Apartment-Construction Market Thrives in Berlin
- Aug 11, 2015
The BUWOG Group, a leading German-Austrian residential property developer held a topping-out ceremony for its new “Uferkrone” apartment community in Berlin-Köpenick.
The project comprises a mix of 198 new residential units across 12 buildings located just minutes from Köpenick’s historic old town center at the confluence of rivers Dahme and Spree.
The new community, built on a site of about 207,000 square feet (19,200 square meters), will offer living concepts that cater to a variety of lifestyles – from house-in-house concepts fit for families, to garden apartments, units with a view of the river Spree, and penthouse apartments. Upon completion, all of the buildings will meet the energy standard KfW 70.
Construction on the project’s initial phase will be complete by next spring. So far, 65 percent of the units included in the first batch are under contract. The new two- to five-room apartments range from about 538 square feet (50 square meters) to more than 2,150 square feet (200 square meters). Purchase prices average about $371 per square foot (or 3,600 euros per square meter). As for the second phase of construction, more than a third of the apartments have already been sold or reserved.
“With ‘Uferkrone,’ new apartments are being created that the city of Berlin needs. The district of Treptow-Köpenick is a great example of Berlin’s impressive growth, offers an ideal infrastructure and a very high quality of life,” said Alexander Happ, head of Development Germany at the BUWOG Group.
BUWOG Group holds about 5,000 existing apartments in Berlin. The company is currently building several other projects in the capital city. Its total development pipeline there comprises approximately 1,700 residential units, with an investment volume of $580 million (EUR 530 million). Meanwhile, three other projects in Pankow and Lichtenberg are on the drawing board.