Last Update: 12.06.2024

Berlin Properties Prenzlauer Berg 2024

Prenzlauer Berg became a magnet for Western arrivals soon after the Berlin Wall fell. This district emerged from World War II relatively unscathed, only to be neglected during the GDR years, as its splendid old buildings weren't prioritized for modernization. Following several phases of transformation and revitalization, "P-Berg" has evolved into an upscale, costly, and globally recognized hotspot. English has become the lingua franca here. Apartments in Prenzelberg are spacious, with the average price per square meter at 6,760 EUR/m². A 90m² apartment in Prenzlauer Berg is priced at around 650,000 euros.

Berlin Prenzlauerberg

From trendy neighbourhood to global player

Prenzlauer Berg was the first boom quarter of the German capital and plays a pioneering role. Nowhere in the early 1990s did so many people move in as here. However, it is wrong to talk about population exchange. Rather, it was an ongoing process of change that also affected many other quarters in Berlin after the fall of communism; a natural process because the city was no longer divided. In the context of the post-communist era, change and transformation were a cultural shock for many residents. Socialism turned to free economy, many rental apartments to ownership. In the 1980s Prenzlauer Berg bled out from the population. Most of the buildings and apartments had pre-war standards. Coal stove, outside toilets, no bathrooms. The GDR state was not interested in Prenzlauer Berg and relocated many people into the modern prefabricated housing estates in Marzahn and Hellersdorf. The consequence were thousands of empty flats in Prenzelberg and a massively eroded housing stock at the end of the century. The truth is that the house renovations from this time saved the stock from complete decay. With liveable houses the streetscape and the structure of inhabitants changed. The mixture was colourful: creative people, students, international visitors and many people with an unusually high purchasing power for Prenzlauer Berg. In more than 30 years since then, the street scene has evolved. Today in many quarters chic new and old buildings line the streets. The prices for old buildings came almost up to the new building prices. The proportion of academics in some neighborhoods today is up to 75 percent. 

Existing buildings

Median Asking price
6,760 EUR/m²
-3.80 %
Median Asking rent
15.75 EUR/m²
-5.90 %

New buildings

Median Asking price
11,000 EUR/m²
-4.00 %
Median Asking rent
24.95 EUR/m²
-6.00 %

Property prices in Berlin Prenzlauer Berg

The real estate market in Prenzlauer Berg has experienced consistent value growth for decades but is currently facing an interest rate dip. The number of listings had been declining for a long time but shows an upward trend again in 2024, reflecting the general market situation. Over one year, price development in the existing segment is at -3.80 % and in the new construction segment at -4.00 %, with 110 offers from new construction projects and various attic/penthouse expansions. The average asking price in the existing stock is at 6,760 EUR/m². The average list price across all apartment sizes in the new construction segment is at 11,000 EUR/m².

Price index Prenzlauer Berg

Period Existing buildings Median Offer price Index (base 10 years = 100) New buildings Median Offer price Index (base 10 years = 100)
Current quarter 6,760 EUR/m² - 11,000 EUR/m² -
1 Year 7,030 EUR/m² -3.80 % 11,460 EUR/m² -4.00 %
3 Years 6,230 EUR/m² 8.50 % 8,130 EUR/m² 35.20 %
5 Years 5,340 EUR/m² 26.60 % 6,650 EUR/m² 65.50 %
10 Years 3,210 EUR/m² 110.60 % 3,920 EUR/m² 180.90 %

Bird's eye view: Property Prices in Berlin Prenzlauer Berg

The Bubble Chart shows the supply situation of the last 12 months for the property market in Prenzlauer Berg. The colors indicate the year of construction classes, the size of the bubbles the quantity of offers, the location in the coordinate system the price radius (square meters) and apartment sizes.

Price segments in Berlin Prenzlauer Berg

The development of the price segments shows a slight listings increase in 2024. Prices and offers are not yet growing in parallel, but the trend reflects the typical characteristics of a mature market, with high property quality and constant, predominantly hedonic price increases. In short: Prenzlauer Berg continues to develop into one of the most valuable locations in Berlin. 

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The charm of its streets and neighbourhoods and the international residents of Prenzlauer Berg make the district almost irresistible for our clients.

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Trend

The major upheavals in Prenzlauer Berg took place many years ago. When other districts were still in their infancy, Prenzlauer Berg was already undergoing a profound transformation. The district, which for a long time aroused the mistrust of the GDR state and state security due to the East Berlin bohemians, was politically left to decay during the Wall era.

After the fall of the Wall, hundreds of completely dilapidated apartment buildings were extensively renovated and quickly became synonymous with the new Berlin. This was followed by one local real estate boom after another, attracting many young families to live in nice, modernized and spacious apartments. In this young and trendy district, many small and chic neighborhoods soon split off. The investments also shaped the demographics.

