The 1st district is the historical centre of Vienna and is called Innere Stadt (“Inner city”). The total population is approx. 16,047 inhabitants. However, as the 1st district is a tourist centre and many companies have their offices there, actually 100,000 people work in the centre of the city. This has a great impact on the economy and the business.
The 1st district 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. Furthermore, the metro lines U1, U2, U3 and U4 cross the city centre.
The inner city is considered as the most expensive and most elegant district of Vienna. Luxury boutiques, excellent restaurants as well as classy Cafés can be found in various pedestrian zones. 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 new projects are exclusively conducted as renovation measures of existing buildings (Palais Hansen Kempinski Vienna, Palais Principe, etc.). In the 1960s about 35,000 people lived in Vienna, but because of the rise in real estate prices the district has become the most exclusive residential area of Vienna. Nevertheless, the demand for real estate is very high, wherefore any open space is being exploited and re-built to living space (e.g. mansard). Furthermore, the cityscape is being permanently maintained: the highly frequented area around the Schwedenplatz is currently being renovated.
The purchase price for real estates in the 1st district varies between € 7,000 and € 15,000/m2. The price of penthouse apartments reaches up to 25,000€/m².
The inner city, a 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, etc.) and most expensive shopping streets (Kärntner Straße, Kohlmarkt, and Graben) guarantee a year-round tourist flow. In 2017, 2,762,168 overnight stays were recorded (for comparison: in 2010, there were 1,978,827 overnight stays).