Apartment Buildings Berlin 2023

As one of the leading estate agents for apartment buildings in Berlin, we have been assisting you with discreet, targeted and extremely successful advice and brokerage since 2006. You can rely on us to deliver outstanding results, offer security and ensure peace of mind in the sales process, even under changing market conditions.

Find out more about current developments, market data and references in our apartment house report.

Apartment house market Berlin 2023

Dear Readers,

As we enter the final quarter of 2023, it is evident that the market activity is rebounding with numerous factors stabilizing, including the steadying of prices.

In addition to changes in interest rates, the energy transition significantly influenced the market in the first half of 2023. The enactment of the Heating Act marked a substantial change in the pace of the energy turnaround, turning a planned sharp U-turn into a gradual curve. Nevertheless, new directives, ranging from the Heating Act to upcoming EU directives on energy efficiency, have initiated a paradigm shift extending from the building to the individual unit. Buyers are now factoring in foreseeable costs, leading to value adjustments for buildings with subpar energy performance. The interplay of high interest rates, conservative valuation approaches by banks, a larger supply, and energy considerations will continue to shape the market in 2024.

  • Our experience aids you in minimizing uncertainties surrounding the actual costs to be expected from modernizations, conversions, and allocation options. Thus, providing you with a sense of certainty and a detailed understanding of optimal pricing.

Berlin: Around one million residential units still running with oil and gas

A look at the housing stock in Berlin illustrates the scale of the energy transition. In the capital, home to the largest urban housing stock in Germany, around one million apartments are still heated and supplied with hot water using fossil fuels. About 77% of these buildings were constructed before 1986, and around 75% of them are occupied by tenants. (Source: Office for Statistics, results of the 2011 census, status as of 2014)

About us

  • We are a family-run business with a strong emphasis on brokering (selling) multifamily homes in Berlin, while also providing services in marketing, research & analysis, and property management. Every team member undergoes extensive training in real estate economics. We are multilingual and highly specialized. We invite you to consult our selective reference list showcasing a range of multifamily home sales from 2015 to 2023.

We are your go-to address for selling multifamily homes in Berlin. Off-market, discreet, and successful – our track record spans from small rental buildings to complexes with up to 130 units.

Track Record 2015 - 2023

Efficiently connecting Berlin rental properties to a global network.

TOP Location Prenzlauer Berg

Block of flats with over 3,000 m² of living space. Milieu protection. Brokered to private buyer off market in 2023.  

District Report Prenzlauer Berg

Spandau: Solid apartment building in a great location

Apartment building with 970 m² living space. 2023 brokered to private buyer off market.  

District Report Spandau

Sanderstraße, Berlin-Neukölln

Apartment building with 30 units under milieu protection. Off market to private buyer.
High multiplier and short marketing time.  

Guthmann Report Neukölln

Gneisenaustraße, Berlin-Kreuzberg

Apartment building with 9 units. Brokered internally to private buyer.
High factor, fast off market sale with bidding process.

Guthmann Report Kreuzberg

Hermannstraße, Berlin-Neukölln

Support throughout the entire sales process. Due diligence and accurate preparation. 
Placement to national buyers.

Guthmann Report Neukölln

Birkenstraße, Berlin-Moabit

Potential analysis, rent adjustments, marketing concept and internal placement.
Purchase price factor 34.3

More information

Stephanstraße, Berlin-Steglitz

Top address in Steglitz, old building in excellent condition. 
Generational ownership, sold for reasons of age. Factor on request.

Guthmann Report Steglitz

Kienitzer Straße, Berlin-Neukölln

Residential and commercial building, redevelopment property, Kiez location, milieu protection
Discreet off market brokerage to international clients

Jetzt informieren

Schnellerstraße, Berlin-Treptow

High-quality refurbished residential and commercial building, milieu protection.
Factor and price per square metre on request.

