Housing prices soared in Germany in 2017, but one city outpaced the world.
"According to a report from property consultancy Knight Frank, property prices in Berlin soared by nearly 21% last year, putting it the top of the 150 world cites it surveyed," reports Jill Petzinger. "The German cities of Hamburg, Munich, and Frankfurt all experienced price growth of between 13 and 15% too, putting them in the top 10."
Globally, housing prices grew by 4.5 percent in 2017, down from 7 percent in 2016.
Despite the fact that Berlin's housing prices are growing fastest of any city in the world, costs are still cheaper than in large global cities like London and New York—and that's part of the city's current appeal. Cheaper prices have "encouraged an influx of foreign investors—including Warren Buffett, who last month inked a franchise deal with Berlin-based luxury apartment company Rubina Real Estate," according to Petzinger. "The triple whammy of foreign investment, low-interest rates, and a booming population has caused the Berlin property market to explode."
FULL STORY: Berlin has the fastest-rising house prices in the world
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