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Time To Make Money in Berlin, Germany
Berlin has emerged as the frothiest property market in the world, with the city engulfed by expensive high-rise developments and speculative buying that threatens its traditionally low rents and hip arts scene. Prices in Berlin jumped by 20.5% in 2017, according to the property consultancy Knight Frank, with other German cities.
Berlin, Hamburg, Munich and Frankfurt were ranked in the top 10 in the world for price rises, with several Dutch cities not far behind.
London was ranked 101st, with a 2% gain, while Auckland in New Zealand, once gripped by a property frenzy, dropped to 99th with a 2.2% increase.
Attempts by the authorities in Vancouver to quell its soaring prices – including a 15% foreign buyer tax – appear to have stalled, with prices in the Canadian city jumping by 16% in 2017, the fourth fastest in the world.
Berlin’s move to the top of risers, follows several years of soaring prices; the average property price has increased by more than 120% since 2004.
Foreign buyers have flocked into Berlin’s residential and commercial property market, with the US investor Warren Buffet to acquire a top-end real estate agent in the city (£3.3m).
The boom has been fueled by cheap borrowing and a fast growing population. The city’s population has grown by about 50,000 a year over the past five years to 3.5 million. It is projected to reach 4 million by 2035.
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