Microanalysis real estate market Berlin
Housing report Prenzlauer Berg
Once an independent district, Prenzlauer Berg now is part of Pankow. Prenzlauer Berg is also referred to as “Prenzelberg”. With its many small neighborhoods it has been quite popular since the historic Fall of German Wall. Luckily the original fabrics of the buildings were not destroyed that badly and have been reconstructed on a large-scale. As a supplement to the many residents with artistic interests, the alternative scene of residents moved to the district after the reconstruction. The demographic change already started in the 1990s.
The quarters of the district changed rapidly especially due to the immigration from the new western district. In the 80s it was the center of the artistic scene of the east. It was home to the dissenting part of the population of East Berlin. Partly because of that and also because of the high amount of vacant apartments the left-alternative scene was attracted to the district. Today Prenzelberg is known to be one of Berlin’s most popular neighborhoods with many cafés, pubs, an active nightlife and cultural establishments. The district is visited by locals as well as an international audience.
The more or less smaller district is located next to the districts Pankow, Wedding, Mitte, Friedrichshain, Hohenschönhausen and Weißensee. It is a preferred residential area due to its excellent infrastructure. What was once a small mountain of ruins after World War 2 is now the Volkspark Prenzlauer Berg, located in the northeast of the district. Lakes at this park as well as Ernst-Thälmann-Park are some of the few watersides in Prenzlauer Berg. Other than in Pankow, the buildings are not quite as old and there are not as many greened areas as in the neighboring district.
The most popular neighborhoods are Kollwitzplatz, Arnimplatz, micro locations along Greifswalder Straße and the quarters around Bornholmer and Wisbyer Straße. Especially liked by families are Helmholtzplatz and Bötzowviertel. Once of Berlin’s biggest schools is the Kurt-Schwitters-Gesamtschule at Bötzowviertel.
Real estate prices in Prenzlauer Berg
The residential property market in Prenzlauer Berg is influenced by two main factors. Firstly, the second year of the price increase is over 15 percent. On the other hand, the district of Pankow, which also includes Prenzlauer Berg, with 13 milieu conservation areas (as of March 2018) is artificially reducing the supply. The few properties remaining on the market from earlier splits are offset by consistently high demand. Offer prices per square meter rose by around 15.4 percent in the 12-month period, as of March 2018.
The average price for existing properties in the first quarter of 2018 is EUR 5,250/sqm. This means that existing apartments in Prenzlauer Berg have gained the value of new construction offers from 2015 and 2016. The top prices for classic apartments in older buildings as well as penthouses and attics are around 10,000 euros per square metre.
The number of properties on offer has been declining for three years, from just under 4,500 properties in 2013 to around 2,600 apartments in 2016, 1750 in 2017 and only around 285 units in the first quarter of 2018.
Evolution property market Prenzlauer Berg 2007 - 2018
Chart below: Price segments and number of marketed properties in Prenzlauer Berg 2007- 2018.
Prenzlauer Berg: Influx and outflux European Union 2017
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Prenzlauer Berg Dashboard
Real estate market Prenzlauer Berg
The architecture alongside the streets in neighborhoods of Bötzow-Kiez, Kollwitz-Kietz, Arnimplatz, old Schlachthof and Helmholtplatz consists of elegant, classy new buildings and old apartment complexes. Around these locations there is basically no price difference between new and old apartments. Sometimes people are even willing to pay more for well-kept old apartments because they are simply a classic.
The pioneer of scene districts
The structure of the people, who are living in the reconstructed old quarters of Prenzelberg, go from high-income households or single households to very individual ones. In most neighborhoods the percentage of academics is as high as 75 percent. Everyone knows that an exchange of classes has happened in Prenzelberg long ago. The average household income was at 20 percent in the 90s, which was below the average in East Berlin. Between 1995 and 2000 a demographic change of about 50 percent could be registered. Already during the times of the GDR people thought of Prenzlauer Berg as a hip district.
Prenzlauer Berg: full of life!
Kollwitzkiez, Winsviertel, Bötzowviertel, Helmholtzkiez and so on… (the list is long). Districts for art and going out are not rare in Prenzlauer Berg. Tourist guides often recommend a visit to the scene boulevard at Kastanienallee (also called “Castingallee”). Kastanienallee and the Gleimviertel are full of life. Locals and tourists also enjoy spending their free time at Mauerpark. On Sundays a popular flea market is opened at the park where everything from antiques and bargains to culinary delicacies can be found. Part of the afternoon program is the karaoke event. People from all around the world enjoy the happy atmosphere at the park and party, laugh and dance together.