Berlin Properties Neukölln 2024

Multi-ethnic hip mix

Neukölln is a multi-ethnic hip mix, where diversity in the population ensures great acceptance for change and new developments. The district has established itself as a young, impulse-giving and strong driving force in Berlin. Something is always moving here and you have to be able to keep up pace. A modern and diverse business culture is emerging that's profitable for everyone. In Neukölln there is no talk of displacement, but of change! Investors are planning coworking spaces and building flats to go with them. Disgusting underground car parks are being turned into chic offices and cool retail, gastronomy, office or service structures are now being built in abandoned arcades. The vision for Neukölln is not a closed-off enclave, but an open, dynamic and real participating community.

Property prices Neukölln

Interest rate reversal, price dip and reluctance to buy? Not in Neukölln. Although a price correction is also taking place here, anyone who looks at the local housing market will immediately realize that there can only be one long-term movement: Upwards. In the last year, however, asking prices have fallen by -5.90 %. In Q2 2024 there are signs of a recovery. 

Neukölln is bordered by Tempelhofer Feld to the west, the Landwehr Canal to the north and Plänterwald forest to the east. About 1,820 inventory offers have been recorded in all neighbourhoods in 12 months. As of the last update on 26.04.2024 , the median offer price was 4,600 EUR/m².

Price segments

Development of the housing offer (existing apartments) in Neukölln. The chart shows price increases and price segment shifts over the 10-year period.

Bird's eye view: Property Prices in Berlin Neukoelln

Until 2010, there was actually only the low-price segment in Neukölln. Since 2019, the last flats below 2,500 euros/m² have disappeared. Neukölln has thus become a middle-class district. In good locations and for certain target groups, the segment from 5,000 to 7,500 is also developing more and more, mainly driven by small to micro apartments.

Family houses in Neukoelln

The real estate market for family houses in Neukölln consists of pre-war housing developments and various post-war quarters. For a long time, demand for these properties was weak. In fact, there was hardly any fluctuation. Both things have changed in the meantime. With the growing pressure on the inner-city housing market, the mostly compact houses are becoming a sought-after product again. Young families appreciate the mixture of urbanity and family environment. The markets are located in Britz with 120 houses offered in the 12-month period (4,780 EUR/m²), Buckow with 230 Houses at an average of 4,780 EUR/m² and Rudow with 520 at 4,680 EUR/m² average asking price for existing houses.

Trend

Neukölln is one of the hippest neighbourhoods in the world. The sometimes somewhat disorganised conditions in Berlin's multicultural hipster hotspot are a curse and a blessing. The administration may be a little outdated and complicated, but at the same time it is cosmopolitan and democratic. No wonder this extremely diverse district is appreciated by its residents despite its weak points.

Owning or buying a flat in Neukölln is a good decision, regardless of the type or location. There is demand everywhere. From chic flats in old buildings on Richardplatz to 70s units in less well-kept locations. Tenants can always be found everywhere. Milieu protection areas cover the entire district and reduce the supply of old buildings, which increases their value.

For a few years now, the housing stock has been lightened up by new construction projects close to residential areas; numerous appealing projects enrich the district's appearance. New neighbourhoods are now also opening up previously rather peripheral locations from the south. Rixdorf, one of Neukölln's most sought-after residential districts, is a good example of the new Neukölln mix.

Projects along the S-Bahn in Saalestraße are revitalising derelict inner-city areas and transforming dingy corners. Particularly exciting is the development along Karl-Marx-Strasse, where ambitious office projects will take on a lighthouse role. These central and lively locations in Neukölln are also attractive to established companies, as young, well-educated and international employees value the neighbourhood. And Berlin needs nothing more than skilled workers.

The district of Neukölln has become a major player in Berlin's residential investment market and will continue to develop its strengths in the coming decades.

Apartment buildings in Neukoelln

Neukölln has one of the most agile markets for apartment blocks and in Berlin. The ratio of moderate square metre prices at high factors is the result of the low rent level. In 2023, 60 apartment buildings changed hands in Neukölln, more than in any other district. The current interest rate level has depressed the average purchase price per square metre of living space by around 10 per cent. The average purchase price factor is 24.8. Depending on the location, the square metre values and factors can also be significantly higher, depending on the overall condition of the property. According to the GAA, the lowest recorded price for a rental house in Neukölln was around 1,000 EUR/m², while the highest was 7,000 for a new-build property. Our recommendation if you intend to sell is to take action at an early stage. Arrange a free consultation with our team specialising in the sale and management of apartment buildings in Neukölln for an initial appraisal of your apartment building.

New construction Neukölln

Development activity in Neukölln is running high. In almost all neighborhoods of the vast district, both municipal and private projects are being realized. Currently in the preliminary planning phase is, among others, a large private-sector residential project in the former Geyerwerke with almost 230 apartments and a new urban quarter "Neue Ringbahnhöfe" at the southern end of Karl-Marx-Strasse near the Neukölln S-Bahn station with around 500 to 700 apartments. In addition to student apartments and units for shared living, hotel rooms will also be developed here. Also in an early planning phase is the development of the site of the former fun pool "Blubb" which could provide around 320 units.  

