#EXPOREAL Buwog bets on Berlin's resi market

Austrian residential developer Buwog is to invest €300 mln in a project comprising 800 apartments in Berlin, CEO Daniel Riedl told PropertyEU at Expo Real.

Construction on the project, 52 Grad Nord, is expected to start in the first quarter of next year. The 100,000 m2 development is located in the rapidly developing southeastern part of the city in the Treptow-Koepenick district, on the Dahme river.

'Berlin is our favourite residential market,' says Riedl. 'It's a growing city but there is more competition than when we entered the market two years ago. There is huge demand for residential projects in Berlin and not enough construction.' Prices for the apartments will range from around €3,000 to €5,500 per m2.

Buwog also started construction last month on 'Uferkrone', a project comprising almost 200 apartments in Berlin-Koepenick. It will be developed in three phases and is due to be completed by the end of 2021. In total, the firm has four projects under construction in the city.