The European real estate market has seen several years of strong growth. In fact, since early 2016, house prices in the EU have risen by 4.6% year-on-year on average, outperforming wages and GDP growth. This upward trend has been widespread across countries and also large cities. House prices have risen markedly across all European countries bar Italy and have now exceed pre-crisis levels in most cases, while some countries prices are growing well above the EU average. The price growth is evident in Portugal, where prices have risen by more than 9.0% year-on-year on average since 2016. In part, the rise of house prices in Europe is due to a synchronised economic recovery. The European recovery began in 2013 and gradually consolidated, particularly from 2016 onwards when growth speeded up in most member states. This upswing has been accompanied by a notable rise in employment, with the EU's average unemployment rate falling from 11% at the beginning of 2013 to 6.3% in Q3 2019.
Berlin, the capital of Europe's largest economy, is a global centre for commerce, innovation, and politics. Over the previous two decades, the city has been revitalised and is now Germany's centre for government, technology, education, and culture. Employment development in knowledge-based and future-oriented industries has provided Berlin with a solid basis for long-term, sustainable economic growth.
Berlin has long been recognized as a world city of culture and creative industries, with many internationally acclaimed cultural landmarks, institutions, and festivals. As a result, in 2005, Berlin was named “City of Design” by UNESCO and was invited to join the prestigious UNESCO Creative Cities Network (UCCN) .
Berlin is Germany’s sport metropolis. Not only due to the many international events the city has hosted, such as the Summer Olympics, the 2006 FIFA World Cup fi nal, and the UEFA Champions League Final in 2015, but for the various professional sports clubs and events that call Berlin home.
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