From squats to lofts: Berlin property goes upscale

By Noah Barkin BERLIN (Reuters) - A new luxury residence going up in the heart of east Berlin promises airy lofts, a swimming pool, spa and a concierge service -- the kind of luxury you would expect to find in London or New York. The "Fehrbelliner" complex is one of a growing number of high-end developments sprouting up in the German capital, injecting new life into a long-suffering real estate market better known for its graffiti-covered squats and prefab Soviet-style cement constructions. Boasting exotic names like "Fellini" and "Oxford", the new developments offer apartments with price tags approaching 10,000 euros ($15,700) per square-meter, more than double the cost of the city's top offerings just a couple of years ago. They amount to a high-stakes bet that Berlin, which disappointed so many investors after the fall of... [read full story]