Frankfurt is an extremely multicultural and diverse town; it has a population of 730,000 – 30% of which is foreign. It is a small, unique and friendly town and known as the ‘smallest metropolis in the world’.
The river Main is one of the key features in Frankfurt where there is a welcoming and outgoing atmosphere. It is extremely popular with locals as they can cycle and walk by the river whilst enjoying the beautiful views.
Frankfurt is the only city in Germany that has skyscrapers which is why it is nicknamed the ‘Mainhattan’. The locals can appreciate the scenic views of the skylines but also the picturesque countryside.
With its airport being the third-largest in Europe and the city being known for its reputable financial hub, Frankfurt is at a high level in terms of finance and traffic in the country.
The cost of living index in Frankfurt is 14.04% lower than in London. The unique towns out-with the city centre means that this creates greater opportunity to have larger living spaces.
Even though the town is lively and busy, many areas are ideal for tranquillity and with the Taunus mountains only being 20km away this creates excessive opportunities for activities such as hiking and cycling. There are also historical towns nearby featuring castles, parks, museums and forests.
Frankfurt is very diverse in terms of the neighbourhoods it has to offer. There are many quieter areas on the outskirts and near the Taunus mountains also.
The Westend for example is known to be a more expensive and luxurious place to live. There are a variety of restaurants, bars and socialising areas such as the palm garden. One of the Goethe University campuses and the Senckenberg is located here. With all its significant pros, property prices can be high in this particular area.
Sachsenhausen is Frankfurt’s largest neighbourhood. It is south of the river Main and is famous for its museums which lie on the riverside. This is a popular area for locals as they can spend their leisure time viewing the scenic skyline or walking by the river. Ancient buildings in this area have been reinstated into restaurants or terraces for example. Sachsenhausen is not only prevalent for its buildings and supreme area, but also for its variety of restaurants, bars, and clubs.
Ostend is also a popular area within Frankfurt due to its vast cultural prospects. It is different in comparison to other neighbourhoods. The cost of living in this location has been relatively low until recent times where it has become progressively expensive due to the European Central Bank moving here.
The neighbourhood used to be an industrial district with many factories. However the city is evolving into a ‘creative centre’ and undergoing restoration due to the influx of the European Central Bank Headquarters. You can also find the Hoch Conservatory here which is a prestigious music academy.
Frankfurt offers a great variety of transport links such as an underground metro, trams, and buses. However, the costs of using public transport can be expensive. To tackle this issue many locals will buy a monthly season ticket for the Frankfurt fare zone, which costs €87.40 for adults. Due to the easy access to public transport it is not essential to have your own car. It is also not standard for apartments in Frankfurt to come with a parking space therefore using public transport is bound to be more beneficial and easier.
Frankfurt’s population is increasing by around 8,000 per annum. There is a deficit of 50,000 residential units therefore the price and rent upsurge in 2017 was not entirely dependent on the Brexit speculation. The market is probable to remain secure for years to come.
To buy a property in Germany you only need a valid passport and the relevant amount of money. On arrival in Frankfurt, a residence permit is required immediately and all individuals moving within or to Germany must register their address despite where they are from. Overall housing prices in East Germany are lower than in Western Germany.
Each tenant must register with the local gas and/or electricity company. Electricity rates in Germany are among the highest in Europe however there is a range of alternate suppliers to choose from.
Using a real estate agent is the easiest and most helpful source you can acquire when looking for accommodation however it can be expensive. It is important that a receipt is not paid for before the lease has been signed but also not to sign anything unless all agreements and paperwork completed.
Push your career to the next level and work with Kingpin International. When you’re looking for your next tax career move, we’d love to hear from you. So, what are you waiting for? Get in touch with a member of our team or look at our current international tax vacancies.