Currently there is a strong demand for flats and houses in Berlin. If you want to buy a home as an investment or for your own use, now might be the right time.
Article written by Dorit Linke of Groeben Immobilien
A flat with 90 m² living space costs about € 166,500, 9 percent more than last year and about 32 percent more than five years ago. The price increases are likely to continue in 2013*.
The demand for properties is focused clearly on residential areas in Charlottenburg-Wilmersdorf, Steglitz-Zehlendorf, Schöneberg, Neukölln, Friedrichshain-Kreuzberg, Mitte and Pankow.
Things to consider when looking to buy or sell in Berlin:
Property Valuation
Knowing the value of a property is important before buying or offering it to potential buyers. The value depends on the general situation of the economy and the development of the area. Many other factors, such as age and condition of the property, its location, land register entry, play an important role and should be evaluated. Is the property rented out or is the flat or house in need of modernization? These are essential details as well.
Property Taxes
If you intend to sell your property within 10 years of the purchase, be aware that any profit made by owning the property will be taxed. After owning the property for more than 10 years, any profit made on the property is tax free for private individuals but taxed for businesses.
Commission
As in most countries, purchasing a property through a third party costs money. Commissions are negotiable, either the buyer or the seller pays the commission in full, or it is split between them.
If you want to buy, Groeben Immobilien provides assistance with financing, leasing and tax law. A multi-lingual team is able to assist you throughout the whole process and advises you on issues of investment, for example which rent can be achieved, what is the best location, how is the legal situation in Germany and what are the details of the notary contract.
When you own a flat or house in Berlin and would like to sell it, you need a professional and strong partner who knows the local market very well. Groeben Immobilien is your business partner in Berlin, a company with years of experience in the property market and specialized in selling houses and flats in Berlin.
If you are interested in buying property in Berlin as an investment or for personal use, or are looking to sell your Berlin based property, please get in touch with Groeben Immobilien by clicking here.
*IVD, Germany Real Estate Association, 2012
The views and comments herein are those of the author and do not necessarily reflect the views or opinions of Rightmove Overseas, Rightmove Group Ltd or Rightmove Plc