Culture, History, and Business
Frankfurt was among the most significant cities during the period of the Holy Roman Empire. The city was the coronation destination for German Kings and Emperors from 1562 to 1792.
The city is among the most populated in the region. It has a current population of approximately 730,000 as of 2019, with around 64,000 residents increase since 2009. the population grew at a rate of 9% over the past decade. In 2012, the city ranked highest among the 30 largest German cities for productivity with a GDP per employed person of €84,427.
In contrast to other major cities in Germany, Frankfurt’s unemployment is considerably low at a rate of 5.6%. The city is also ethnically and culturally diverse. In 2015, over half of its population (51.2%) had an immigrant background.
Frankfurt property prices have constantly risen since 2004. In 2017, average asking prices for apartments rose by over 100% from 2008 with apartments jumping from €2,300 per sq. meter to 4,830 per sq. meter. The average price for purchasing a property in Frankfurt rose in the first half of 2018 to €5,300 per sq. meter at the rate of 10.7%. In some of the upscale places, the property prices went as high as €13,500 per sq. meter. Single-family houses were sold at a price average of €776,706, a 2.3% rise from the previous year.
Furthermore, the asking rents for houses and apartments in the city grew by 3.6%, averaging €1455 per sq. meter in the first six months of 2018. However, asking rents merely grew since 2004 by an average of 2.5% per annum.
Construction of over 7,000 new apartments is required annually to meet up with the demand in the city over the next couple of years. This target looks unattainable, considering the current scarcity of construction plots. The insufficiency of residential space implies that more population growth will increasingly determine the real estate market of Frankfurt for years to come. For details of why you should consider investing and the hottest neighborhoods, see our subsequent related articles.