• Germany's news in English
 
app_header_v3

Berlin's most expensive flat sells for €5.7 million

The Local · 28 Aug 2014, 07:57

Published: 28 Aug 2014 07:57 GMT+02:00

The Immobilien Zeitung reported that the Virtu agency sold the property for €22,000 per square metre, almost €10,000 more than the current highest price quoted by the city Senate.

Previously, the most expensive apartment in Berlin sold for €5 million, the Senate property market report published last August showed.

"More and more buyers in the luxury field are interested in the city," said Georg Strohmayer, a spokesman for the Virtu property company that sold the flat. "There's a lot of demand."

Germany's capital, though, has its own style that sets it apart. Wealthy buyers have felt comfortable flaunting their success in Munich, Hamburg or Frankfurt, but "luxury in Berlin is more associated with understatement," Strohmayer said.

Prices in the capital are catching up with other large German cities after years of lagging behind, he added.

The good news for those looking for a more modest dwelling is that the apartment's prestigious characteristics probably had a lot more to do with the price than anything else.

"Luxury is itself a product," said Strohmayer, "you don't buy a square metre."

"Just like with Gucci, you don't buy a watch for €5,000, you buy a product. For them it's worth it to pay that much."

Assessors say that the price of Berlin property isn't just increasing in the luxury category. Prices in 2013 rose by 10 percent over the previous year, with the average flat costing €168,000 or €2,660 per square metre.

The buyers, a wealthy family, will now enjoy the 260 m2 flat's wine cellar, private gym and sauna with a view of the city skyline, according to the property firm's description.

Located on Hausvogteiplatz near the Gendarmenmarkt square in the capital's Mitte district, they will have luxury shops and five-star hotels as neighbours.

Poor, but sexy?

Story continues below…

But Berlin has a long way to go before property prices compete with those of other European capitals such as London or Paris.

A new record was set in the British capital this year after the last remaining penthouse at the One Hyde Park development sold for £140 million (over €175 million), almost €120,000 per square metre.

And while the City of Lights can't quite match the foreign-investor-fuelled property boom across the Channel, Paris' most expensive flat reached €8 million – or €42,000 per square metre – when it was sold in May.

CLICK HERE for The Local's property section

For more news from Germany, join us on Facebook and Twitter.

The Local (news@thelocal.de)

Your comments about this article

Today's headlines
Six burning questions for British expats about Brexit
Photo: DPA.

Uncertainty has kicked in over Brexit and what it may mean for Brits living in Germany.

Merkel demands German vote on EU free trade deal
Photo: DPA

Angela Merkel said the German parliament should be consulted on the EU's free trade deal with Canada, setting her on a collision course with the European Commission.

Red-faced pensioner declares war on pre-recorded sexline
Photo: DPA

An 84-year-old from Bavaria has reported a sex hotline to police after it let down his expectations of late night lust - and then charged him through the nose.

Brexit vote
Brexit 'doesn't pose big risk' to German economy
Car manufacturing at Volkswagen. Photo: DPA

While the financial markets have been thrown into disarray by the Brexit vote, leading experts on the German labour market say the country is easily strong enough to cope.

Berlin colony says no to more 'non-Germans' in its gardens
One of the many small garden colonies in Germany. Photo: DPA.

A public Berlin garden colony has come under fire for denying two Turkish families allotment spaces, saying there are already too many 'non-Germans' using the allotments.

Germany experiences highest birth rate in 15 years
Photos: DPA

Germany is experiencing a mini baby boom - but a veritable "death boom" is more than balancing out the score sheet.

Monsanto still 'open' to deal with German chemical giant
An Indian Monsanto farmer seen at work in 'Sweet Corn' field at Monsanto Bangalore Centre. Photo: EPA.

Monsanto said on Wednesday it was still open to a potential merger with Bayer, or to another big deal, as it reported lower earnings due to a tough agricultural market.

Shock birthday party attack at campsite leaves one dead
A broken fence posts found at the campsite. Photo: DPA.

Violence erupted at a campsite birthday party in Lower Saxony leaving one dead, police reported on Wednesday.

Trabi totalled on Autobahn after skidding on snail slime
Photo: Paderborn police

A vintage East German "Trabi" car has come unstuck after its driver hit a snail trail on the Autobahn.

Munich 'to spend extra €2.2m' on Oktoberfest security
Oktoberfest in Munich, 2014. Photo: DPA.

After terror attacks in Paris, Brussels and most recently Istanbul, Munich could spend nearly €3 million more on security and other measures - but terrorism isn't the only concern: the biggest fear is overcrowding.

Sponsored Article
Avoid hidden fees when sending money overseas
National
How to get German citizenship (or just stay forever)
Sponsored Article
Why you should attend an international job fair
Technology
Brexit will turn Berlin into 'Europe’s startup capital'
International
'Germany needs to make UK come to its senses'
Sponsored Article
Education abroad: How to find an international school
Features
Six odd things Germans do in the summer
Sponsored Article
Health insurance for expats in Germany: a quick guide
Travel
These 10 little-known German towns are a must see
Features
How two gay dads cut through German red tape to start a family
National
Five things to know about guns in Germany
Sponsored Article
US expats: Taxes are due June 15th
Culture
10 things you need to know before attending a German wedding
National
Eight weird habits you'll pick up living in Germany
Lifestyle
Six reasons 'super-cool' Berlin isn't all it's cracked up to be
Society
Only one country likes getting naked on the beach more than Germany
Lifestyle
23 ridiculously fascinating things you never knew about Berlin
Culture
8 German words that perfectly sum up your 20s
Lifestyle
Can't make it past the door at Berlin's most famous club? Help is at hand
Business & Money
Why Frankfurt could steal London's crown as Europe's finance capital
Features
6 surprising things I learned about Germany while editing The Local
Culture
Five sure-fire ways to impress Germans with your manners
Features
6 reasons Germany's summer is unbeatable for thrill-seekers
National
The future belongs to these 10 German regions
7,924
jobs available
Toytown Germany
Germany's English-speaking crowd