Royal officials say Queen Elizabeth II may have to move out of Buckingham Palace during much-needed renovations to the residence, which has not been redecorated since she took the throne in 1952.

Officials say the palace needs an estimated 150 million pounds ($237 million) of upgrades, including replacing old plumbing and wiring and removing asbestos. The queen spends about a third of her time in the London palace, first used by her ancestor Queen Victoria.

Keeper of the Privy Purse Alan Reid said maintenance on aging royal buildings, "and in particular Buckingham Palace, will present a significant financial challenge" in the next few years.

Annual accounts published Wednesday showed that the monarchy cost taxpayers 35.7 million pounds in the year to March 31, the equivalent of 56 pence per person.

The Queen is currently in Germany on a state visit. She is meeting with Germany's president on the first official stop on her three-day state visit to the country. The 89-year-old monarch and her husband Prince Philip, 94, were greeted at Berlin's Bellevue Palace by President Joachim Gauck, Germany's head of state, and his partner, Daniela Schadt.

On entering the residence, they signed a guest book before going back outside and shaking hands with dignitaries and others lined up to meet them.

Elizabeth then strolled across the grounds with Gauck for a formal greeting by a military honor guard and band that played 'God Save the Queen' as well as the German national anthem.

Elizabeth was scheduled to meet with German Chancellor Angela Merkel later in the day after a boat trip along the River Spree.