Germany’s energy capital and a major cultural hub
Discover Essen's Real Estate
Essen is one of the main cities that make up the vast Rhine-Ruhr Metropolitan Area, the largest urban area in Germany and one of Europe’s most important economic regions. Historically one of Germany’s most heavily industrialized cities, Essen retains high economic importance to the country with many leading corporations headquartered here, especially in the energy sector. As a former European Capital of Culture, it also offers residents and visitors a wealth of cultural attractions.
Culture, History, and Business
While humans have inhabited the Essen area for thousands of years, its recorded history as a permanent settlement begins in around 845 when St. Altfrid founded an abbey for women in what is today the city center. The abbey became a major educational institution for women of the Saxon nobility and acquired numerous important treasures, some of which are still held at the present Essen Cathedral. Meanwhile, the city of Essen grew up around the abbey, with disputes between the two common, most notably during the Thirty Years’ War when the city supported the Reformation while the abbey supported the Counter-Reformation. During the 19th and 20th centuries, Essen became an industrial powerhouse, especially for armaments production. This fact led to it being heavily bombed during World War II.
Essen rebuilt following the war and regained its status as an industrial center. Today, many of Germany’s top companies are headquartered in the city, most notably ThyssenKrupp and E.ON. That reputation has also turned it into a major center for trade shows, with some of the biggest in the world held in Essen, most notably the Essen Motor Show and the Essen Game Fair.
Real Estate Appeal
Essen boasts a very strong economy both in its own right and due to its location in the extremely important Rhine-Ruhr Region. Because of the economic opportunities, it attracts newcomers from all over Germany, which helps keep the demand for real estate at a healthy level.
While Essen is not a major tourist city like other German cities are, it nonetheless attracts a large number of overnight visitors. This is due to the fact that its many trade shows are internationally famous and entice tens of thousands to the city. Furthermore, since it is a major business city, many business travelers also make their way to Essen. As a result, there is a lot of potential for short-term rental properties in the city.
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