Guthmann Report Treptow

Wrangelkiez, Berlin-Kreuzberg

Apartment block: 20 apartments plus commercial, milieu protection
Price on request, international seller, national buyer

Guthmann Report Kreuzberg

Leykestraße, Berlin-Neukölln

MFA with space reserve, 32 units, 2 commercial units. Preparation AB, TE, global off market sale
Factor on request 

Guthmann Report Neukölln

Weberplatz, Potsdam

Apartment block in listed ensemble in "Weberviertel" with commercial remises
Due diligence, off market mediation for international sellers


Admiralstraße, Berlin-Kreuzberg

Dwelling in double pack with roof blanks
Off market sale from fund portfolio to private buyer

Guthmann Report Kreuzberg

Brunnenstraße, Berlin-Mitte

Dwelling with running public subsidy (IBB), 9 apartments, 2 commercial units, large shed
Quick mediation to international private buyer

Guthmann Report Mitte

Gervinusstraße, Berlin-Charlottenburg

Dwelling with roof blank and building potential of a side wing destroyed in the war
Internal brokerage, due diligence, preliminary examination of buildability

Guthmann Report Charlottenburg

Bastianstraße, Berlin-Wedding

Partially refurbished apartment building with 31 units in the Milieuschutz investigation area.
Trustworthy marketing for private person, due diligence, examination of roof extension

Guthmann Report Wedding

Claszeile, Berlin-Zehlendorf

Well-maintained apartment building with 13 apartments and parking spaces.
Off market from family ownership to private buyer.

Guthmann Report Zehlendorf

Reichenberger Straße, Berlin-Kreuzberg

Well-maintained post-war building with 12 residential units and large plot of land
Off market from private to private, due diligence, preliminary examination at the building authority

Guthmann Report Kreuzberg

Biebricher Straße, Berlin-Neukölln

Grand Wilhelminian style building with 33 units and extended roof
Swift off market sale, due diligence

Guthmann Report Neukölln

Weserstraße, Berlin-Neukölln

Solid 1990s MFH in Kreuzkölln.
Internal off market mediation following excellent cooperation with owners. 

Guthmann Report

Pricing factors for 2023 and 2024

  • Altered interest rate levels
  • Changed bank valuation behaviors
  • Higher equity requirements
  • Increased differentiation according to locations
  • Energetic cost uncertainty
  • Growing importance of the overall condition
  • Rising net rents
  • High migration rates 

Decline in sales volume stopped

We examined the number of sales of multifamily houses in Berlin from 2006 to the status as of July 11, 2023, by districts. A total of 261 sales cases for residential and commercial buildings have been recorded for the year 2023. A purchase price was available for 116 sales cases as of the cutoff date. Compared to previous quarters, market dynamics are noticeably increasing again. Factors and purchase prices are transitioning into a lateral movement at an overall lower price level.

Based on the value-relevant floor area, the average value of rental houses in Berlin is currently around EUR 2,248 per square meter. Converted to living space, it is approximately EUR 2,800 per square meter.

  • We are familiar with all relevant price parameters and are able, thanks to nearly 20 years of experience and our official database, to name a realistic price for your rental house in Berlin.

Average price level by district

The price level on the rental house market is increasingly differentiated by location, in addition to the factors mentioned above. Using the data from the GAA (Appraisal Committee Berlin), we have determined the average price level in EUR/m² living space for all 22 Berlin districts. Looking at the entire Berlin area, rental apartment buildings with and without a commercial proportion cost about 2,800 EUR/m² living space. This value deviates upwards or downwards from case to case. In our district reports, you can find more detailed information if you are interested.

  • We will create a reliable analysis of how you can increase the achievable sale value of your multifamily house in Berlin after a detailed and individual examination of your property.

