Berlin for Property Investors: All 12 Boroughs Compared in 2026

Andriy Bezborodko · 2026-10-14

Berlin is on your shortlist, and you already know the city as a whole. Now comes the real question: which borough? Twelve boroughs with between 260,000 and 430,000 residents each, every one the size of a major city in its own right.

Prices in the most expensive locations are almost three times those in the cheapest. The rents you actually receive from a tenanted flat vary far less. That difference is precisely what drives the calculations in this article.

We present official figures for all twelve boroughs and run the numbers for the same flat in three of them. There is no ranking. The right borough depends on your objective.

01Berlin at a glance

The city-wide figures provide the benchmark against which to assess each borough. You can find a detailed account, including the economy, regulations and a comparison with new builds, on our Investment property in Berlin page.

The official statistics do not provide vacancy rates for individual boroughs. For Berlin as a whole, the rate was 1.97% at the 2022 census; more than half of the empty flats could be occupied within three months.

02All 12 boroughs in figures

This table is the centrepiece of this page. Purchase prices come from the valuation committee's transaction database, meaning they are based on actual notarised contracts. The committee analyses them by the 23 former boroughs that existed before the 2001 reform, which is why some boroughs have several figures.

Population: population register as at 31 December 2025 (Berlin-Brandenburg Statistics Office, as reported in the valuation committee's report). Change from 2015–2024: index in the IBB statistical tables. Forecast: Senate Department for Urban Development, population forecast 2024–2040, central scenario. Purchase price: valuation committee, mean of all flat sales in 2025 by former borough after removing 10% outliers. ¹ Köpenick excluding the numerous micro-apartments sold there: €5,321/m². Advertised rent: IBB/VALUE, median net rent excluding service charges and heating. Unemployment rate and net household income (median, microcensus): IBB statistical tables, Table 1.

What stands out? The highest averages are in the former borough of Mitte, Dahlem and Prenzlauer Berg; the lowest are in Spandau, Hellersdorf and Marzahn on the outskirts. Köpenick's figure is only so high because of the large number of micro-apartments sold. Over the past ten years, growth has been strongest in Treptow-Köpenick, Lichtenberg and Marzahn-Hellersdorf. The same boroughs also lead the forecast to 2040. Four boroughs in the west and south are forecast to lose residents slightly.

03Purchase prices and rents: why the boroughs differ so widely

The range of purchase prices is enormous. In the former borough of Mitte, a flat cost an average of €9,374/m² in 2025, compared with €3,235/m² in Spandau. Listings tell the same story: in Spandau, 57% of all flats offered for sale were priced below €4,000/m², compared with just 9% in Mitte. Meanwhile, 30% of listings in Mitte asked €8,000/m² or more.

At first glance, rents look similar. Listings in Mitte ask a median of €20.00/m², compared with €11.56/m² in Marzahn-Hellersdorf. However, these figures describe new tenancies, often furnished and often in new-build properties. If you buy a tenanted flat, the existing agreement will generally apply. And that is guided by the rent index.

Berlin's rent index does not distinguish between boroughs. It differentiates by residential location category, year of construction, size and amenities. The median is €7.05/m² in basic residential locations, €7.79/m² in average locations and €9.14/m² in good locations. The gap between basic and good locations is therefore around 30%. For purchase prices, the gap between former boroughs is almost 190%.

This leads to the most important finding on this page. For tenanted flats, rents vary much less between boroughs than purchase prices do. The gross rental yield is therefore lowest in expensive locations. That says nothing about how prices will develop in future. It only tells you how much rent your money buys today.

04Four types of borough

Comparing twelve boroughs individually is laborious. Based on location, price levels and development, they can be divided roughly into four groups. The boundaries are fluid, and streets within each borough can differ considerably.

High-priced inner-city areas

These include the former borough of Mitte, Friedrichshain-Kreuzberg, Prenzlauer Berg and Charlottenburg-Wilmersdorf. Purchase prices are mostly between €5,200 and €9,400/m², with advertised rents of €17 to €20/m². With an average age of 39.4, Friedrichshain-Kreuzberg is the city's youngest borough. Many buildings are in social preservation areas, covered by what is known as Milieuschutz, or neighbourhood protection. Modernisation work requires permission there, as do temporary lets since April 2026.

The established west and south-west

Steglitz-Zehlendorf, Tempelhof-Schöneberg and Reinickendorf have a higher proportion of owner-occupiers and older residents. With an average age of 46.5, Steglitz-Zehlendorf is the oldest borough and, at €3,000, has the city's highest median household income. Purchase prices are mostly between €3,750 and €5,500/m², and higher still in Dahlem. The Senate's forecast expects slight population declines in Steglitz-Zehlendorf and Tempelhof-Schöneberg by 2040.

Moderately priced areas close to the centre

Neukölln and the former boroughs of Wedding and Tiergarten within Mitte are close to the centre, but purchase prices of €4,200 to €5,500/m² are significantly lower. According to the microcensus, incomes are below the city average; Neukölln had the highest unemployment rate of any borough, at 15.1%. Neukölln has barely grown since 2015 (+0.4%), and its forecast to 2040 is slightly negative. Neighbourhood protection rules apply in many areas here too.

