Largest Urban Area in Germany
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The city has a population of 603,609 residents. It is the third-biggest city of the most populous German state, North Rhine-Westphalia, and the eighth-biggest city in Germany. It is the cultural, commercial, and administrative center of eastern Ruhr.
Culture, History, and Business
The city was founded around 882, becoming an Imperial Free City. Across the 13th to 14th centuries, the city of Dortmund was the main city of Westphalia and Rhine. The city grew to be among the most important cities in Germany because of its beers, steel, and coal. The city was devastated during World War II, with 98% of the inner city destroyed.
The economy of Dortmund is backed by various industrial sectors. Some of the renowned companies of the world service the economy of the city. The city houses various high technology, robotics, biomedical technology, microsystems technology, engineering, tourism, finance, education companies of the world. The quality of life in Dortmund is impressive. The city has been ranked seventh in Germany’s most livable cities. In 2017, Global Least & Most Stressful Cities ranked Dortmund among the world’s least stressful cities. Furthermore, the monthly cost of living for a family and the monthly cost of living for a resident are $3,338 and $954, respectively.
Real Estate Appeal
Dortmund had the region’s highest price increase for an apartment, growing by 12.97% to €1,647 ($1,848) per square meter from 2018 to Q1 2019. There was also an increase of 6.25% in the median price of single-family and two-family houses. The median price as of Q1 2019 was €2,125 (US$2,384) per square meter. The price range for the real estate property in Dortmund varies from as low as €22,500 to as sky-high as €1 million. The cost of an apartment in the city center is €3000 per sq. meter while outside the city center cost €2066.67 per sq. meter. The land area that you can get in this price range varies from 50 square meters to 400 square meters or more.
Rental yields in Dortmund are also decent. The rental yields at the city center are at a rate of 4.23% while outside the city center is 3.96%. The cost of renting a one-bedroom in the city center and outside the city is €601.67 and €372.33, respectively. Similarly, the cost of renting a three-bedroom in the city center and outside the city is €1,004 and €682.50, respectively. For details of why you should consider investing and the hottest neighborhoods, see our subsequent related articles.
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