The capital of Saxony is rising like a phoenix
Discover Dresden's Real Estate
Few cities in the world suffered as much during the 20th century as Dresden did. Almost completely destroyed by Allied bombing during World War II, German reunification during the 1990\'s brought about economic struggles as the city’s residents fled to the more prosperous western cities. However, Dresden has managed a dramatic turnaround as of late. Its historic center has been beautifully reconstructed, unemployment is way down and people are moving back to the city, attracted to its affordability, high quality of life and advanced economy.
Culture, History, and Business
Dresden began as a Slavic settlement around the late 12th century. In 1485, it became the capital of Saxony and one of the most important cities in the Holy Roman Empire. The reign of King Augustus II the Strong in the 17th and 18th centuries brought about a Golden Age for the city and it became one of Europe’s main centers of art and technology. During World War II Dresden suffered considerably. Its Jewish population was decimated, falling from 6,000 people to just 41, while the city was subject to an extensive bombing campaign that destroyed the city center. After the war, Dresden became part of the Soviet-backed East Germany.
Following German reunification in the 1990’s, Dresden struggled economically. However, in the last two decades the city’s fortunes have turned around. Today Dresden is one of Germany’s leading manufacturing hubs, especially for pharmaceuticals, semiconductors and the automotive industry. It also boasts an excellent education system and its rebuilt historic center has helped it become one of Germany’s top tourist destinations.
Real Estate Appeal
Dresden is in the midst of a property boom. People from elsewhere in Germany are moving to the city thanks to its growing economy, affordability and high quality of life. As a result, new residential projects are under construction and housing prices are rising extremely fast. While still affordable compared to other German cities, the cost of real estate in Dresden’s city center is now €3,333 per square meter and €2,666 per square meter outside of the city center.
For foreign real estate investors, Dresden is a particularly appealing market. Its large student population and booming tourism industry make short-term rentals lucrative in the city. Because property values are appreciating rapidly, Dresden also makes an excellent choice for buying and selling properties with a significant return on investment.
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