Plauen è una città di 68.430 abitanti della Sassonia, in Germania, non lontana dal confine bavarese . Questa città si trova a sinistra del fiume Weißen Elster, un affluente del Saale, nel punto in cui il Syra sfocia in una antica valle priva di boschi e dove la pianura della Vogtland degrada in un bacino vicino all'Elster. Dopo Lipsia, Dresda, Chemnitz e Zwickau, si tratta della quinta più grossa città del Land. Le più vicine città sono Gera, a circa 40 km a nord di distanza, e Chemnitz, a 66 km di distanza. Il numero di abitanti della città ha superato nel 1904 il limite di 100.000 persone, motivo per cui divenne di diritto una cosiddetta Grande Città. Dopo la seconda guerra mondiale e con la divisione della Germania , il numero degli abitanti calò fortemente e solo dopo la caduta del muro e la riunificazione del Paese , la città è ritornata la centro di politiche di svipuppo e l emorragia demografica si è arrestata mostrando una inversione di tendenza . Plauen si trova a sinistra del fiume Weißen Elster, un affluente del Saale, nel punto in cui il Syra sfocia in una antica valle priva di boschi Weißen Elster, dove la pianura della Vogtland degrada in un bacino vicino all'Elster.
Compared with London prices, €14,137 per square metre may not sound much – residents of One Hyde Park are willing to fork out four times the amount – but it certainly puts a lie to the first half of Berlin's self-assigned catchphrase "poor but sexy".
Looking at the capital from up here, a line from Brecht's The Threepenny Opera, which long ago premiered at the Berliner Ensemble next door, sounds a more appropriate motto: "Listen closely to Mack the Knife / the bulging pocket makes the easy life."
Attitudes to property are changing in Germany, especially so in the three biggest cities – Munich, Hamburg and Berlin. Over centuries, the capital fostered a reputation as a renter's paradise, where tenants paid little and were well protected by the law. In 2011 only 16% of Berliners owned their own place, compared with 50% in London.
But rents are rising quickly in Berlin, at almost twice the national average rate. At the moment they may still be half of those in Munich, but Nikolas Jeissing, head of the commercial branch of estate agents Engel & Völkers, suggests the capital will eventually catch up. "In the long run I imagine that it will be more expensive to rent in Berlin than in Munich," she says.
The German coalition government may be planning to introduce rent controls in the bigger cities, but Jeissing believes they will only "slow down the trend, not stop it". Increasingly some young families are forced to calculate if they would not be safer buying their next flat than renting precariously.
In addition, with interest rates remaining low across the eurozone, a nation that traditionally saves a tenth of its income has had to learn to look elsewhere to park its savings. And with the economy still unstable elsewhere in Europe, German property has begun to look safer than ever: betongold – "concrete gold", some in Germany call it, though Koopmann of Yoo quibbles with the term. "Gold is actually quite a volatile investment – property in the centre of Berlin, on the other hand, is as safe as it gets."
Half of Yoo Berlin's buyers are foreign investors, from Britain, America, France and "very few Russians". Many of them already own "a flat in London, maybe an apartment in Singapore", said sales manager Von Albert – many of the flats behind Bertolt Brecht are likely to remain empty for most of the year.
But whether foreigners are the main drivers of Berlin's betongold boom, as some analysts have claimed, is questionable. Agencies may now rank Berlin in third place on the European investment market, after London and Rome, and the parents of Spanish, Italian or Greek twentysomethings may be more familiar with the German capital than they were a decade ago, but Jeissing of Engel & Völkers puts foreign investors' share in the retail investment rise at roughly 30%, considerably down from before the financial crisis.
James Guerin, the Irish CEO of Berlin-based Natulis property group, agrees: "Even though a lot of money is flowing into the city in the form of property purchasers from countries where the local economy is weak, like Greece, Italy, Spain, this is not having a big impact on the business here except for some luxury projects. In fact, there were more foreign buyers in the mid-90s."
Guerin's company is building flats on the site of a ruined old factory, on Scharnhorststrasse north of the central station. Only 10% of his buyers come from abroad. Most of them are upper-middle-class Germans, many of whom are buying property for their children.
Walking around the building site, looking at the cranes working on the open spaces nearby, there is a sense that Berlin is busy closing up remaining gaps. "Time is running out to buy in Berlin," Guerin says. Once all the empty plots are built on, will Berlin go the way of Paris or London, with amateur developers doing up older properties to sell for a profit .
