Guaranteed rental properties in Berlin

op_dir

Has anyone heard of/dealt with a company called MRI who help you to buy Property for investment. We are going to Berlin next week to have a look at apartments but you have to agree to rent them out for 10 years. Does anyone know if this is a good dealt. No way we can afford to invest in 2nd property in the UK so this seemed like a good alternative.

Hi Franophile,

this is my first post. I do not want this site to incur the wrath of MRI so I will simply post a link to an article published in The Times

http://www.timesonline.co.uk/tol/news/uk/article601007.ece

I hope you will be able to read the impartial article from a reputable source and make up your own mind

drc

UK007BullDog wrote: »

Nope, some property in the ex-east German parts of Berlin you can get for 4,000 Euros. But who wants to live there? No one hence the price.

Which parts are you talking about? Areas like Prenzlauerberg and Kreuzberg are sooooo trendy now and so expensive as all the families with children live there and the artists etc. My sister has lived there for the last 5 years and would love to buy in Prenzlauerberg but there is such demand for property (rental) that it is impossible to find for the size she wants. The flats are amazing though! Can't believe how much we pay here in the UK for pokey, grotty $hitholes compared to the huge, internally modernised, architecturally beautiful Berlin apartments.

sooz

drc wrote: »

, internally modernised, architecturally beautiful Berlin apartments.

The ones I have seen ads for are nothing like that. They are the commie concrete high rises like those featured in goodbye lenin

drc

sooz wrote: »

The ones I have seen ads for are nothing like that. They are the commie concrete high rises like those featured in goodbye lenin

It depends where you look. Some parts of the old east Berlin have been really gentrified since the fall of the wall. Prenzlauerberg for example has undergone an extensive programme where all the old delapidated buildings (1900s) are being completely re-done (but keeping the old architectural features) e.g. http://www.strproperty.co.uk/overseas/location/germany/2_bedroom_flat_in_prenzlauter_1/

Most of the apartments there are fantastic. I agree though that the typical communist era grey monolith-type high rise blocks are still there and are still ugly and horrible.

Francophile

op_dir wrote: »

Has anyone heard of/dealt with a company called MRI who help you to buy Property for investment. We are going to Berlin next week to have a look at apartments but you have to agree to rent them out for 10 years. Does anyone know if this is a good dealt. No way we can afford to invest in 2nd property in the UK so this seemed like a good alternative.

OP-DIR My DH and I went to Berlin with MRI earlier this year. It's a very slick operation but we decided against investing through them for a number of reasons which I will not air on this site. MRI threatened to sue another forum so we'll not go there. You can PM me if you wish.
By the way we absolutely loved Berlin, fabulous city.

dolce_vita

plane_boy2000 wrote: »

They look quite professional........

Most of these lying thieving companies usually do.

That's all part of the trap.

nollag2006

Some warning posts about MRI here:
http://www.askaboutmoney.com/showthread.php?t=55216

I liked the bit in the Times article about the founder's fear of the colour red. Best not to wear your Liverpool / Man U shirt / Father Christmas outfit when you go out to see him then, eh ??

The founder's own website is truly hilarious:
http://www.darraghmacanthony.com/biography.aspx

Article on more generally investing in Germany that might also be of interest:
http://www.moneyweek.com/file/11404/why-you-should-invest-in-german-property-now.html

I'm always a little wary of these places that target UK investors directly. Might be better off dealing with local estate agents...