New Apartment in Berlin

Buying a new apartment in Berlin: High demand – low availability

What exactly is a “new” apartment?

A new apartment can be an already existing apartment, a recently built apartment, an apartment currently under construction, or an apartment sill in the planning stage.

Buying a new apartment in Berlin – high demand, low availability

Many prospective buyers dream of purchasing an apartment in a new building. With new apartments, you don’t have to worry about things like energy efficiency or compliance – everything is taken care of. Modern room layouts, floors, and fittings complete the spectrum of advantages.

 

Berlin’s enduring popularity has produced a steady influx of new residents, but the resulting construction boom is far from sufficient to meet demand. There are 11,000 new apartments currently under construction in the city – not nearly enough to satisfy a population growing by about 50,000 per year. In short, there are fewer new apartments in Berlin than there are potential buyers. Nor is this ratio likely to change much in the coming years; prospective buyers, unfortunately, may have to wait a while to purchase their dream home.

Still, given the building boom, those who prefer the comforts of a modern apartment to the classic charms of a prewar are in the right place at the right time – even if waiting times, especially on the private market, will be longer than they’d be through a realtor or for those buying prewars.

Source: Knight Frank Inside View Germany – English

Co-design your dream home

Unlike those who buy prewars, investors in new apartments can take an active role in apartment design. Purchase a home in the planning or construction phase, and you might even be able to co-design your floorplan, depending on the willingness of the developer. Whether you’re picking your flooring or choosing between a practical shower cubicle and luxurious tub, your individual wishes are often taken into account.

New apartments in Berlin: things to consider

Modern features and total efficiency

The greatest advantages of a new apartment are obvious: the latest technology, most up-to-date installations, and brand new window and door insulations will ensure carefree living – without the headaches of future renovations or hidden damages. Ideally, compliance with current building standards is also guaranteed, ditto energy efficiency. These days, solar cells are increasingly being installed on new buildings – for the good of the environment and the global CO2 balance. By buying a new apartment in Berlin, you can also contribute to ensuring a cleaner world.

Higher initial costs, lower renovation fees

If you opt for a new apartment, you’ll face a higher purchase price than you would for a comparable prewar. New materials and modern technologies are costly; ditto modern window sealing, insulation, and heating. Then there are the costs for the building developer – materials, contracts, and labour. These have gone up in recent years, with purchases prices rising accordingly. Despite all that, the economic advantages of a new apartment are clear: those who buy an apartment in a new building are very unlikely to face costly renovations in the first years after purchase, making running costs for brand new flats significantly lower than those for older buildings.

Planning phase > construction phase > move-in day!

Opt for an apartment in the planning or construction phase, and you get to be part of the building process from the very start. That means meeting with developers, architects, and electricians to design your dream home – with plenty of opportunities to influence things along the way. The disadvantage, of course, is that you’ll have to wait a while before moving into your dream home. So if you’re looking to buy a new apartment in Berlin and are eager to have a say in planning and construction, you’ll need to arrange for your short-term and medium-term housing.

Of course, there are also many new apartments in Berlin that have already been built. And even here, you might have the chance to make some last-minute alterations – though your ability to influence the fundamental design is comparatively limited. On the plus side, these apartments are generally ready for immediate, or near immediate, occupancy.

Do you plan to live in your apartment, or is it purely an investment?

If you’re buying largely as a form of investment, a new apartment is particularly advisable. Unlike with a prewar, you don’t have to worry about immediate or near-future renovation costs. And given the very large market of potential renters, you’re sure to find a suitable tenant in no time at all.

In Berlin, especially, new buildings are very popular given the ever growing influx of newcomers and the currently low interest rates. Investors can expect good returns in the near future – which is precisely why so many people from Germany and beyond are interested in buying.

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