknamed or called in short, lies in the heart of Berlin and is the administrative district and historical center of the city. It consists partly of the former East Berlin and is relatively densely populated with 368,000 inhabitants. Berlin Mitte is an excellent tourist magnet due to its typical sightseeing locations, which go from the Brandenburger Tor to Alexanderplatz, as well as along the boulevard „Unter den Linden“.
Unfortunately, and as you can imagine, this residential area is the most central and hence has the most expensive real estate prices in Berlin. On average, a rented apartment costs 16.48€/m². However, due to its central location you don’t have to deal with long distances, either in leisure time or on the way to work. Alexanderplatz, Potsdamer Platz, Friedrichstraße and Rudi-Dutschke-Straße form the economic core of the metropolis. Popular residential areas are near the Hackescher Markt, Torstraße and Rosenthaler Platz.
Kreuzberg unites pure multiculturalism and life! After the fall of the Wall, Kreuzberg became a central location in Berlin. The district was known not only for its vibrant nightlife, but also for civil commotions and riots. However nowadays, the situation has improved significantly. The city has successfully combated the riots by organizing alternative events. Every year residents, traders and citizens' initiatives organize the peaceful street festival "MyFest". Visitors can hereby experience the multicultural flair of the area. The population in Kreuzberg is made up of about one-third of migrants. More than 180 nationalities co-exist mainly peacefully.
Living in Kreuzberg is less expensive than Berlin Mitte. On average, one square meter of a rented apartment costs 14.32€.
Both, Friedrichshain and Kreuzberg, make up the second administrative district of Berlin. It used to be known as a sordid DDR working class quarter. Much has changed in this district as well. Friedrichshain is now considered a trendy place and a political platform. The locals are very engaged politically. The district is also called lovingly "homely neighborhood". The very animated lifestyle and apartments within a big price range have attracted the younger generation in particular. The areas with old buildings are very popular for families. Also the birth rate in those areas is steadily increasing. Furthermore, it is considered a good neighborhood for parents since daycare centers and schools enjoy a good reputation. A range of well-developed playgrounds and youth facilities are available, offering a variety of different activities for children. The square meter for a rented apartment amounts to an average of 14.03 €/m².
Many areas in Neukölln were characterized by poverty for a long time. Since 2006 these neighborhoods also changed and improved considerably. The neighborhood, formerly known as wicked and mean, attracts mainly artists and creative people nowadays. This is because of the cheap rents and the variety of idyllic places in Neukölln. In some areas there is almost a rural flair, with historic half-timbered houses and pretty gardens. The North continues to develop positively in particular. The old buildings are regarded as trendy residential areas and young people enjoy the extravagant nightlife of Neukölln.
In Berlin Neukölln it is possible to rent an apartment for around 11.96 €/m².
The Prenzlauer Berg is also a great residential area. The picturesque old buildings attracts many people, therefore it is the most densely populated neighborhood in Berlin. More than 300 buildings are classified as historical monuments, the oldest were built in 1848. The population is very young compared to other parts of Berlin, the educational level is very high. More than half of the residents have a high school diploma or a university degree. In addition, the Prenzlauer Berg is known for its many leisure activities.
In Prenzlauer Berg you may pay an average of 14.38€/m² for a rented apartment.
In the report „Emerging trends in real estate - Europe 2016“, the consultancy company PwC raised Berlin for the second consecutive year as the best city both in Europe and Germany for real estate investment and development (ahead of Hamburg and Dublin). Despite its low property prices, Berlin became also in 2015 the second most active real estate market after London and ahead of Paris with investments growing from €3bn in 2014 to €10bnin 2015!
According to the report, the city development is sustained by the public sector, the revitalization of commercial areas, the booming of tourism, the positive migration, the international and young population and of course by the leading IT and tech sectors.
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Are you a Brit, thinking of buying a property in Berlin? If so, you’ll be pleased to know that buying your ideal German property will now leave less of a dent in your bank balance. This is because the pound to euro exchange rate recently hit a 7.5-year high, at 1.4256, its strongest since November 7th 2007!
What this means for you is that, when you transfer money from the UK to your German bank account, to buy a Berlin property, you'll get more euros. For example, let's say you transfer £250,000 to Germany. With that sum, you’ll now get +€56,000 more than if you’d bought a Berlin home back at the start of 2014, when the pound was far weaker.
In other words, that's an extra +€56,000 sitting in your German bank account, at no additional cost to you, just because the exchange rate has strengthened! With that sort of money, you could buy a more luxurious property in Berlin, decorate the place to your taste, or just pocket the sizeable saving for a rainy day!
Moreover, it could soon become even better value to buy a Berlin property, if sterling continues to climb versus the euro. The pound could exceed this 7-year high, first, if Greece exits the Eurozone, as looks entirely possible. Second, the pound may also continue to climb, because the UK economy is easily outpacing the Eurozone’s.
With this in mind, make the most of this advantageous exchange rate while it lasts, and buy your ideal Berlin property!
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This article is written by a guest author Peter Lavelle, from Pure FX.
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