The Bötzowkiez is located in the heart of Prenzlauer Berg and is considered one of the most popular neighborhoods in the German capital, even far beyond the city walls. The residential district has numerous old buildings that date back to the Wilhelminian era but have since been extensively renovated. The highest residential standards meet traditional Berlin old buildings with ornate stucco façades and wooden floors.
Even though the Bötzowkiez is very centrally located, the residential area is surprisingly quiet. Here you can take a relaxed stroll through the streets, enjoy family life and meet up with friends for a picnic in the surrounding parks at the weekend.
From a geographical perspective, the Bötzowviertel is located between Volkspark Friedrichshain, Danziger Straße and Greifswalder Straße. Bötzowstraße forms the heart of the neighborhood. It was named after the landowning Bötzow family, on whose former farmland the residential area now extends. At that time, the neighborhood was still outside the city walls of Berlin, and the Königstor was located where Alexanderplatz is today.
The quality of the residential buildings, the excellent infrastructure of the neighborhood and its central location are the main reasons why the real estate market in Bötzowkiez is developing so favorably for sellers. Demand is significantly higher than supply, which is why you will be able to sell your condominium to a suitable buyer within a short space of time. With the right advice and support, the sales process can be completed even more quickly and easily. That’s why it’s worth getting a professional estate agent on board.
Selling a property in the Bötzowviertel - A look at the current situation
The Berlin real estate market is generally highly competitive. For several years now, there have always been fewer condominiums and single-family homes on offer than are in demand. Due to the high demand, prices have risen steadily in recent times. It was only in the fourth quarter of 2022 that there was a temporary slump in prices due to the ongoing war situation in Ukraine and the resulting rise in interest rates. However, an increase was already recorded again in the first quarter of 2023.
Experts do not expect prices to fall significantly in the near future. Unlike a property price bubble, the high prices in Berlin are supported by an excellent location, outstanding infrastructure and unbeatable building fabric. This is why young families, couples, single people and investors continue to choose to invest in a condominium or residential building in the Bötzowkiez.
The price trend for real estate in the Bötzowviertel
A good four years ago, at the beginning of 2019, the average selling price for apartments in Bötzowstrasse was around €4,600/m2. Even then, prices in the Bötzowkiez were significantly higher than in other parts of Berlin. At the level of Berlin as a whole, the average sales price was around €3,000/m2 and therefore around €1,500 below the prices that can be achieved in the Bötzow district. The steady rise in sales prices for condominiums and residential buildings only slowed slightly in 2022. The current unstable situation in Europe is responsible for the stagnation in price growth. Banks were unable to maintain the low interest rates for property loans, which led to interest rate increases. Nevertheless, prices in the residential area around Bötzowstrasse in Prenzlauer Berg are still well above the selling prices of properties in other parts of Berlin.
What price can a condominium in the Bötzowviertel be sold for?
We have already pointed out several times that there have been significant price increases on the real estate market in the Bötzowkiez in recent years. Even if there are no statistics available that cover the entire Bötzow district, it is possible to make statements about the prices of properties in Bötzowstrasse.
In the third quarter of 2022, prices peaked at an average of €6,350/m2 before falling slightly in the final quarter. Currently, you can get an average price of €6,270/m2 for a condominium in the Bötzow district. This corresponds to a drop of around 1.2 percent compared to the previous quarter.
At the same time, properties in the Bötzowkiez are significantly more expensive than in other parts of Berlin. At the level of Berlin as a whole, the average selling price is €4,260/m2. The difference is almost €2,000/m2 and is therefore significant. If you own a condominium in a prime location near Bötzowstrasse and want to sell it, you can negotiate a handsome price.
In most cases, interested buyers are young families who want to live in the apartment themselves or investors who will rent it out. From this point of view, it is also interesting that the Bötzowkiez is located in a protected neighborhood. The rented apartments are less likely to be used by the owners themselves, as the social structures of the neighborhood are protected.
What net cold rent can be estimated for an apartment in the Bötzowviertel?
Rents in the Bötzow district around Bötzowerstraße in Prenzlauer Berg are also considerable. They far exceed the average rents for Berlin as a whole. This is due to the privileged location, the many leisure facilities, the excellent infrastructure and the high-quality furnishings of the apartments.