Kaufpreisspannen MFH Berlin nach Alt-Bezirk 2018 bis 2023

    Mitte Tiergarten Wedding Prenzlauer Berg Friedrichshain Kreuzberg Charlottenburg Spandau Wilmersdorf Zehlendorf Schöneberg Steglitz Tempelhof Neukölln Treptow Köpenick Lichtenberg Weißensee Pankow Reinickendorf Marzahn Hohenschönhausen Hellersdorf
2018 Anzahl 16 25 44 20 28 29 44 54 30 9 39 27 51 52 18 10 29 17 38 80 5 9 13
  Preisspanne 1.267 bis 5.247 1.255 bis 4.447 950 bis 3.004 1.582 bis 3.510 888 bis 5.793 1.165 bis 5.655 1.350 bis 6.401 301 bis 11.919 1.048 bis 5.366 1.526 bis 7.453 1.068 bis 3.089 1.065 bis 3.687 983 bis 2.817 695 bis 4.849 1.062 bis 3.873 1.081 bis 2.066 844 bis 4.840 805 bis 2.379 468 bis 4.652 570 bis 5.695 1.350 bis 2.959 500 bis 2.097 857 bis 2.320
2019 Anzahl 18 20 23 19 29 42 47 40 31 6 35 16 39 53 4 8 24 12 24 55 8 5 13
  Preisspanne 1.208 bis 6.168 1.425 bis 3.647 874 bis 3.154 1.461 bis 4.964 1.395 bis 3.404 1.082 bis 4.197 1.423 bis 11.340 606 bis 3.192 1.601 bis 9.143 2.446 bis 5.173 1.314 bis 3.917 1.164 bis 4.071 862 bis 5.997 1.032 bis 2.941 1.318 bis 2.656 1.579 bis 2.650 698 bis 4.630 1.000 bis 3.376 671 bis 3.090 396 bis 4.839 1.018 bis 2.339 1.382 bis 2.028 846 bis 3.858
2020 Anzahl 15 30 55 26 22 40 40 39 22 4 28 9 36 82 18 37 25 15 23 44 5 5 7
  Preisspanne 1.594 bis 8.481 1.454 bis 2.811 1.003 bis 4.084 1.310 bis 3.280 1.248 bis 3.284 1.424 bis 4.894 1.364 bis 6.181 431 bis 5.758 1.151 bis 10.526 3.230 bis 4.837 1.363 bis 4.841 1.637 bis 3.183 770 bis 4.909 592 bis 4.392 986 bis 4.069 930 bis 5.683 1.230 bis 5.748 1.126 bis 4.594 895 bis 2.819 654 bis 5.248 1.589 bis 3.255 1.729 bis 2.307 1.495 bis 3.090
2021 Anzahl 22 29 33 27 35 50 35 62 27 6 45 17 40 58 15 27 25 12 15 51 3 7 19
  Preisspanne 1.603 bis 8.475 1.106 bis 3.422 841 bis 5.446 1.436 bis 6.835 1.314 bis 6.696 1.167 bis 4.264 1.570 bis 16.262 841 bis 4.633 1.596 bis 7.347 2.560 bis 6.944 1.625 bis 7.047 1.489 bis 5.253 1.125 bis 4.644 896 bis 6.326 1.794 bis 5.217 984 bis 5.812 1.142 bis 4.960 1.390 bis 3.167 1.109 bis 6.111 601 bis 3.873 2.006 bis 3.012 1.525 bis 4.482 1.248 bis 3.389
2022 Anzahl 23 21 22 20 17 34 29 42 22 9 10 22 21 56 6 14 25 6 16 52 3 3 14
  Preisspanne 1.489 bis 16.844 1.193 bis 3.702 1.358 bis 3.867 347 bis 7.736 458 bis 3.141 862 bis 5.068 1.707 bis 6.579 472 bis 6.013 874 bis 7.043 1.976 bis 3.897 1.735 bis 4.707 1.799 bis 3.821 1.232 bis 3.670 824 bis 4.515 1.467 bis 2.931 1.716 bis 3.999 287 bis 6.116 1.691 bis 3.186 1.421 bis 5.626 954 bis 5.094 2.195 bis 2.733 1.081 bis 2.150 1.717 bis 4.312
2023 Anzahl 7 3 18 7 8 12 16 12 11 10 12 25 15 28 5 12 7 7 12 25 4 1 4
  Preisspanne 3.040 bis 5.777 1.475 bis 1.750 919 bis 2.094 1.168 bis 2.964 1.374 bis 2.844 911 bis 6.567 1.660 bis 3.148 1.003 bis 2.628 203 bis 6.024 - - - 1.515 bis 2.570 979 bis 5.285 - - 357 bis 4.173 1.552 bis 5.177 2.050 bis 3.125 1.400 bis 4.065 1.266 bis 4.667 - 1.425 bis 2.523
Quelle: Gutachterausschuss Berlin, eigene Anfrage

Winners and Losers: District Ranking

The overall trend on the rental housing submarket in Berlin is showing signs of levelling off at the start of the second year. The decline in purchase cases in the first half of the year has stopped. The average value, which declined in the first quarter, has stabilized. 

In 2023, the sales of rental houses in Berlin districts compared to 2022 were as follows:

In the Mitte district, it was 30% of 2022 sales (full year), in Tiergarten 14%, in Wedding 82%, in Prenzlauer Berg 35% and in Friedrichshain 47%. In Kreuzberg, sales reached 35% of the previous year, in Charlottenburg 55% and in Spandau 29%. Wilmersdorf was at 50%, while Zehlendorf and Schöneberg even exceeded the previous year's figures, with 111% and 120% respectively. Steglitz reached 114% and Weißensee 117%. Tempelhof came in at 71%, Neukölln at 50%, Treptow at 83% and Köpenick at 86%. Lichtenberg achieved 28%, Pankow 75% and Reinickendorf 48%. In Marzahn, sales rose to 133% of the previous year, while in Hohenschönhausen they fell to 33% and in Hellersdorf to 29%.

