London and Berlin have announced a new city-to-city partnership to strengthen trade and investments between the two capitals and support start-up businesses.
Property professionals predict that the agreement will boost demand for property – driven by start-up professionals moving to either city. In fact, figures show that 15,000 British professionals have moved to Berlin, while over 55,000 German nationals have settled down in London.
Some of the start-ups include challenger bank and fintech success story N26, online goods delivery firm Hello Fresh and Ubitricity, a Berlin start-up working with Siemens to pilot electric vehicle charging points on the streets of London.
“London’s status as a world city has always been a magnet for businesses and the new wave of entrepreneurs favours the capital for its thriving tech hubs and creative communities,” Martin Bikhit, managing director of Berkshire Hathaway HomeServices Kay & Co, said.
“The influx of young professionals has created micro-markets where developers are introducing new residential developments. Although Shoreditch has been a popular choice for young businesses, areas such as King's Cross are quickly catching up to attract the entrepreneurial demographics.”
The new King’s Cross area provides companies with 3.4 million sq. ft. of office space and a number of new residential developments. An example of this is Gasholders, a product of British architectural practice WilkinsonEyre and developer Argent, which will house 145 modern apartments and penthouses in the heart of the area.
Residents benefit from canal-side living and an array of amenities such as 24-hour concierge, roof gardens, spa, gym and residents’ lounge. There is also a ‘state-of-the-art’ entertainment suite including a private dining room and catering kitchen and a 14-person screening room with an adjacent games room. Prices start from £825,000.
Meanwhile, Berlin offers an equally attractive choice of new residential projects for British professionals. One of them is Petites Suites, located in Berlin City West. Fully completed and ready to move into, the development features a choice of one and two-bedroom apartments, ranging from 24-60 sq metres in size.
Residents will enjoy a generous lobby, onsite gym, concierge and restaurant. Prices range from €235,000-€450,000 (approximately £207,410-£392,000).
“For years, Berlin has been rapidly changing and the real estate market is transforming at the same pace. Compared to other European cities, Berlin still offers low entry prices,” Carsten Heinrich, chief executive officer of Berkshire Hathaway HomeServices Rubina Real Estate in Berlin, added.
Ramona Pop, deputy major of Berlin and senator for economy, energy and business, concluded: “The UK is one of Berlin's most important economic partners. Brexit presents us all with difficult challenges and makes a close collaboration between Berlin and London all the more important…We want to shape our common future in Europe: at this moment of divergence, we come closer together.”