Microanalysis real estate market Berlin
Micro market report Wilmersdorf
Small town, mansion quarters and lively inner-city.
Berlin Wilmersdorf and its urban districts Schmargendorf and Grunewald show micro locations with divergent living structures. Grunewald is one of Berlin’s best locations with large, beautiful mansions. Schmargendorf has more the character of a small town. Wilmersdorf is counted as the inner-city and has a dense housing cultivation. Due to the destruction of many buildings during World War 2, new apartment complexes have been built next to well-preserved old Wilhelminian buildings.
During the 1920s many artists and intellectuals moved to Wilmersdorf. All around Kurfürstendamm, the fancy boulevard of the City West, attractive and lively neighborhoods with cafés and theaters developed even though the noble quarter of Grunewald was not far from there. The world famous opera singer Lilli Lehman or the physicist Max Planck lived here during the Golden 20s. Sadly the cultural blossom had an abrupt end when the Nazi regime took over. Political opinions or the Jewish heritage forced many residents to live in exile. Among them was the author Heinrich Mann, who had to flee from his apartment at Fasanenstraße 61. Three synagogues in Wilmersdorf were set on fire and destroyed during the pogrom by the Nazis on November 9th, 1938. Until 1933 more than 30.000 Jews lived in Wilmersdorf. From the train station in Grunewald the Nazis started the deportation of ten thousands of Jews in 1941 and brought them to extermination camps. Today a memorial reminds of the horrible history of the train station.
Rebuilding plans for Wilmersdorf did not focus on the districts real estate for many years but concentrated on urban development and infrastructure of the traffic, which lead to a decay of the original fabric of most buildings. Nevertheless, many quarters and public places in Wilmersdorf have been upgraded in the 1970s and lead to an increasing popularity of the district. The residential area around Bundesplatz, with old buildings and real estate from the 1950s, is home to the good middle-class. The world-wide unique building project “The Snake” (die Schlange) was built in the 1970s on top of a highway tunnel in Schmargendorf. Not far from there are Rüdesheimer Platz and the Rheingauviertel, which are characterizes by the English cottage style. The large apartments in four story buildings are highly demanded. Rüdersheimer Straße has been awarded one of the most beautiful streets in Europe by “The New York Times”. Another popular neighborhood is along Uhlandstraße with many new building projects. The investment activity is high in Wilmersdorf thanks to the high and constant demand of apartments. Apartments around Ludwigkirchplatz and Olivaer Platz are usually large and are luxuriously equipped. The apartment complexes in the Wilhelminian style look magnificent with beautiful facades and well-kept front yards.
Real estate market Wilmersdorf
The real estate market was very active in 2016. Around 3.700 apartments, 700 of them new built, were offered in many locations and neighborhoods. Especially the prices for portfolio properties went back to normal after real estate prices jumped 11 percent up in 2014 and even 21 percent in 2015. The number of offerings is almost the same on the levels of medium and upper price segment. Only 100 apartments were offered for a price below 2.000 EUR/sqm in 2015.
Evolutionary stages of Wilmersdorf’s real estate market
Chart above: The three different price segments show how the price structure in the district has changed between 2007- 2017. It also describes how many apartments have been offered in each price segment. The curve represents the development of the average offering price of all apartment types and their price segment.
Real estate prices in Wilmersdorf
The average offering price for apartments in 2017 was approx. 4.500 EUR/sqm. With more than 200 properties offered in 2016, the amount of top floor and penthouse apartments in Wilmersdorf is above the average. The average price for such apartments was between 4.900- 5.900 EUR/sqm. With 3.000 supplies the variety of portfolio properties was very high and had a regulating effect on the offering prices. Prices only increased one percent from 2015 to 2016, whereas it have been 23 percent from 2014 to 2015.
The market for new built apartments was very different. Due to high land and construction prices building owners were able to realize 13 percent higher prices than in the previous year with 6.500 EUR/sqm. Apartments are large with an average size of 100 square meters.
Science, culture and embassies in Wilmersdorf
Science and culture businesses are based in Wilmersdorf. The “Wissenschaftskolleg” has its campus on the Grunewald-Quartier. The institution was established in the beginning of the 1980s after the principle of the American “Institute for Advanced Study” in Princeton. Another institute based in Wilmersdorf, which is focusing on educational research, is the Max-Planck-Institut. The Charité center for odontology and orthodontics can be found in Aßmannshauser Straße.
Wilmersdorf does not only have the science institutions to offer but also various galleries and theaters. The “Schaubühne” at Lehniner Platz is one of Berlin’s most famous theaters. Many embassies are located in Grunewald and Schmargendorf. Some countries even offer housing to their ambassadors in the mansion quarter of Grunewald.
Plain and participating
The elegant district Wilmersdorf is home to the good middle-class and is mostly and image of conservativeness and exclusiveness. Glamorous structures define the residential areas of Grunewald, whereas the areas around Bundesplatz are known as trendy neighborhoods.
When it comes to their living quarters, the residents of Wilmersdorf are showing a high commitment. The citizens’ initiative “Fasanenplatz” successfully demonstrated against the building plans for multistory buildings at the greened area between Bundesalle, Meierottostraße and Schaperstraße. Any further planning could be stopped and the greened area will be kept. The citizens’ initiative “Wilmersdorfer Mitte” is showing commitment for the “Blissekiez” since mid-February. Residents are asking to downsize the intersection of Uhland-, Blisse- and Mecklenburgische Straße in order to add more space to the park Volkspark Wilmersdorf.