Rental prices have risen significantly in recent years. Unlike sales prices, there is no sign of a slump. Prices continue to rise because demand is consistently higher than supply on the real estate market. In 2019, the average rental prices around Bötzowstrasse were €11.50/m2. This was around €2/m2 more than in Berlin as a whole. The curves run parallel to each other. In the last quarter of 2022, the average net cold rent for the Bötzow district was €14.10/m2, in the first quarter of 2023 it was even €14.80/m2. This corresponds to an increase of 5.1 percent within one quarter. If we look at the period between the first quarter of 2019 and the first quarter of 2023, we see an increase of 28.6%. A slump in prices is not foreseeable because the Bötzowkiez continues to enjoy a high level of popularity.
Criteria for determining the value of real estate in the Bötzowviertel
Basically, the properties in the Bötzowkiez are in an extremely privileged location. However, this can be said about a whole range of residential areas in Berlin. What factors influence the value of condominiums and what advantages or disadvantages does the Bötzow district have in this respect?
Location in the milieu protection area
The Berlin real estate market has changed considerably in recent years. After reunification, new districts were added, some of whose properties were in a very dilapidated condition. Over the last three decades, most property owners have decided to extensively renovate their homes. Entire neighborhoods have been transformed from trendy districts into hip residential areas. However, this change has also been accompanied by price increases. Many tenants were no longer able to pay the asking prices and left the neighborhoods in which they had lived for many years.
In addition, many people buy a rented apartment in order to convert it into a condominium and use it themselves. This has increasingly changed the cityscape. For this reason, various milieu protection areas have been established in the center of Berlin. The regulations prevent rented housing from being converted. This offers tenants additional protection and investors who rent out the apartments anyway are not harmed. However, the regulations mean that owners cannot use rented apartments themselves without further ado. Furthermore, no extensive changes may be made to the apartments. This includes, for example, that the owner may not combine two adjoining apartments.
The social conservation areas are located in different districts of central Berlin. For some potential buyers, this can be a value-reducing criterion when purchasing a property. After all, condominium owners may face bureaucratic processes in the future. However, this restriction is usually accepted due to the excellent location and infrastructure in these parts of Berlin.
Nearby parks and green spaces
The Bötzowviertel consists of just a few streets, but still has its own park. Arnswalder Platz is only about 1.8 hectares in size, but is very popular with the residents of the neighborhood. It was created between 1900 and 1904 according to the designs of a landscape gardener named Hermann Mächtig. It was named after the former district town of Arnswalde, which at the time was in the province of Pomerania. The entire square, with its famous bull fountain, small park, cross paths and playground, has been a listed building since the end of the 1990s.
The Volkspark Friedrichshain, Leise-Park and Ernst-Thälmann-Park are also located in the immediate vicinity of the Bötzow district. The residents of Bötzowkiez also meet in the adjacent Anton-Saefkow-Park to go for a walk, sit on a lawn or let off steam with the children in the playground.
The green spaces and parks with their playgrounds, paths and lawns increase the quality of life in the Bötzowviertel immensely. Because even if you live very centrally in the German capital, you can escape into the green and breathe in the fresh air. Families thinking of investing in a property in the Bötzowkiez definitely see this factor as a value-enhancing criterion.
Excellent infrastructure
Berlin is known far beyond its city walls for its good infrastructure. Hardly any other city in Germany offers its residents such a sophisticated network of public transportation. The Bötzowkiez is perfectly connected. Residents can reach every other district of the metropolis within a very short time. Workplaces, kindergartens, schools and shopping facilities can be reached by public transport or by bike. If you live in the Bötzow district, you can enjoy the special atmosphere of Berlin to the full.
The great location naturally also affects the sales price of your property. That is why it is essential to showcase it during sales talks. You own a condominium whose value has risen in recent years due to the outstanding infrastructure of Prenzlauer Berg. You can use this characteristic to your advantage when selling if you proceed with caution.
Conclusion
Do you own a property in the highly sought-after Bötzow district and want to sell or rent it out? In this article, you have learned that the real estate market in the Bötzowkiez has developed significantly in recent years. Most of the residential buildings date back to the Wilhelminian era and have been well preserved throughout two world wars. However, after the fall of the Berlin Wall, the furnishings in most of the apartments did not meet modern standards. The owners therefore undertook extensive refurbishment work, which naturally came at a price. Today, most of the apartments in the Bötzowviertel have been restored to their former glory. They enchant with their high ceilings, wooden floors and stucco decorations.
The residential area around Bötzowstrasse is extremely attractive for young families, couples, well-heeled single people and investors. You can therefore expect to find a potential buyer or tenant for your property within a short space of time.
The team of experts at Vandenberg Immoconsult will provide you with professional advice and support when selling or letting your condominium. Feel free to contact us to book a non-binding initial consultation.
