Amid the often inflated prices, which are offered in the relevant real estate portals for home ownership in Berlin, provides the expert committee for property values in Berlin (GAA) a more differentiated insight. The data it publishes annually is based exclusively on notarized purchase contracts and therefore offers a more realistic perspective on the market. This data analysis shows, that the real estate prices in Berlin per year 2023 have fallen significantly for the second time in a row, which represents a notable change from previous years, in which prices tended to rise. The preliminary analysis of the expert committee shows, that both sales and purchase prices are declining in almost all sub-markets. The number of purchase transactions has also decreased, and around 19 percent up 17.451 compared to the previous year. This is in contrast to the 21.586 transactions per year 2022, which is a minus of 21 percent corresponds. The decline in monetary turnover is just as significant, which according to the experts 29 percent up 12,4 Billions of euros have fallen, compared to 17,3 billion euros in 2022. Price declines vary depending on the segment of the real estate market. While newly built a- and two-family homes are seeing a price increase, are residential- and commercial buildings and apartment buildings affected by price declines.
Condominiums and building plots are also showing a decline, although this is less pronounced. Current trends suggest this, that prices change over the course of the year 2023 have stabilized, however, at a lower level than at the beginning of the year. External factors such as the Ukraine war, rising construction costs, High inflation and rising building interest rates also influence the market. The impact of these factors is noticeable and leads to further reluctance among potential buyers.
Overall, developments on the Berlin real estate market reflect complex dynamics, that reflects both local and global influences. The further development of the market therefore remains of great interest and will be closely monitored.