Growing outskirts in the east and west

Treptow-Köpenick, Lichtenberg, Marzahn-Hellersdorf, Spandau and northern Pankow are growing most strongly. Treptow-Köpenick has grown by 17.3% since 2015, and the Senate expects a further 9.6% by 2040. A great deal of new housing is being built here, such as Siemensstadt Square in Spandau. Purchase prices are mostly between €3,200 and €5,000/m², and advertised rents between €11.56 and €15.60/m². In Lichtenberg, 94.5% of all homes are rented, more than in any other borough.

05The same flat in three boroughs

How does the borough affect your figures? Let us take Jonas. He is single, has a taxable income of €80,000 and buys a tenanted two-room flat measuring 55 m². We imagine the same flat in three boroughs: in Prenzlauer Berg in a good residential location, in Tempelhof in an average location and in Marzahn in a basic location. The name is fictional, and the figures are an illustrative calculation, not a forecast.

In each case, the purchase price matches the valuation committee's 2025 average for the former borough. The rent matches the rent-index median for the residential location category. Jonas finances the full purchase price at 3.8% interest and 1.5% principal repayment (assumed), while paying the ancillary costs from savings: 6.0% property transfer tax, notary and land registry fees, and a 3.57% estate agent's fee. Whether a bank would offer this financing depends on his creditworthiness.

All three flats cost Jonas money every month. In Prenzlauer Berg, he contributes around €652 per month after tax, compared with €372 in Tempelhof and €305 in Marzahn. Excluding principal repayments, which build his wealth, leaves actual monthly shortfalls of €218, €96 and €73.

Why is the gap so large? In Prenzlauer Berg, Jonas pays 87% more than in Marzahn but receives only 30% more rent. With a lower income, his required contribution would be higher: at a taxable income of €60,000, the after-tax figures would be €733, €420 and €347 per month. Our guide to tax on rental income explains how the tax effect arises.

There are two things the calculation does not show. The valuation committee's average also includes flats available with vacant possession and new builds. In 2025, tenanted flats in older buildings sold for around 31% less than those with vacant possession. And nobody knows how prices and rents in the three boroughs will develop. A flat in Marzahn is not automatically the better investment simply because the cash contribution is smaller. You can assess your own flat using the rental yield calculator.

What is your flat's rental yield? Enter the purchase price, ancillary costs and rent, and the calculator will show the gross and net rental yields.

06Risks by borough

The rules for landlords apply throughout Berlin: the rent brake until 31 December 2029, the 15% cap on rent increases until 10 May 2028, and the ban on converting rental buildings into individually owned flats under § 250 BauGB until 31 December 2030. Additional risks vary by borough.

• Neighbourhood protection: In the 82 social preservation areas, modernisation, changes to layouts and temporary lets require permission. Geoportal Berlin shows whether your address is affected.
• Population: Steglitz-Zehlendorf, Charlottenburg-Wilmersdorf, Tempelhof-Schöneberg and Neukölln are forecast to lose residents slightly by 2040. A forecast is not a certainty; it depends above all on inward migration and new construction.
• New builds nearby: Many new homes are being built in the growing boroughs. This brings infrastructure, but also competition for tenants, particularly at new-build rent levels.
• Tenant profile: In boroughs with lower incomes and higher unemployment, rent defaults are more likely on average. Budget a reserve for this, wherever you buy.
• Interest and maintenance: If the interest rate rises when you refinance, the required cash contribution increases in every borough. Older buildings need reserves, and special levies are possible.
• Data quality: Borough averages conceal major differences. A single new-build development can shift a former borough's figure, as the micro-apartments in Köpenick demonstrate.

07More locations

Berlin in detail: Investment property in Berlin, covering the economy, regulations and a comparison with new builds · Nearby: Brandenburg

More major cities in detail: Hamburg: all 7 boroughs compared · Munich: all 25 boroughs compared

All locations compared: Where is property investment worthwhile? Cities compared in 2026 · Federal states compared

08Further reading

• Investment property in Berlin
• A flat as an investment: advantages and disadvantages
• Tax on rental income
• Property transfer tax in Berlin
• Rental yield calculator
• Ancillary purchase costs calculator

09Sources

All sources accessed on 14 October 2026.

• Berlin Committee of Valuation Experts for Property Values: Property Market Report 2025/2026, p. 24 (regional statistical data, population as at 31 December 2025 according to the Berlin-Brandenburg Statistics Office) and p. 61 (flat price levels by former borough in 2025)
• Investitionsbank Berlin: IBB Housing Market Report 2025, statistical tables (6 March 2026), Table 1 (borough indicators), Table 25 (asking rents by borough in 2025), Table 27 (asking purchase prices by borough in 2025)
• Senate Department for Urban Development, Building and Housing: Population Forecast for Berlin and its Boroughs 2024–2040, Table 3; Berlin Rent Index 2026, documentation, Table 13 (net rents excluding service charges and heating by residential location category)
• Berlin House of Representatives: Parliamentary Paper 19/20607, Vacant Housing (2022 census, response dated 30 October 2024)
• Rules for landlords (rent brake, cap on rent increases, conversion regulation, neighbourhood protection): for sources, see Investment property in Berlin
• § 32a EStG (2026 tax schedule), § 7 Abs. 4 EStG (depreciation), GNotKG Anlage 2 (notary and land registry fees)
• Gross rental yields, price-to-rent ratios and illustrative calculation: our own calculations, as at 14 October 2026

Disclaimer: This page provides general information and does not constitute investment, tax or legal advice. All figures come from the sources cited or are illustrative calculations with disclosed assumptions, as at 14 October 2026. Past developments and forecasts are not reliable indicators of future results.