Investing in Kreuzkölln, the Epicentre of Cool in Berlin
The district offers interesting medium-long run investment opportunities
Kreuzkölln, this is the name of the most promising and fastest-developing neighbourhoods in Berlin. It is the result of the merging of Kreuzberg – a prosperous district that retains its old wild flavour – and Neukölln – that displays a multinational aura.
Berlin – the German capital – is still a longed-for investment destination for those who are looking for profitable real estate investment opportunities. Thanks to the strong German economy and the interest of German investors in refuge assets, the property market in Germany has remained stable and prices keep rising.
Kreuzkölln area preserves its folk soul but is changing very fast due to the fact that artists and students who cannot afford 3-thousand-dollar/sq.m apartments or prohibitive rents are moving away from Kreuzberg. Prices in Kreuzkölln start from 2 thousand euros per sq.m for apartments in needs of renovation. In Maybachufer district, instead, prices have already reached 3 thousand euros per square metre. Only four years ago prices were very low in that area that is home to the Turkish market, the best way to feel the presence of the Turkish culture in Berlin.
Kreuzkölln has been defined the “epicentre of cool” by The Guardian. In the most multi-ethnic part of Neukölln, prices are lower – apartments cost 1000 euros per square metre – but the area does not attract foreign buyers. Investments in Kreuzkölln must be made in a medium-long run perspective. New restaurants and clubs are being opened, which makes nightlife vibrant. Buyers, anyway, must take into account that apartments in period buildings usually do not have lifts and are often in need of renovation.
Rental market is lively, too. Home owners can find tenants for their homes easily, if they do not make unreasonable claims: the rent for a 50-sqm flat is not over 300 euros per month, usually.
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