The German capital is growing at an impressive pace. Last year alone, around 40,000 people moved to Berlin, according to the Federal Statistical Office. The city's population is expected to increase by another 250,000 between now and 2030. Without a doubt, Berlin has evolved into a hot spot for enterprises, start-ups and creative minds from all over the world. The fact is reflected in the robust dynamic of Berlin's economy. For the first six months of the year, the Berlin-Brandenburg Statistics Office reported a 1.7-percent increase in economic output year on year – causing Berlin to exceed the national average for the third time in as many years. The boom has had a positive impact on the labour market, too. The number of social security-covered employees has been rising every year since 2006 – and has done so at a far quicker pace than in Germany as a whole. In June of 2015, the city registered roughly 40,000 more social security-covered employees than it had by mid-year 2014. Wages and purchasing power have also gone up for Berliners – and will continue to do so.
Living in Berlin - Metropolitan Diversity
The German capital is proving equally attractive for entrepreneurs, students, singles and families. The appeal is explained not least by the motley diversity of Berlin. There is a burgeoning creative scene in many boroughs, whereas couples with children prefer quiet residential neighbourhoods, and start-up entrepreneurs consider yet another type of quarter ideal for their purposes. The cultural life here is more diverse than in any other German city – from theatres and museums of long-standing traditions, to alternative playhouses and repertory cinemas, you will find anything in Berlin. Nor do Berliners have to make do without green areas, unlike in other big cities. Germany's first city has many large parks, such as Tiergarten or Tempelhofer Feld, extensive woodlands, such as Grunewald, and many rivers, lakes and ponds.
Being a Home in Berlin - Persistently High Demand for Housing
Berlin's great popularity among people old and new is also being felt on the local property market – with demand for housing going up and up. Vintage apartments in period buildings with their tall ceilings and spacious ambience are particularly coveted by flat hunters. But demand keeps outpacing supply. The latest IBB Housing Market Barometer shows that both the rental housing market and the condominium market are subject to pent-up demand. This is not about to change any time soon. In fact, experts assume that rental flats of 45 to 70 square metres and condominiums with a footprint of 45 to 100 square metres will be particularly sought in the coming years.
The sustained large-scale demand is reflected in condominium market sales. According to the ACCENTRO Homeownership Report 2015, sales last year set a new record as condominiums worth 3.72 billion euros changed hands in Berlin. It is safe to assume that Berlin will remain just as attractive going forward – and condominium buyers stand to benefit from the trend.