Hardly any other Berlin district has undergone as much change in the last 30 years as Prenzlauer Berg, affectionately known as “Prenzl Berg” or “P-Berg”. It is a district that can look back on a long history, was mainly inhabited by artists in the 1980s and 1990s and was a magnet for people critical of the system during the division of Berlin and Germany. Anyone walking through the streets of Prenzlauer Berg today will see a completely different picture. One café follows the next and the hip, young people of the city gather to have a drink together and discuss the latest developments in hipster heaven. Many Berliners now refer to Prenzlauer Berg as “Pregnancy Hill”, as the playgrounds are full of young couples with small children.
The location of the Prenzlauer Berg district in Berlin
The Berlin district reform came in 2001. Until then, Prenzlauer Berg was an independent district in the center of the capital. As a result of the district reform, Prenzlauer Berg became a part of the new Pankow district, which is very densely populated due to its privileged location.
Prenzlauer Berg – a district where all kinds of people come together. Mothers pushing their baby carriages while thousands of tourists wander the streets, browsing the luxury boutiques for the perfect designer piece to wear on their endless travels. Flea market visitors meander past the remains of the wall and pedestrians stop to marvel at the breathtaking beauty of the renovated old buildings. Prenzlauer Berg combines an excellent location in the heart of Berlin with a small-town feel that enchants residents. Due to its attractive location and charm, the prices of properties in Prenzlauer Berg are in the upper segment.
In this article, we would like to go into detail about Prenzlauer Berg and present all the important facts, characteristics and special features so that you can get a comprehensive picture of the Berlin district. If you are thinking of buying a condominium in Prenzlauer Berg, this article can help you this article can help you in your decision-making process.
The purchase price trend for apartments & houses in Prenzlauer Berg
Purchase prices in Prenzlauer Berg, as in all other Berlin districts and boroughs, have risen continuously in recent years. While the The average purchase price towards the end of 2018 was still €3,964/m² at the end of 2018, in the 4th quarter of 2022, it already amounted to an average of € 5,765/m². This corresponds to a purchase price increase of 45% within 4 years. A collapse in prices is not to be expected in the foreseeable future; on the contrary, the he trend is still risingThis means that even higher prices can be expected in Berlin’s Prenzlauer Berg district in the coming years. Compared with the Overall Berlin average, which currently stands at 4.320 €/m² prices in Prenzlauer Berg are significantly higher.
In the 4th quarter of 2022, the median purchase price for houses in Prenzlauer Berg was € 6,496/m². Compared to the 4th quarter of 2018, this represents an increase of 49%. Four years ago, the average purchase price for houses was €4,355/m².
Buying a condominium in Prenzlauer Berg
When looking for a suitable condominium in this Berlin district, you will quickly come across the wide range of purchase prices attention. In the 4th quarter of 2022, the cheapest apartments will be available for a purchase price of €4,521/m². In contrast, the most expensive condominiums in Prenzlauer Berg currently cost €10,855/m². Overall, this results in an average purchase price for condominiums in Prenzlauer Berg of €5,765/m². The differences in sales prices can be attributed to several factors. These include, for example, the location and size of the apartment as well as the furnishings and condition. A condominium that has been recently renovated is significantly more expensive than an old building in need of renovation. If you want to buy a condominium in Berlin, you should find out in detail which district best meets your needs. No other German city is as diverse as Berlin.
How much does a new-build apartment in Prenzlauer Berg cost?
It is not possible to establish a generally valid average price, as the selling price of a new-build property depends on several factors. Medium-sized apartments with between 50 and 100 square meters are offered at the lowest prices per square meter on the real estate market, while smaller and larger apartments have significantly higher prices per square meter.
How much do old apartments cost in Prenzlauer Berg?
Most of the old buildings in Berlin’s Prenzlauer Berg district have been completely renovated or at least refurbished in recent years. The result is numerous apartments in old buildings that are sold in very good condition, which is naturally also reflected in the prices. Most of the condominiums in old buildings have very high ceilings, sometimes over 4 meters high. The charm of the old buildings is enhanced by original wooden floors and ornamentation on the ceilings and walls. The district has changed considerably since the fall of the Berlin Wall. While it was largely inhabited by workers in the 1980s, more and more politicians, actors and other very wealthy people have moved here in the last 30 years.
There are hardly any old buildings in need of renovation with low purchase prices today. The potential of Prenzlauer Berg has not only been recognized in recent months. Since the fall of the Berlin Wall 30 years ago, people looking for investment property have also been looking around Prenzlauer Berg. Many apartments have already been sold and are held as lucrative investments. Even though prices have risen sharply in recent years, real estate experts remain convinced that investing in this popular Berlin district is worthwhile.
Most apartments in older buildings have 2 to 3 rooms and a living space of between 55 and 80 square meters. Purchase prices vary greatly, as they depend on the location, the condition of the building and the apartment. You will find the cheapest real estate offers in the
- Metzer Street
- Danziger Strasse
- Jablonski Street
- Christburger Straße
Particularly popular and often somewhat more expensive are the
- Greifswalder Strasse
- Chodowieckistraße
How are rents behaving in Prenzlauer Berg?
Anyone who owns a condominium in Prenzlauer Berg and wants to rent it out will have little trouble finding interested parties within a short space of time. More than 100 people now often turn up to view apartments. No wonder, as the district is one of the most popular in the capital. Rents have risen continuously in recent years.
In the 4th quarter of 2022, the average net rent for an apartment in Prenzlauer Berg was €12.50/m². Over the last 4 years, i.e. since the end of 2018, the average net rent has risen by 18 percent. If you look at Prenzlauer Berg in the list of 73 districts in Berlin sorted by average rent, the district is in 7th place. The average rent is even higher in only 6 other districts.
The average rent for Berlin as a whole in the 4th quarter of 2022 at 10.48 €/m². Prenzlauer Berg is therefore well above the average for the capital.
Conclusion
You now know how much a property in trendy Prenzlauer Berg costs and what factors influence the price of a condominium in this district. The development of rental prices in Prenzlauer Berg was also highlighted.
If you would like to find out what life is like in Prenzlauer Berg, which parties the residents voted for in the last general election, which neighborhoods are the best to live in and whether there is a good range of educational institutions in this district, then be sure to read our article “Buying a condominium in Prenzlauer Berg: Neighborhoods, infrastructure & facts“.
