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Housing prices in central Berlin have skyrocketed by 400% since the fall of the Berlin Wall in November 1989.

Data from the German real estate agency and real estate services company Ziegert Immobilien show that average housing prices quadrupled in the last 30 years.

The average price of a flat in the Mitte district of Berlin went from an average of € 500 ($ 551) per square meter in the early 1990s to the current € 2,500 ($ 2,575) per square meter. (Prices are adjusted for inflation).

Development land prices also registered an increase in the number of calluses. At Potsdamer Platz, prices rose 226%, from € 6,000 per square meter in 1992 to the current € 20,000 per square meter, according to the valuation experts committee of the Berlin administration.

In the area around East Side Gallery, the outdoor gallery where artists have painted the remains of the Wall, prices increased from just € 153 per square meter to € 10,000 per square meter, an increase of 6.419%.

"The area around the wall was on the outskirts of the two cities, West and East Berlin," said Till Johannes Brühöfener-McCourt, head of research at Ziegert. "When the wall fell, suddenly the area became the center of unified Berlin."

Mitte was once the location of the border control points on the Wall, including the famous Checkpoint Charlie, which was operated by the US Army. UU. It is now the first and most central district of Berlin.

McCourt added that the sandy areas where the wall once stood have seen the biggest increase in property prices. "It's a continuous transformation," he said. "Some of these areas are still being rebuilt."

The Berlin real estate market had problems during the 1990s, but began to gain momentum in the early 2000s, partly due to foreign investors.

Now, Berlin is the city with the highest growth in luxury real estate prices in the world, according to Knight Frank.

The Wall divided the city for 28 years, since its construction by the German Democratic Republic (GDR or East Germany) in August 1961.

The doors and checkpoints were opened to the crowd on November 9, 1989, in what was called "the fall of the Berlin Wall." The demolition of the Wall officially began on June 13, 1990 and was completed in November 1991.

The old wall is now an important tourist attraction.

Forbes It will organize the Under 30 Europe Summit, the meeting of the world's most innovative young leaders, in Berlin from December 1 to 4. more here.

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Housing prices in central Berlin have skyrocketed by 400% since the fall of the Berlin Wall in November 1989.

Data from the German real estate agency and real estate services company Ziegert Immobilien show that average housing prices quadrupled in the last 30 years.

The average price of a flat in the Mitte district of Berlin went from an average of € 500 ($ 551) per square meter in the early 1990s to the current € 2,500 ($ 2,575) per square meter. (Prices are adjusted for inflation).

Development land prices also registered an increase in the number of calluses. At Potsdamer Platz, prices rose 226%, from € 6,000 per square meter in 1992 to the current € 20,000 per square meter, according to the valuation experts committee of the Berlin administration.

In the area around East Side Gallery, the outdoor gallery where artists have painted the remains of the Wall, prices increased from just € 153 per square meter to € 10,000 per square meter, an increase of 6.419%.

"The area around the wall was on the outskirts of the two cities, West and East Berlin," said Till Johannes Brühöfener-McCourt, head of research at Ziegert. "When the wall fell, suddenly the area became the center of unified Berlin."

Mitte was once the location of the border control points on the Wall, including the famous Checkpoint Charlie, which was operated by the US Army. UU. It is now the first and most central district of Berlin.

McCourt added that the sandy areas where the wall once stood have seen the biggest increase in property prices. "It's a continuous transformation," he said. "Some of these areas are still being rebuilt."

The Berlin real estate market had problems during the 1990s, but began to gain momentum in the early 2000s, partly due to foreign investors.

Now, Berlin is the city with the highest growth in luxury real estate prices in the world, according to Knight Frank.

The Wall divided the city for 28 years, since its construction by the German Democratic Republic (GDR or East Germany) in August 1961.

The doors and checkpoints were opened to the crowd on November 9, 1989, in what was called "the fall of the Berlin Wall." The demolition of the Wall officially began on June 13, 1990 and was completed in November 1991.

The old wall is now an important tourist attraction.

Forbes It will organize the Under 30 Europe Summit, the meeting of the world's most innovative young leaders, in Berlin from December 1 to 4. more here.

Source: https://www.forbes.com/sites/emanuelemidolo/2019/11/08/how-the-fall-of-the-berlin-wall-sparked-a-property-boom/

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