 In Berlin as a whole, sales figures were 54% of the entire previous year. The actual slump therefore did not occur from 2022 to 2023, but rather already from 2021 to 2022.

Prozentuale Preisveränderungen 2022 auf 2023

Bezirk EUR/m² 2022 EUR/m² 2023 Differenz (%)
Mitte 3.950 3.975 0.63
Tiergarten 1.951 1.568 -19.63
Wedding 1.751 1.539 -12.10
Prenzlauer Berg 2.611 2.046 -21.65
Friedrichshain 2.320 1.946 -16.12
Kreuzberg 2.298 2.060 -10.36
Charlottenburg 2.609 2.332 -10.61
Spandau 1.935 1.649 -14.78
Wilmersdorf 2.483 3.535 42.42
Zehlendorf 3.092 - -
Schöneberg 2.281 - -
Steglitz 2.435 - -
Tempelhof 2.423 2.051 -15.34
Neukölln 1.868 2.093 12.03
Treptow 1.729 - -
Köpenick 2.434 - -
Lichtenberg 2.360 1.927 -18.35
Weißensee 2.390 2.783 16.45
Pankow 2.326 2.493 7.18
Reinickendorf 2.079 2.228 7.17
Marzahn 2.388 2.761 15.63
Hohenschönhausen 1.771 - -
Hellersdorf 2.499 1.977 -20.89
*Kaufpreise wertrelevante Geschossfläche, nicht Wohnfläche. Bitte kontaktieren Sie uns für weitergehende Informationen, welcher Wert bei Ihrem Gebäude anzusetzen ist.

Energetical Aspects

The market value of a rental house depends on factors such as age, condition, location, and demand indicators such as interest rates and inflation. In the current debate on energy efficiency and historical building substance, a change in buying behavior is imminent. The push for energetic renovation, coming from both Berlin and Brussels, increasingly requires owners to focus on climate measures. It doesn't matter whether the measures are carried out by new or existing owners. This leads to the fact that characteristic architectural features such as stucco facades become secondary when the goal of energy efficiency overshadows aesthetic aspects. The tension between monument protection and CO2 emissions will pose a central challenge in the building sector in the coming years and will also influence the purchasing impulses of investors. Thus, a building that is easy to renovate from previously less popular construction years may move up the scale, while classic old buildings are being reassessed in terms of capital expenditure (Capex).

Interest rates putting pressure on factors

Since 2009, there has been a consistent downward trend in the transaction volume for apartment blocks in Berlin, a development which has paralleled a steady reduction in the key interest rates set by the European Central Bank (ECB). However, in July 2022, the ECB shifted its stance and initiated a series of rate hikes. As of July 2023, the key interest rate has reached 4.0 percent, with further increments anticipated within the year before the ECB is expected to halt additional rate increases.

Creating Added Value Together Through Personalized Consultation for Your PropertyIn a world of fluctuating interest rates, determining the actual value of your property can be quite challenging. That’

In a world of fluctuating interest rates, determining the actual value of your property can be quite challenging. That’s where we come in – to help you navigate the various factors that can influence the value of your rental property.

The "multiplier method" serves as a solid foundation here: it represents the number of years needed to amortize the purchase price of a property through rental income. Simply put, this “multiplier” is calculated as the purchase price divided by the annual net cold rent.

However, this calculation can overlook important details – such as investments carried out by you, potential rent increases, and capital services. Especially in times of high interest rates, these factors can significantly affect the profitability of your property for you, but also for the buyer.

That's why we go a step further: Together with you, we develop a personalized strategy that not only considers the current situation but also focuses on the potential of your property. We take into account the location, condition, and expected development of your property to achieve the best price for you.

Let us assist you in transparently and understandably presenting all aspects of your property, creating the optimal basis for successful sales negotiations.

Are you considering selling your apartment Block in Berlin? Our strategies and assessments are in demand internationally.

Dipl.-Ing. Almut Guthmann Prokuristin

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Typical timing of a sale

The transaction duration for the sale of a multi-family house (MFH) in Berlin can be expedited and made more efficient and secure through professional preparation and execution. 

