Berlin’s real estate market rebounded in 2024, prices remain stable

Across the whole of Berlin, the real estate market enjoyed a notable recovery in 2024, as detailed in the recently released 2024/2025 real estate market report by the Berlin Appraisal Committee for Real Estate Values. According to the report, 20,780 properties changed hands last year, representing an 18 per cent increase compared to 2023. The total sales volume also saw a substantial rise of approximately 20 per cent, reaching 14.9 billion euros. The increase was particularly pronounced in the residential sector, where the market for apartments and condominiums grew by 19 per cent. However, land values for undeveloped plots zoned for office and retail use declined by between 10 and 30 per cent during the same period. Land for individual single-family homes also experienced a modest decrease of around five per cent. In contrast, land values for multi-family residential buildings remained stable. At the same time, average prices for detached and semi-detached houses, as well as rental apartments, saw slight declines of seven and six percent, respectively, accompanied by a 27 per cent decrease in the number of new apartment completions. Experts cited in the report do not foresee significant price increases in 2025; on the contrary, they see indications that prices are stabilising.