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Berlin's "got to grow"

Berlin has been overlooked as an investment destination, but its "extremely cheap" property prices won't stay low for long, according to investment advisers.

The city offers a rich cultural heritage, superb nightlife and, best of all for British buyers looking at lucrative foreign property, huge potential for excellent buy-to-let returns - around 80 per cent of Berlin property is rented out.

Andrew Goldthorpe, spokesperson for David Stanley Redfern, said that the Berlin market was traditionally more attractive to holidaymakers who knew the city well and that it was being eclipsed by the emerging eastern European markets, to some extent.

"It's not one that everyone's heard of. They tend to think that as a major capital city in Europe, it's going to be very, very expensive, but it's not the case at all.

"You can still pick up things in Berlin for under 35,000 euro. So, as you can imagine, quite a few people are very interested in that, compared to a lot of other capitals."

Mr Goldthorpe concluded: "It's got to [grow]. It can't stay at those prices. It is a major European capital. The prices are extremely cheap, extremely cheap."

With low workforce costs, a flourishing tourism sector since the 2006 World Cup and inevitable economic clout as a powerful member of the EU, property prices can only go up and Berlin looks a fantastic investment prospect.

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