Housing Markets on the Rise in Berlin, Busan, and Madrid

    Feb 24, 2020 @ 07:45 AM / by Patrick Benedetti


    Evening view in Busan, South Korea during an AIRINC cost-of-living survey.

    Berlin, Germany

    Berlin rents increased over the past year. Demand is growing from new start-up companies and larger international companies establishing headquarters in Berlin. Construction of new rental units is underway but expected to take a few more years before appearing on the market.


    Busan, South Korea

    After large projects concluded in nearby Geoje and Ulsan, companies relocated some expatriates to Busan where rents increased with demand. There is a limited supply of good quality expat housing and some units are being converted to short-term vacation rentals, which decreases supply further.


    Madrid, Spain

    Rents are up for both houses and apartments in Madrid. Demand remains strong, especially with Brexit looming. With apartments in popular areas renting within 48 hours, most landlords are unwilling to negotiate. Sources reported that new construction is limited to mostly high-end 2-bedroom units with amenities, but progress is slow.


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    Topics: Housing, Expatriate Housing, Data Points, Insights and Experience, International Housing Guide, South Korea, Site Summaries, economic volatility, Germany, Berlin, Spain, Madrid, Busan

    Patrick Benedetti

    Written by Patrick Benedetti

    Patrick joined AIRINC as a cost-of-living researcher in 2003 and has traveled to over 70 countries. He maintains AIRINC's Location Profiles product, produces AIRINC’s quarterly data newsletter “Data Points,” and works with the AIRShare Blog Team. After years co-managing the Housing Team, Patrick most recently joined the Research Team as Senior International Research Manager.