  • Consultation: Clarifying the initial situation and determining a market-appropriate price.
  • Professional Documentation: Accelerating the review by clients and banks, fostering trust through transparency.
  • Marketing: Discreet off-market brokerage within a solvent internal client base.
  • Contract Handling: Contract review with lawyers and notaries, notarization.
  • District Review Period for Preemptive Right (Read our blog post on the preemptive right).
  • Completion and Payment Due.
  • After Sales: Smooth transition and follow-up support.

In sales located in areas protected for social milieu (more information on social milieu protection can be found here), the districts are still formally entitled to review the process despite the court-ordered stop to the preemptive purchase practice. With the introduction of the Building Land Mobilisation Act, the review period has been extended from two to three months. If a rental house is managed in accordance with the regulations of the preservation ordinance, there is no right of first refusal. In practice, the districts should therefore respond more quickly to the application for issuance of a negative certificate. The period of three months from the delivery of the purchase agreement to the district corresponds to the full utilization of the deadline.

Navigating Through Challenging Times: Your Strategic Roadmap for Selling Multi-family Houses in Berlin

The current situation on the market for multi-family houses in Berlin is challenging. Although the market is picking up again after a quantitative slump, the trend varies widely across the districts. Even the decline in overall sales cannot be applied to all locations. Specific property characteristics such as maintenance, energy efficiency, potential for expansion and rental development must be in line with the purchase price and future capex, especially since sharply higher lending rates and much higher equity requirements for buyers are significantly reducing risk appetite. At the same time, rental demand in Berlin is so high that the fundamental question of whether an apartment building in Berlin makes sense as an investment really does not arise. 

Despite some gains here and losses there, the numbers point to a cooling of the market. This makes it all the more important to remain calm and avoid hasty sales. With the right strategy and good preparation, we can handle your sale successfully and profitably.  

The keys here are careful preparation, including transparent documentation of your property, a targeted marketing strategy and a focus on maximizing your proceeds. Proper preparation allows potential buyers to better understand investment risk and efficiently navigate the due diligence process. A well-planned sales strategy can counter trends and prevent value erosion.

Our goal is to help you overcome these challenges and make the sale process as efficient and profitable as possible. 

Regulation: What could still come

Although there is currently less talk about regulation, there could be new measures coming for landlords/property owners, considering the rising rents.

There are several points on the political agenda:

  • Tightening of rent control, e.g. a legislative proposal from Hamburg and Bremen: Federal Council try to stop furnished rental
  • An expert group in the Bundestag is working on the revival of preemption rights
  • The Greens and the Social Democrats are considering a rent moratorium, meaning a freeze on rent for a certain period of time
  • Profit taxation. The abolition of the speculation period or extension of the holding period is being discussed repeatedly
  • Reduction of the permissible rent increase from 15 to 11 percent over 3 years
  • It has been decided that municipalities are obliged to create a standardized rental index

In the regulatory radar, we have summarized the proposals circulating regardless of their feasibility.

This report was last updated on 25.09.2023 .


The Guthmann Market Report is a semi-automated report about the property market in Berlin. All information has been carefully researched and is given to the best of our knowledge and belief. We assume no liability for completeness, deviations, changes and errors. Our report does not represent an investment recommendation.


Amt für Statistik Berlin-Brandenburg: Einwohnerregisterstatistik (Bewegungsdaten), Fortschreibung des Wohngebäude- und Wohnungsbestandes, Ergebnisse des Haushaltegenerierungsverfahren KOSIS-HHGen, Baufertigstellungen. IMV GmbH: Rohdaten Preise und Mieten. Senatsverwaltung für Stadtentwicklung und Wohnen: Umwandlungsdaten (2018), Geoportal Berlin (FIS-Broker). Immobilienverband Deutschland IVD (2018/2019): Immobilienpreisservice 2018/2019.


Housing deficit (Treemap): The Statistics Office updates the household data based on the 2011 micro-census. Determination of household count and statistical household size via household generation procedures (KOSIS). We calculate the real household size / housing deficits via the ratio number of inhabitants to number of apartments.
Purchase prices and rents (charts and reports): Calculation of the median on the basis of raw data, own visualization.
Migrations: Aggregation and visualization based on transaction data.


Personal Advice

We provide you with a personal assessment and a strategy for your apartment building in Berlin. Please do not hesitate to contact us at +49 30 69004240 or via the contact form.

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