Microanalysis real estate market Berlin
Housing report Pankow
Pankow has the size of a midsize German town with more than 100 square meters, 13 urban districts and a population of 390.000. It is located in the northeast of Berlin. Neighboring districts are Lichtenberg, Friedrichshain-Kreuzberg, Mitte and Reinickendorf as well as the city boundaries to the counties Oberhavel and Barnim in Brandenburg.
Pankow is and has always been a well-kept and bourgeois district. Besides many embassies located here it was the home of choice to many top-ranking politicians of the GDR during the times of the German wall. Even though these politicians are not living in Pankow anymore and most embassies moved to Mitte close to the quarter of governance, some embassies of smaller countries still reside here.
Real estate prices in Pankow
Offer prices for apartments in Pankow have risen constantly in recent years. In the 12-month period, recalculated in the first quarter of 2018, an increase of 7.5 percent was recorded. This is slightly less than in the same period last year. Nevertheless, the housing market in Pankow is characterised by continuity. Attics and penthouse apartments behave somewhat differently. Compared to Berlin, prices are at a rather moderate level. At around EUR/m² 3,550, apartments are offered in the portfolio. 2017 was a very quiet year in Pankow, with low transaction figures. This is not least due to the large number of existing milieu protection areas. As of 2018, 13 areas are subject to the Transformation Regulation. Overall, the number of apartments on offer has been falling for years. Living space has also been declining for years. In 2007, the average size of an apartment was 97 square meters, in 2018 it was only 85 square meters.
Evolution of the real estate market in Pankow
Chart below: The housing market in Pankow is characterised by a massive decline in the number of properties on offer. Pankow is littered with milieu protection areas where the Transformation Regulation applies. The creation of home ownership is defacto completely prevented. Not even 110 apartments were marketed in the first quarter of 2018.
Pankow: Influx and outflux European Union 2017
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Interactive Pankow Map: Everything at a glance.
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Glamorous mansion quarters, classic new buildings and modern areas of multiple dwelling units
The high number of 13 urban districts offers a variety of residential areas and concepts of living. It goes from glamorous mansion quarters, classic new buildings and single-family houses to solid and modern areas of multiple dwelling units such as the one in Französisch-Buchholz. Large urban districts of Pankow are Prenzlauer Berg and Weißensee. Smaller urban districts such as Blankenfelde and Rosenthal usually do not make it feel like living in a big city at all.
One of Berlin’s most popular neighborhoods is the “Florakiez”, which is located around the train stations (U-Bahn and S-Bahn) of Pankow. The lively and green neighborhood was highly demanded in the past years and changed from an insider tip to hyped residential area. This is also why people who want to live here need to have the according budget. Real estate Berlin-Pankow is highly demanded. In order to control rental prices, luxury redevelopments are prohibited since January 2013.
Majakpwskiring is one of the fancier areas and was home to many politicians during the GDR. The mansions, apartment complexes and multiple dwelling units are all well-kept. Not only very different residential areas but also a population from young to old is part of Pankow’s character. Positive aspects of the district are the low unemployment rate, a comparatively high per-capita income, good schools, comparatively low rental prices and well-kept buildings.
Potential for innovations: biotechnology and economic systems for health
The innovative potential of Pankow is quite high due to the heterogeneous structure of industries. The urban districts are each focusing on different segments. Creative businesses are located in Prenzlauer Berg, a competence center for rail vehicle can be found in Wilhelmsruh, Weißensee is the base for mechanical engineering and small businesses. Buch is a developing location for biotechnology. The location is characterised by a comprehensive approach that encompass research of the causes of disease, the innovation of new medications and patent orientated clinical research. Parts of the economic base are institutions and research centers like Leipniz-Institut for molecular pharmacology, Max-Dellbrück-Centrum for molecular medicine (MDC) and the Biotechpark with a center for innovations and development.
Living in Pankow
Pankow has the highest population of 390.000 residents and is the second largest district of Berlin. The positive development of population is expected to continue in the coming years if birthrates and immigration to the district will go on. Even in 2015 the population of residents between the age of 0-18 years (17,43 percent) was higher than the one of seniors over 65 years (15,14 percent). Elementary schools are reaching their capacities because of the high numbers of first to six graders. The building of new schools is already planned because young families keep on moving to the district. Great recreation opportunities for kids are already given with the farm “Pinke-Panke”, the theater “Varia Vineta” and the sports club “Baba”.
Adults get the chance to enjoy a nice walk through Bürgerpark along the river Panke. Another beautiful park to spend the free time at is the park around the castle of Schloss Schönhausen. The castle itself is also worth visiting with its baroque architecture and furniture of the 18th century.