Even James Guerin agrees that exponential increases comparable with those in London are unlikely. "Germans are more prudent in property purchasing. There is no property ladder here. They tend to buy later in life and hold their properties long term. It's primarily a home and secondarily an investment."
Most German banks require around 20% deposit and tend to offer 10-year fixed interest rates, which deters buyers from reselling after a few years.
Currently, Berlin's priciest flat is a bit of a mess, as the owner has decided to rip out the work already done and bring in his own designer. Strolling through the debris, Hans-Peter Koopmann, who manages publicity for the development, points out sights on the horizon: "That's the Reichstag, there's the Victory column, and from this angle you can look straight into Angela Merkel's living room." No other residential properties will obscure its new owners' view: the district council specially lifted a ban on high-rise flats for Yoo.
Compared with London prices, €14,137 per square metre may not sound much – residents of One Hyde Park are willing to fork out four times the amount – but it certainly puts a lie to the first half of Berlin's self-assigned catchphrase "poor but sexy".
Looking at the capital from up here, a line from Brecht's The Threepenny Opera, which long ago premiered at the Berliner Ensemble next door, sounds a more appropriate motto: "Listen closely to Mack the Knife / the bulging pocket makes the easy life."
Attitudes to property are changing in Germany, especially so in the three biggest cities – Munich, Hamburg and Berlin. Over centuries, the capital fostered a reputation as a renter's paradise, where tenants paid little and were well protected by the law. In 2011 only 16% of Berliners owned their own place, compared with 50% in London.
But rents are rising quickly in Berlin, at almost twice the national average rate. At the moment they may still be half of those in Munich, but Nikolas Jeissing, head of the commercial branch of estate agents Engel & Völkers, suggests the capital will eventually catch up. "In the long run I imagine that it will be more expensive to rent in Berlin than in Munich," she says.
The German coalition government may be planning to introduce rent controls in the bigger cities, but Jeissing believes they will only "slow down the trend, not stop it". Increasingly some young families are forced to calculate if they would not be safer buying their next flat than renting precariously.
In addition, with interest rates remaining low across the eurozone, a nation that traditionally saves a tenth of its income has had to learn to look elsewhere to park its savings. And with the economy still unstable elsewhere in Europe, German property has begun to look safer than ever: betongold – "concrete gold", some in Germany call it, though Koopmann of Yoo quibbles with the term. "Gold is actually quite a volatile investment – property in the centre of Berlin, on the other hand, is as safe as it gets."
Half of Yoo Berlin's buyers are foreign investors, from Britain, America, France and "very few Russians". Many of them already own "a flat in London, maybe an apartment in Singapore", said sales manager Von Albert – many of the flats behind Bertolt Brecht are likely to remain empty for most of the year.
But whether foreigners are the main drivers of Berlin's betongold boom, as some analysts have claimed, is questionable. Agencies may now rank Berlin in third place on the European investment market, after London and Rome, and the parents of Spanish, Italian or Greek twentysomethings may be more familiar with the German capital than they were a decade ago, but Jeissing of Engel & Völkers puts foreign investors' share in the retail investment rise at roughly 30%, considerably down from before the financial crisis.
James Guerin, the Irish CEO of Berlin-based Natulis property group, agrees: "Even though a lot of money is flowing into the city in the form of property purchasers from countries where the local economy is weak, like Greece, Italy, Spain, this is not having a big impact on the business here except for some luxury projects. In fact, there were more foreign buyers in the mid-90s."
Guerin's company is building flats on the site of a ruined old factory, on Scharnhorststrasse north of the central station. Only 10% of his buyers come from abroad. Most of them are upper-middle-class Germans, many of whom are buying property for their children.
Walking around the building site, looking at the cranes working on the open spaces nearby, there is a sense that Berlin is busy closing up remaining gaps. "Time is running out to buy in Berlin," Guerin says. Once all the empty plots are built on, will Berlin go the way of Paris or London, with amateur developers doing up older properties to sell for a profit .
Even James Guerin agrees that exponential increases comparable with those in London are unlikely. "Germans are more prudent in property purchasing. There is no property ladder here. They tend to buy later in life and hold their properties long term. It's primarily a home and secondarily an investment."
Most German banks require around 20% deposit and tend to offer 10-year fixed interest rates, which deters buyers from reselling after a few years.