Tuesday 13 August 2013

City of Berlin has extended protection of condo tenants to 10 years.

The Berlin City Government has signed off a new regulation today starting 1. October 2013 protecting current tenants of a property newly divided into condos from being given notice for the purpose of own use for a period of 10 years after the division. This new act replaces the last 2011 regulation which only covered 6 districts and 7 years whereas the new one applies throughout the city.

This protection is for the residents at the precise moment of the division only. In case of new rentals the new tenants should be made aware of the fact that their new home is actually a rented condo, buy-to-let apartment or investment apartment as they are called as well. There is no influence on rent levels, contract durations or any other contract matter through this regulation.

The purpose of this act is said to address issues of so called "gentrification" in popular central locations and the impact of current short supply of affordable (low rent) apartments on the rent level inthe city.

For support in the identification of the right investment targets please visit our website at www.berlin-portfolio.com. Especially for international Private Investors and Property Funds we provide a task force service for quick reaction to interesting opportunities. We provide independent support for the property search including foreclosure or auction properties and their valuation or appraisal. (Also see our free property market Research Service) Please use this link to the contact facilities provided there to place any requests .
Uwe Falkenberg