Prenzlauer Berg remains a highly safe market with programmed value developments in the coming decades. In 2024, Prenzlauer Berg remains on track despite interest rate jumps and crisis sentiments.

Apartment buildings Prenzlauer Berg

The district of Prenzlauer Berg has been part of the Pankow administrative district since the administrative reform in 2001. In the southern part of Prenzlauer Berg, the characteristic cityscape is a mix of Wilhelminian period rental buildings interspersed with modern residential construction. The stock of buildings in Prenzlauer Berg amounts to just over 7,200 units with more than 110,000 apartments. Large apartments, top schools, kindergartens, and a comprehensive supply structure make Prenzlauer Berg a family district on the one hand. At the same time, almost 40 percent of households are single-person households, even though just under five percent of the apartments are one-room apartments. This indicates that many singles live in large apartments, including a significant number of households with older residents. Three-room apartments represent the largest share of the housing market at about 37 percent. A typical apartment in Prenzlauer Berg measures about 70m² of living space.

Less deals and slight dip

Currently, the Prenzlauer Berg apartment building market is experiencing a wait-and-see approach from both buyers and owners. High interest rates have made the typically larger apartment blocks in P-Berg a challenging acquisition mainly for private buyers which has led to a dip in prices. Transaction volumes have more or less halved compared to 2022, with only 17 sales recorded in 2023. The living space now averages around 2,500 EUR/m², matched with a multiplier of 28.9. GUTHMANN® secured the highest square meter price in the market for 2023, making a compelling case for choosing us for your property sale. The lowest documented price for the previous year stood at about 1,200 EUR/m². Rental buildings in Prenzlauer Berg, boasting core sizes between 1,750 and 2,000 square meters, are notably larger than those in other districts. It's clear: The more upscale and prestigious the building, the higher its market value in Prenzlauer Berg.

Jahr
Year
Vorgänge
ransactions
Mittelwert
Average
Vielfaches
Multiplier
2018 26 3128 34,9
2019 26 4274 33,9
2020 39 3019 31,1
2021 35 3500 33,5
2022 31 3551 33,8
2023 17 2481 28,9
Quelle: Gutachterausschuss Berlin, eigene Auswertung und Darstellung

New construction Prenzlauer Berg

Prenzlauer Berg offers many of the most popular residential locations in Berlin. The appeal of one of Germany's largest old Wilhelminian-style districts is particularly strong for a young, international and even class-conscious clientele. Families, on the other hand, appreciate the high density of schools, strong social communities and the vibrant daytime life in the numerous cafes in the neighborhoods. In the evening, when the bistros close their doors, hundreds of smaller and larger pubs and restaurants take over. Around 165,000 people live in an area of about eleven square kilometers, and after several waves of redevelopment and redensification, projects are now being developed on the few remaining vacant building sites that are priced in line with the top league. 

For example, the most expensive new construction project in Prenzlauer Berg in recent years was completed in Pappelallee in February 2021. In addition to a REWE and an underground garage with 70 parking spaces, 240 residential units have been developed and completed here.  

A little further south, 117 residential units were under construction since August 2020 with a total investment of around 450 million euros. In addition to around 7360 m² of residential space, 1830 m² of commercial and retail space is also being developed here. The project will be completed in the 3rd quarter of 2022. 

Berlinovo is also about to hand over a mixed-use project in Walter-Friedländer-Strasse. Here, 235 residential units on six floors have been developed in recent years. This also includes two commercial units and approximately 5000 m² office space. With a gross floor area of 16,000 m², it is one of the largest new construction projects in Prenzlauer Berg in recent years. 

Building land is rare in Prenzlauer Berg, therefore smaller projects are also under development and construction.

In the last 2 years we have counted a total of 30 new construction projects with a construction sum between 3-88 million. Contact us if you are interested in one of the projects.

Neighbourhoods in Berlin Prenzlauer Berg

Prenzlauer Berg is not a very large district in terms of area but it borders around with popular neighbours: Pankow, Wedding, Mitte, Friedrichshain and Hohenschönhausen as well as Weissensee. Thanks to its excellent infrastructure, the district is a core area for the surrounding districts. In the northeast there is the park "Volkspark Prenzlauer Berg", built after the Second World War as a hill of wreckage. Besides the little lakes in the Volkspark Prenzlauer Berg and in the Ernst-Thälmann-Park, water areas are otherwise quite rare. Among the most sought-after neighbourhoods there are Kollwitzplatz, Arnimplatz, the quarters around Bornholmer Strasse and Wisbyer Strasse and various micro-locations along Greifswalder Strasse. The demand is high everywhere. The discrepancy between statistical and arithmetical household size shows that the market is in relative equilibrium. Helmholtzplatz and Bötzowviertel are particularly popular places for families. The Bötzow quarter is home to Kurt Schwitters School, one of Berlin's largest schools. The Kastanienallee is also called "Castingallee". Here and in the Gleim quarter, not far away, international life is bustling. On weekends the Mauerpark is a meeting place for people from Prenzlauer Berg and an international crowd. Prenzlauer Berg is practiced calmness with a dash of normality in everyday life.

