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Berlin Becomes Hot Target for Mainland Property Buyers
Brief:More Chinese property investors are eyeing the German city of Berlin as a new hot destination in Europe, an expert told on Monday.
A report from the Shanghai Morning Post in October said that many Chinese investors had shifted their money from the domestic stock market to the real estate market in Berlin.
CEO of a Berlin-based real estate developer that is selling at least 4 projects in Berlin, Alexander Harnisch told on Sunday that the real estate market in Berlin has been expanding in a stable manner for about 5 years, and foreign investors have been a driving force.
According to Harnisch, the company's biggest group of overseas clients used to be from Russia, but in the past few years, Chinese clients have become the company's largest overseas client community, accounting for about 20 percent of all overseas clients.
Harnisch noted that Berlin offers several advantages for overseas investors, including those from China.
"First, the mortgage rate for Berlin-based properties stands at about 2 percent, much lower than in China. Second, Berlin rental yields are relatively high among European cities," he noted.
The National Bureau of Statistics said on Saturday that real estate investment in China increased 1.3 percent year-on-year from January to November this year, falling back from the 2 percent growth in the first 10 months this year.
Chinese investors began flocking to London around 2014 to invest in property there, but as prices in the city have risen, they have turned to other targets.


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