Market Analysis
IVD property report 2008
IVD report 2008: Berlin's housing stock stagnates while population grows
A net gain of 3,321 apartments against a total stock of 1.89 million: the IVD report 2008 reveals a mismatch between new construction and population growth in Berlin.
Peter Guthmann
The German Real Estate Association (Immobilienverband Deutschland, IVD) has published its figures for 2008: Berlin's housing stock grew by 3,321 units to 1,890,837. That is an increase of 0.2 per cent. In a city that is growing through domestic and international migration, this is very little.
Completions and losses
In 2008, 3,048 new apartments were completed. An additional 1,010 units were created through conversions of existing buildings. Set against losses from demolition and changes of use, the net gain is minimal. For the Berlin apartment market, this means supply is growing more slowly than demand.
Building structure
Of Berlin's 313,710 residential buildings, roughly half are single or two-family houses. However, the majority of Berlin apartments are located in apartment buildings that define the city's character.
Distribution by borough
Mitte leads with around 190,000 apartments. Friedrichshain-Kreuzberg follows with approximately 145,000 units. The high numbers reflect the density of inner-city locations.
Demand continues to rise
According to the Statistical Office of Berlin-Brandenburg (Amt für Statistik), the population is growing through migration. Young professionals and students from across Europe are moving to Berlin. With housing stock nearly stagnant, the ratio of supply to demand is shifting. Prices per square metre in Berlin still sit below those of comparable major cities in 2009.