Austrian residential specialist Buwog Group will begin selling apartments in its latest Berlin development later this month, according to CEO Daniel Riedl.

Austrian residential specialist Buwog Group will begin selling apartments in its latest Berlin development later this month, according to CEO Daniel Riedl.

The 52° Nord project will see a total of 800 apartments will be built in several phases on the 100,000 m2 Ankerviertel site by 2022, at a total cost of €300 mln.

‘The residential market in Berlin has got a lot bigger in the last couple of years,’ said Reidl. ‘Subsequently, the average plot of land has doubled in price in the past two years.’

Last month Buwog started construction on the Seefeld phase of the project, which will comprise apartments ranging from 50 m2 to 150 m2. Prices range from €2,750 to €4,700 per m2.

‘The market is buoyant,’ said Michael Fesselmann, head of sales in Berlin. ‘As a result, prices are rising on average by 15% a year.’