Prices for multi-family buildings in Berlin rose again in 2025. This is according to a statement published by DAHLER Invest on 7 January 2026, which is based on an evaluation of preliminary figures from the Expert Committee for Property Values in Berlin. According to the statement, the Berlin investment market for multi-family houses and residential and commercial buildings recorded stable development in 2025, combined with a structural shift in demand. While sales figures remained virtually unchanged compared to the previous year, with 666 transactions, the average purchase price per square metre of value-relevant floor space for multi-family houses rose from €1,963 per square metre to €2,160 per square metre. In contrast, residential and commercial buildings saw a slight decline from €1,851 per square metre to €1,767 per square metre. One of the reasons for the price differences is that banks consider properties with a commercial share of around 30 per cent or more to be significantly riskier than purely residential buildings.
The highest price level for multi-family houses was recorded in Charlottenburg-Wilmersdorf at €4,384 per square metre, followed by Lichtenberg at €3,111 per square metre and Pankow at €2,529 per square metre. For residential and commercial buildings, the average prices were highest at €2,229 per square metre, followed by Pankow at €2,033 per square metre and Marzahn-Hellersdorf at €2,020 per square metre.
Purchase price factors proved stable in 2025. While the multiplier for annual net cold rent for multi-family dwellings was slightly below the previous year’s figure at an average of 23.4, the factor for residential and commercial buildings remained unchanged at 21.8. Philip Hetzer, managing partner of DAHLER Invest, summed up the market development: “Residential property continues to outperform commercial property and remains one of the most popular asset classes for many private and semi-professional investors in 2025. Even in times of crisis, this type of property has proven to be a long-term stable investment with stable, predictable cash flows.”
Vincent Papke, also managing partner at DAHLER Invest, said with regard to investor behaviour on the Berlin multi-family housing market that, due to the overall economic situation, many market participants, especially family offices, had adjusted their investment strategies, with the focus on risk diversification and minimisation. This resulted in corresponding changes in search profiles and investment behaviour. “Whereas in previous years the majority of properties sought were in the region of five million euros per property, in 2025 the focus was primarily on properties in the two-and-a-half to three million euro range. Budgets remained constant, but as part of their risk diversification strategy, investors preferred to purchase two properties for €2.5 million each rather than one for €5.0 million,” said Papke.
Looking ahead to 2026, Hetzer said that the price turnaround on the Berlin investment property market had begun in 2025 as expected, driven by sustained high demand for housing, rising rents, insufficient completion figures and stabilised interest rates. “We expect this trend to continue in 2026. The Berlin market continues to offer attractive entry opportunities for long-term investors. Wealthy private investors, developers and family offices in particular will continue to shape market activity this year,” he predicted.
“This is in line with our own assessments. The specific characteristics of the residential real estate asset class and the current market situation in German cities and their surrounding areas continue to offer attractive investment opportunities,” says Jacopo Mingazzini, CEO of The Grounds.