Among municipal developers, "Stadt und Land" is particularly active in Neukölln. The housing association is planning and building residential neighborhoods at various locations that will produce several thousand units in different planning and construction phases.

While neighborhood-heavy projects were the development drivers in Neukölln so far, the currently planned projects are larger in scale. According to our research, at least 4,000 to 5,000 residential units could be developed in the zip code areas in Neukölln by 2024.

While the large residential projects are being developed in a slightly decentralized environment, a number of flagship projects for office and retail are at an advanced stage of construction in the heart of Neukölln. At the most central point of Karl-Marx-Strasse, Maruhn Real Estate is transforming the former Sinn-Leffers department store into an exciting office building with around 40,000m² of floor space.

Neighbourhoods in Berlin Neukölln

For a long time, the real estate market in Neukölln was driven by high in-migration and low rents and later by the settlement of start-ups and small to medium-sized enterprises. In 2024, Neukölln is an established district, also for residential investments. Most recently, the price trend for apartments from the large old building and post-war stock was around  -5.90 %. There is a clear price differentiation by (micro-)location. The districts along the Landwehkanal, Rixdorf and on the edge of the Tempelhof airfield, in the Schillerkiez, are particularly valuable. 

The north of Neukölln is characterised by a well-preserved old building stock from the Wilhelminian period, partly mixed with blocks of flats from the 1930s. South of the circular railway (Ringbahn), single-family house areas, suburban housing developments and large housing estates with many high-rise buildings dominate. The area Karl-Marx-Straße/Sonnenallee is a redevelopment area (Sanierungsgebiet). The quarter is the cultural and social centre for more than 25,000 inhabitants from over 160 nations. It is also the administrative heart of Neukölln. Neu-Britz also has a redevelopment area between Delbrückstraße and Jahnstraße, which will undergo a transformation process with the extension of the city motorway (A 100). In Britz there is both a metropolitan development and further south a more suburban architecture.

Rental market in Berlin Neukölln

In the rental market in Neukölln, the middle and lower price segments prevail across the entire district. In the current period the average offer rent is 12.00 EUR/m². In the housing markets of North Neukölln ("Schillerkiez") and Central Neukölln the average rent is 12.40 EUR/m². The development to the previous year is about 6.50 %.

In Neukölln there has been lively construction activities in the past few years. Many properties from private residential construction projects are currently coming onto the rental market. In total there were 230 new construction apartments offered for rent in the 12-month period in Neukölln. The current average offer rent is 22.95 EUR/m². In the central districts (Nord-Neukölln, Karl-Marx-Straße) the average offered rent for new developments is 22.95 EUR/m². In housing projects in Buckow and Rudow at 18.95 EUR/m² and 13.85 EUR/m².

Snapshot

The Bubble Chart shows the supply situation of the last 12 months for the property market in Neukölln. The colors indicate the year of construction classes, the size of the bubbles the quantity of offers, the location in the coordinate system the price radius (square meters) and apartment sizes.

Development of property price segments in Berlin Neukoelln

The chart shows the changes in the price structure of the district based on four price segments. How many apartments were offered in the different price segments? The line shows the development of the average offer price per square metre across all apartment types and price segments for existing apartments.

Building activity in Neukölln

Neukölln is a densely built-up inner city district in Berlin. With an existing residential stock of around 165.000 units, the district is the fourth largest in Berlin. The number of 40 statistical planning spaces LOR (Lebensweltlich orientierte Räume) shows how diverse the district is. With an average apartment size of 69.8 m², most quarters are in the lower range. The statistical household size is 1.78 persons. In terms of figures, the household size is 2.05 persons per household.

There has been an increase of construction activity in Neukölln in recent years.When and in which quarters (LOR) construction completions were reported, can be seen from the map. (Source: Amt für Statistik Berlin-Brandenburg)

Milieu protection in Neukoelln

In 2016/2017, the district of Neukölln declared the northern areas of the district to be milieu protected areas almost area-wide.

As of March 2020, the Neukölln District Authorities have declared Britz-North as milieu protection area.

Milieu protection map Neukölln

Check in our milieu protection map Berlin whether your property is located in a protection area, an investigation area or a suspected area. Our milieu protection map is continuously revised and updated on basis of the resolutions of the district assemblies (BVV). 

Migration

Neukölln continues to internationalize and transfers its population to other districts. At the same time, influxes from the international area have been increasing continuously. For years, Bulgaria, Romania and Poland have alternated in terms of international immigration. The middle places are held by Western European countries. Turkey also continues to occupy an important position. The influx of people from crisis areas has abated. The inflows and outflows of the national migrations correspond to the population size of the federal states, with the exception of the suburbs (Brandenburg), which occupies the top position. Significantly more people move from Neukölln to the surrounding communities than vice versa. The trend towards suburbanisation has been going on for years and is an expression of the narrower real estate market in Neukölln.