The 1st district is the centre of Vienna and is called Innere Stadt (“Inner city”). It borders Leopoldstadt, Landstraße, Wieden, Mariahilf, Neubau, Josefstadt and Alsergrund. Until the fall of the city walls these districts were actually suburbs which became municipalities by the time. The overall population is approx. 17,000 people. However, as the 1st district is a tourist centre and many companies have their offices there, actually 100,000 people work in the inner city. This has a significant influence on the economy and the business.
The inner city is considered as the most expensive and most elegant district of Vienna. In various pedestrian zones can be found luxury boutiques, excellent restaurants as well as classy Cafés. Moreover, the district offers numerous luxurious real estates: there exist 1,700 buildings which were built before the year 1919. There are almost no new building sites which results in the fact that projects are exclusively conducted as renovation measures of existing buildings (Palais Hansen Kempinski Vienna, Palais Principe). In the 1950s 40,000 people lived in Vienna, but because of the rise in real estate prices has the district become an exclusive residential area. The purchase price for real estates in the 1st district varies between € 8,000 and € 15,000/m2. Current statistics show that the demand for small apartments has fallen in favour of two- and three-room apartments.
The inner city, an UNESCO World Heritage Site, offers as a touristic, historic and cultural centre of Vienna lucrative investment projects for prospective real estate buyers and investors. The remarkable number of impressive tourist attractions (Stephansdom, Naturhistorisches Museum, Kunsthistorisches Museum, Albertina, Justizpalast, Parlament, Rathaus, Theseustempel, Burgtheater, Bundeskanzleramt, Minoritenkirche, Michaelkirche, Hofburg, Kärntner Straße, Graben and the most expensive shopping street Kohlmarkt) guarantees a year-round tourist flow.