The G Group has begun marketing a housing project in central Berlin to Israeli investors. The company reached an agreement with the German firm which owns the building to exclusively market 420 apartments in the project.
This is G Group's first activity in Germany. The company plans to have interested customers contact an asset management company specializing in short-term apartment rentals, in order to maximize the rent.
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The building has seven floors and is located on Frankfurter-Allee in central Berlin, which is one of the German capital's four main boulevards. The building was constructed in the 1950s and its heating and piping systems underwent a complete renovation about three years ago.
The building's flats measure 40-80 square meters (430-861 square feet) in size. An 80-meter apartment on the fifth floor is being sold for €79,500 (about $118,331) and a 40-meter apartment on the sixth floor is being sold for €46,500 ($69,213).
The prices reflect an average cost of about €900 ($1,340) per square meter. Company officials estimated that an 80-meter apartment would be rented out for about €1,500 ($2,233) per month.
According to G Group owner Guy Blochinsky, the project's uniqueness is in its prices and the fact that the apartment buyers will be registered as their owners in the land registry bureau.
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