_Berlin’s waterfront transformation: from riverbank brownfield to world-class waterfront living
Much to the regret of German writer Kurt Tucholsky, Berlin is not a seaside town. When detailing his ideal place to live in a piece he wrote in 1927, the “must have” list included a waterfront location.
While a beachfront is not on the cards for this landlocked city, Berlin does offer a wide variety of waterfront locations, as seen in the map below. In total, bodies of water account for 6.6% (58.9 sq. km) of the city. Aside from two large lakes, three rivers traverse the city area – Spree, Dahme and Havel – covering a combined length of around 89 km. They are complemented by a number of canals with a total length of around 67 km. The most conspicuous body of water is the Spree River, running through Berlin’s central districts from east to west.
Because of the glut on the city’s housing market in the 1990s, and due to ground contamination of industrial sites along the Spree River, development along the riverbank did not kick in until the early 2000’s. Since then, these brownfield sites have been successively used for housing development more than any other property type.
Condominiums in these riverside locations tend to command above average prices. On average, they sell for prices roughly 20% higher than comparable inland locations. Relevant distinctions in this context include properties close to the water (second and third-line buildings), properties with public access to water, and properties with direct waterfront access. A further distinction is made inside a given apartment building between a direct and an indirect waterfront location. The price level for units immediately on the waterfront is 20% higher on average than that for units facing away from the water. Between Oberbaumbrücke and Charlottenburg Palace, there are no units of this type available for less than EUR 5,000 per sq m.
In addition to the city’s established premium locations in the western part of the city, which include the mansion districts around Grosser Wannsee, Nikolassee and Schlachtensee, several new prime locations are evolving in the inner city. Focal points include the Spree River banks in the districts of Charlottenburg, Mitte and Friedrichshain-Kreuzberg that are characterised by good transport links and urban infrastructure.
A good case in point is the project No.1 Charlottenburg in the Spreestadt quarter near the parklands Grosser Tiergarten. Between now and 2019, a total of 272 apartments will be brought to the market and sold by Ziegert – Bank- und Immobilienconsulting GmbH at average prices of EUR 7,300 per sq m. The project straddles the shoreline of the Spreebogen peninsula, and will be connected to the river path via an outdoor staircase.
The hotspot of housing construction in direct waterfront location is the urban development project Mediaspree whose origins date back to the 1990s, and which extends over a length of 3.7 km on both banks of the river. The area lies east of Alexanderplatz and links the districts of Friedrichshain and Kreuzberg which are separated by the river. It is an urban location internationally known for the East Side Gallery, which encompasses an open-air gallery showcasing the longest preserved piece of the Berlin Wall.
Another project in the immediate vicinity that will put around 170 condominiums on the market soon is Upside Berlin. Standing 85 metres tall, this tower block comes with a magnificent views across the Spree River, from Stralau peninsula on one side all the way to the new City Palace on the other.
For more information on the Berlin residential market please contact Claire Locke. To read our latest research read the new Germany Inside View and view properties for sale here.
This post was compiled by Till Johannes Brühöfener-McCourt Head of Research at ZIEGERT – Bank- und Immobilienconsulting GmbH, Knight Frank's residential partners in Berlin. For further information, please contact ZIEGERT – Research.