Berlin luxury property market booming

Wed, 30 Jul 2008 00:00:00 GMT

The Berlin property market remains healthy despite the global credit crunch. Luxury property developments are being constructed in some parts of Berlin, and demand is strong.

A new property trend is emerging in Berlin, according to Property Wire. Once known for its Soviet-style concrete buildings, East Berlin is now home to an increasing number of luxury lofts with swimming pools, spas and concierge services.

Roman Heidrich, from Jones Lang LaSalle, said: "The whole concept is new for Berlin. All of a sudden we are seeing a large number of high-end projects being built or in the pipeline." The firm opened a Berlin office earlier this year in response to changes in the property market. Luxury developments such as 'Felini' and 'Oxford have asking prices of more than double the cost of similar property in Berlin just two years ago.

According to property developer Maik Uwe Hinkel, Berlin is now very much in demand: "We have Spanish, Italian, Polish and French buyers."

There are approximately 30 new developments in the Mitte area (between the German foreign ministry and the picturesque Gendarmenmarkt square) and more are in the pipe-line. Construction is due to start on a large residential and commercial complex next year, inspired by the iconic Dakota building in New York.

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Berlin luxury property market booming