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Hints and tips for buying Berlin property

Buying property can be intimidating at the best of times, but it can be especially intimidating when buying property in a different country where you do not speak the language.

But Berlin property is offering such good returns at the moment it would be a shame to miss out on a good investment opportunity, so here are a list of hints and tips to keep in mind when tackling the Berlin property market.

Make sure that the estate agents you choose are well established.

The Berlin property market is complex because of the unique political history of the city so you will need an agent that knows the intricacies of the market. Because of the recent rise in popularity in buying Berlin property the estate agent industry has blossomed, so find out what you can about any estate agent before doing business with them.

Look for an agent that is fluent in English.

Buying Berlin property is a legal commitment and you need to ensure that there is no misunderstanding of terms and conditions, or anything related to the contract that you are about to enter. It makes a big difference if you can converse in your mother tongue.

Carefully inspect the existing rental contract.

Ask for legal help if you’re not sure, but be sure to scrutinise the contract before taking over any lease agreement.

Check the age of the apartment

The published rental tables take the age of the building into consideration when determining rent levels, so find out how old the building is before you buy.

Check the vacancy levels for the area

A popular area should have a low vacancy rate which helps to achieve a good rental return for your property. If there is a high turnover rate, find out why.

Look out for up and coming areas

Because of the sudden boom in the city’s property market, areas once considered relatively downmarket will begin to experience a rise in prices and popularity for various reasons, such as their proximity to the city centre for example. The continued integration of old East Berlin will present some excellent opportunities for investors. Always look out for new retail developments or the opening of delicatessens and specialist shops - they are usually an indication that the developers and the trendy have ‘discovered’ an area.

Know your location

Find out about the local infrastructure, crime rates, amenities and transportation. All these factors are taken into account when calculating rent and purchase price for a property. A property can be located in an area that is relatively far from the city centre, but if it is linked to the centre by an express train service, this can make a significant difference in your asking price.

Know your property trends

Investigate trends in pricing, rental rates and development for the area. This will help give you an indication if the current rental pricing is appropriate.

Check the rent review

Rental increases in Berlin are restricted to 20% in a three year period. Find out when the rent was last reviewed for the property so that you can have an idea of the prospects of future increases.

Ask to examine the books

Before buying into any block of flats or housing associations, ask to see their books. Attractive yields can hide the fact that the housing association may need to raise high levies to plug a gap in the finances.

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View Berlin Top 5 Property Areas

To assist our clients in their purchase of Berlin property, Danziger & Weibezahl continuously researches the Berlin property market and identifies 5 of Berlins property hot spots.
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Top 10 reasons for buying property in Berlin

1. Good Yields
2. The low investment entry price
3. No capital gains after 10 years for privately owned properties
4. A safe haven for investors
5. Slowing supply increasing demand
6. Employment levels
7. Reinstatement as the Capital of Germany
8. Geographical positioning
9. Historical and political issues
10. Good governance
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