Rental market in Berlin Prenzlauer Berg

The rental offer in Prenzlauer Berg in the past 12 months was of about 1,560 apartments. The average (offered) rent for existing apartments in this period was about 17.20 EUR/m². For new apartments one had to pay on average 26.55 EUR/m². The price development for existing apartments was  -5.90 %, for new apartments -6.00 %.

Rent index Prenzlauer Berg

Period Existing buildings Median Offer price Index (base 10 years = 100) New buildings Median Offer price Index (base 10 years = 100)
Current quarter 15.75 EUR/m² - 24.95 EUR/m² -
1 Year 16.75 EUR/m² -5.90 % 26.55 EUR/m² -6.00 %
3 Years 17.70 EUR/m² -10.90 % 22.45 EUR/m² 11.20 %
5 Years 14.50 EUR/m² 8.90 % 19.00 EUR/m² 31.50 %

Bird's eye view: Asking rents in Berlin Prenzlauer Berg

The bubble chart shows the supply situation of the past 12 months on the property market in Prenzlauer Berg. The colors mark the year of construction classes, the size of the bubbles the quantity of offers, the location in the coordinate system price radius (square meters) and apartment sizes. Construction activity in the rental housing sector in Prenzlauer Berg is very low. Price-fixed housing is mainly offered in the 1950-1978 construction year class. The widest range can be found in old buildings.

Development of rental price segments in Berlin Prenzlauer Berg

The chart shows the changes in the price structure of the district based on four price segments. How many apartments were offered in the different price segments? The line shows the development of the average offer price per square metre across all apartment types and price segments for existing apartments.

Building activity in Prenzlauer Berg

The suburb Prenzlauer Berg is part of the administrative district Pankow. Its housing stock amounts to 94.000 units distributed over 15 statistical planning areas LOR ( Lebensweltlich orientierte Räume). With an average apartment size of 73,0m², Prenzlauer Berg is in line with the Berlin average. The difference between the statistical household size (1.65 persons per household) and the calculated household size (1.79 persons per household) is comparatively small.

The peak of construction activity in Prenzlauer Berg was recorded in 2015. When and in which quarters (LOR) construction completions were reported, can be seen from the map. (Source: Amt für Statistik Berlin-Brandenburg)

Milieu protection

In Prenzlauer Berg there are currently ten conservation areas (milieu protection areas) in accordance with §172 BauGB with a total area of about 535 ha. This corresponds to about 49% of the total area of the Prenzlauer Berg district.

Milieu protection area In force since Area in ha Extended Last update
Falkplatz 1997 28.2 - 2017
Arnimplatz 1999 50.6 - 2017
Humannplatz 2000 57.2 2017 2017
Ostseestrasse/Grellstrasse 2003 63.4 - 2017
Bötzowstrasse 2014 53.0 2017 -
Helmholtzplatz 2014 67.9 - -
Kollwitzplatz 2014 76.6 - -
Teutoburger Platz 2014 52.0 - -
Winsstrasse 2014 63.8 - -
Danziger Straße Ost 2021 21,9 - -

Milieu protection map Prenzlauer Berg

Check in our milieu protection map Berlin whether your property is located in a protection area, an investigation area or a suspected area. Our milieu protection map is continuously revised and updated on basis of the resolutions of the district assemblies (BVV). Please also visit our milieu protection area for further information.

Population by nationality

Migration

While Prenzlauer Berg shows a negative balance following the current trend within Berlin, the district gains population from international and national migrations. In suburban terms, there are slight tendencies to drift away. Thus a reversal of the currents has taken place, which until the turn of the millennium were mainly fed from inland trains. The international influxes to Prenzlauer Berg are dominated by the USA and Western European countries. The national influxes are led by North Rhine-Westphalia, Brandenburg, Bavaria, followed by Baden-Württemberg. In suburban relations, the district loses residents to the districts of Oberhavel, Barnim and Potsdam. The balance is also negative in internal relations. Prenzlauer Berg has lost to the other districts of Berlin in the course of 5 years. Friedrichshain, Mitte, Pankow and Wedding are the main targets.

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  • National
  • Suburban
  • Binnen
  • Hotspot

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This report was last updated on 12.06.2024 .

Disclaimer

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.

Sources

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.

Methodology

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.

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