Luxury Portfolio Vol. 07 Issue 02 - George Scarpias

MARKET PULSE ARTS AND CULTURE

WEB ID: BSWC88 New construction home in Berlin

BERLIN, GERMANY

ARTISTIC AND CULTURAL activities

Top art and/or cultural destinations? Some of the top cultural destinations in the area include Kreuzberg, known for its alternative music scene and Berlin’s punk rock movement, Prenzlauer Berg, a popular area brimming with pubs, cafés and bustling nightlife, and Mitte, Berlin’s historic core, home to many cultural landmarks including The Soviet War Memorial. Are there any incentives or initiatives surrounding the arts that impact your market? Recently, homes in our area have been used for more than housing residents. For example, a period home that will soon be refurbished, has recently been used as a pop-up museum with visitors waiting in line for more than 6 hours to see the space. The installation has garnered huge interest in the community. How has this impacted your local market? Creatives from all over the world are coming to Berlin, seeking out the new, hot spot areas in lieu of traditional districts.

often serve as recreational pastimes for the affluent,

Highest recorded sale in last 12 months: €74 million (residential development)

with collections from antiquities to fine art

Compared to last year, prices in your market are: Up What is the price point for the Top 10% of inventory across your market? €4 million to €5 million

regularly displayed in the finest of homes around the world. Following is an insider’s look at the real estate market in a curated list of global destinations which are particularly influenced by their remarkably strong, local artistic and culture communities. For more information or to contact a Luxury Portfolio member in these markets, and beyond, visit luxuryportfolio.com.

Most international buyers are coming from: Israel, Russia, and Italy

What are luxury buyers looking for in your market? In our area, top buyers seek out high-end developments in trendy areas. Areas like Kurfürstendamm or Unter den Linden, both popular recreational and shopping destinations, are highly sought-after locations in Berlin. Because there are only a few companies in Berlin developing buildings in these areas, the name of a quality developer behind the property is also important for clients.

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