Monarch company undertook the implementation of the highest building in Berlin
The other day in Berlin began construction of a new building, which should be the highest in the metropolis. The complex will accommodate residential, office and commercial premises, and will be made using the latest technology. The Russian developer Monarch Company took up the project implementation.
The building is being erected on Alexanderplatz, at the intersection of two streets Alexanderstrasse and Grunestrasse – in central Berlin. The complex will be made in the form of a tower, the height of 150 meters. It is assumed that 377 apartments, as well as office and commercial premises will be located here. The total area of the object will be 42 thousand sq.m.
The tower project belongs to the architectural studio Ortner & Ortner Baukunst from Berlin. Approximate construction cost is 250 million euros. The building will have 35 floors, three of which will occupy office and retail space, the rest is allocated for apartments. After completion of construction the head of the company Monarch is considering moving the headquarters from Moscow to Berlin.
The construction period of the object is 4 years
Despite the fact that the Russian developer has purchased land for construction back in 2013, work began only in November this year. The site cost the company 30 million euros, which was expensive even for the real estate market in Berlin. For the first time, the plans of Monarch to build a high-rise building began in 2015. Then the company wanted to take a loan in German and Swiss banks, and the profit that it would get after the construction of the object, to send to other projects in Russia. However, the process took a long time, and construction was only possible to begin now.
What to expect from the German real estate market
The appearance of a new facility in the capital is a great opportunity for investors. Experts conducted an analysis of the real estate market in Germany and said that the cost of housing in the country has increased by almost 10%. For comparison, last year the growth was a little over 5%. Such figures show that the segment is developing and is in demand.
Positive dynamics are conditioned by favorable mortgage conditions. German banks offer low interest rates on credit and with a high level of wages this option is quite popular.
Despite the fact that demand is increasing, supply is quite limited. In Germany, few new buildings are being erected. For example, this year there were issued 2.5% fewer permits to start work than in the previous year. Experts are also worried about the global economic slowdown, which may soon affect the real estate market.