A building boom and low prices are luring the super-rich to the German capital
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Berlin, long famous as Europe’s capital of hipsters, students and semi-retired rock stars, is being reborn as a haunt of the super-rich. When David Bowie moved to West Berlin for three years in the 1970s, the city was awash with cheap housing and a thriving underground music scene.
Today, Schöneberg, the district where Bowie lived, and neighbouring Kreuzberg, popular with Turkish immigrants, are unrecognisable. The punks and revolutionaries have been replaced by young professionals, and squats have given way to penthouses and artisanal coffeehouses even as graffiti decries the area’s gentrification.
Germany is home to more than 13,000 ultra-wealthy individuals (those with a net worth above $30m), according to Wealth-X, the research company which tracks the activities of the super-rich, up almost 5 per cent compared with 2016. In terms of appeal to the wealthy, its research ranks Berlin as the 11th most attractive place to invest.
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Written by Hugo Greenhalgh in the Financial Times (Nov 14 2017)