How to buy an apartment in Berlin ?
The advantages of buying an apartment in the German capital
- International and dynamic city ranked 3rd best city to live in the world.
- Great neighborhoods for living like Prenzlauer Berg, Mitte, Kreuzberg and Charlottenburg.
- Attractive housing and property prices.
- High potential for property value growth and unique tax advantages for buyers.
- Low interest rates on property mortgages in Germany.
Buying an apartment in Berlin in 4 steps
With average price of 3290 euros per sqm, real estate prices in Berlin city are the lowest amonst large cities in Germany and in Europe (prices are 2 times lower than in Munich, 3 times lower than in Paris and 4-5 times lower than in London). The housing and estate market in Berlin is booming with double-digit yearly growth in property prices supported by long-term high rental demand.
Our english-speaking real estate agency in Berlin offers you a full service that allows you to manage with reliance the process of buying your property in the German capital.
Depending on whether the property is free or rented, the process of buying an apartment in Berlin takes typically from 1 to 3 months during which we will provide support for all aspects related to the transaction. The german language should not be a hurdle to buy in the city Berlin as we have the experience to serve buyers from more than 20 countries.
We offer an accompaniment that includes the following steps:
The choice of your preferred areas in Berlin
The choice of the area is essential since the capital of Germany is a quite large city (about 8 times bigger than Paris) . Berlin has many facets linked in particular to the history of the Berlin Wall and the great changes since the fall of the Wall, especially for districts like Prenzlauer Berg, Mitte (central district), Kreuzberg and Friedrichshain. It is on both personal criteria and criteria of potential investment real estate that you could determine your choice between apartments. In order to help you in this choice, we will bring you our knowledge of the city with its projects in progress, the lifestyle, very different from each of its neighborhoods, their prospects for evolution. Once you have chosen your neighborhood, we offer you an assistance during all the stages of your purchase in Berlin.
The apartment search and selection
According to your criteria (neighbourhoods and location, floor, number of bedrooms, budget, vacant flat or capital invetsment, new or period building...) we will select for you the best deals and apartments on the real estate market and we will organize for you visits. We have a large offer in all city interesting neighborhoods like Mitte, Prenzlauer Berg, Friedrichshain and Kreuzberg at very interesting prices. If you are not based in Berlin, it’s possible to group for you the visits of the apartments within 2-3 days. We also advise on the possibilities of financing your Berlin property purchase.
The organization of the purchase of your apartment in Berlin
Once your property in Berlin is reserved, we actively support you in the process of signing with the notary office. We take care of preparing the purchase contract and coordinating with the notary and clearing administrative procedures until the signature of the purchase contract in Berlin. We also assist you on the understanding of the administrative documentation.
The finalization of your property purchase in Berlin
Once the contract of purchase of your apartment in Berlin signed, we will follow with you the transaction including payment of land register fees and taxes (about 7.8% of the purchase price), the execution of obligations of the seller in the contract and the final ownership transfer. If it’s a tenanted property, we will provide you with assistance on all aspects of rentalmanagement for your Berlin property.
The legal process of buying an apartment in Berlin
The legal process to buy an apartment in Berlin usually takes from 1 to 3 months.
For tenanted properties in Berlin, a legal option of purchase at same price is granted to the tenant of up to two months which could result in a longer purchase period. Please, note that in Germany there is no necessity of pre-sale purchase contract and that only a single appointment at the notary office is required.
Also, it is possible to conclude the purchase of a property in the german capital with only one travel to the city.
The purchase milestones for a property in Berlin
- Reservation of the property: the reservation of a property in Berlin generally implies a downpayment of 0.5% to 1% as reservation fees. This downpayment will then be deducted later from the purchase price or from the agent brokerage fees.
- Contract order from a notary office: after the reservation, the buyer orders a purchase contract from a notary office of his choice or from the notary of the project in which your Berlin property is located. Our estate agent in Berlin could refer English-speaking notary offices which would facilitate the communication for the property buyer.
- Sale contract signature at the notary office: following the contract order, our estate agent in Berlin coordinate the transfer of administrative and legal documentation to the notary as well as the signature modalities, (with a sworn translator, with a translated contract, with a power of attorney or with a legal firm representative - according to the preferences of the buyer).
- Finalization of the sale: following the signature of the contract, the notary takes care of the entry of the name of the new owner in the land registry, the deletion of any mortgage or pledge, the final transfer of ownership and the supervision of purchase price payment for which a german account is not mandatory.
During this process, our real estate agency in Berlin will assist you throughout the purchase management process on understanding the administrative documentation and the steps to follow to finalize your property purchase in Berlin under the best conditions.
The buyer legal costs for an apartment purchase in Berlin
For the new owner, the purchase legal costs amount to approximately 7.8% of the property purchase price. It consists of land registry fee, land register entry fees (6% plus 0.5% of the purchase price of the apartment in Berlin) and the payment of notary service (variable for about 1.3%). Please, note that these costs are spread over several payments.
In addition to our support during your Berlin property purchase process, our estate agent in Berlin is at your disposal for the explanation of the procedures to follow and to assist you until the handing of the keys and the inventory of your flat in Berlin.
For an investment property in Berlin, we also organize for you the new rental contract and the transfer to the new property manager (if the property is already tenanted).