This attractive, traditional neighborhood, which forms part of the city’s high-rise financial district, is known for its historic, elegant atmosphere and pretty parks. Sometimes referred to as Frankfurt’s Mayfair, referring to the tony London area, the Westend is an affluent, well-groomed district that has drawn the city’s banking elite like a magnet.
And Germany’s financial capital is expected to see a big increase in financial services jobs after banks based in London have announced that they will be relocating or expanding their operations in the city following Brexit.
Home owners anticipating an imminent buying frenzy are holding off selling because they are expecting prices to increase dramatically over the next year or so. There is a feeling and an impression that Frankfurt is going to see a huge influx of people from London, said Amin Aschdjai-Benissi director of Engel & Volkers in Frankfurt.
However, local agents have said that they haven’t noticed a huge increase in interest from buyers based in London. "My company’s commercial team is seeing increase in requests for office space but not much increased activity in residential sales because of Brexit," Mr. Aschdjai-Benissi said.
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"It’s not going to be an instant thing," he said. "Frankfurt is a lovely place to live, but it does not offer the same lifestyle you would find in big cities such as London or Paris. My guess is that high-ranking employees will rent first and if things work they might buy a base here in future."
Olivier Peters, of Peters & Peters Sotheby’s International Realty, agreed: "We are getting inquiries from London-based bankers looking to rent rather than buy. They are planning to ‘commute’ to the city every week, rather than move here on a permanent basis."
While the city is yet to be inundated with London-based bankers, the property market has been booming in recent years regardless. New high-rise developments are rapidly changing the skyline and the property market is experiencing strong price growth. "Last year we were of the opinion that prices were going to stay stable but they have risen by 10% in the past 12 months," Mr. Peters said.
New developments, particularly in the newly-developed Europaviertal or Europe Quarter, have been seeing increasing investment from foreign buyers from Asian countries. Some of the reasons: Germany is seen as a safe investment for global investors and Asian investors prefer Frankfurt because its airport offers an extensive network of destinations across the continent.
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Boundaries
Westend lies on the northwest edge of the city center, between Bockenheim (east) and Nordend-Ost (west) and Dornbusch (north).
Reuterweg lies on its western edge and its southern border includes Mainzer Landstraße and Platz der Republik.
Friedrich-Ebert-Anlage and Senckenberganlage and Zeppelinallee are on its eastern side and its northern edge is the southern boundary of Palmengarten, Siesmayerstraße, Grüneburgweg and Fürstenbergerstraße, which joins Reuterweg.
It has two public gardens on its northern border, the Palmengarten and Gruneburgpark, which is next door to a newly-built Goethe University campus.
Price range
"Seven years ago, we were one of the first agents to offer homes for €5,000 (US$5,893) per square meter and people thought then that prices were too high then, but they have kept rising," Mr. Peters said.
"The average is now nearly €7,000 (US$8,250) per square meter in the Westend," he said. "In two to three years it could potentially be above €10,000 (US$11,786) per square meter."
"Properties at the top end of the market in the Westend sell for between €12,000 and €15,000 (US$14,143 and US$17,679) per square meter," he added.
Prices increased by 8% over the past year, according to Mr. Aschdjai-Benissi, adding that properties at all levels of the market have seen values rise. But he said that prices have started from a low base compared with other German cities.
He said that that people pay an average of €9,000 (US$10,613) and €10,000 (US$11,800) per square meter, €6,000 (US$7,075) to €7,000 (US$8,300) per square meter at the lower end of the market and between €13,000 (US$15,330) and €15,000 (US$17,700) per square meter for a home in a new development.
The average home in the Westend sells for €800,000 to €900,000 (US$943,384 to US$1.06 million), which would buy you a 100 square meter two-bedroom, according to Mr. Aschdjai-Benissi.
A villa or townhouse in the Westend would set you back €4 million to €5 million (US$4.7 million to US$6 million), according to Mr. Peters. He noted that few homes in the city sell for more than €6 million (US$7.1 million).
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Housing stock
The Westend’s housing stock mostly comprises apartments and they tend to be one- or two- bedrooms.
The area is known for its elegant turn-of-the-century villas or townhouses. Featuring stone facades, half-timbered gables, carved stone oriel windows and turrets, many have been converted into apartments.
Some single-family houses remain, but they rarely go on the market, according to agents. The neighborhood also has a number of buildings dating from the 1950s, which were built to replace those damaged or destroyed during World War II.
There is a shortage of apartments with three to four bedrooms for sale. As a result, families wanting more space and a garden tend to move out of town into areas such as Taunus mountainous region, which lies north of the city, Mr. Aschdjai-Benissi said.
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Increasingly, apartments are coming onto the market renovated and refurbished and some have hip industrial stylings. Take, for example, a penthouse apartment in the Westend that Peters & Peters is marketing for €2.388 million (US$2.8 million).
Interior of the 2,862 square-foot penthouse apartment
PETERS & PETERS SOTHEBY'S INTERNATIONAL REALTYOn the top floor of a development built in the 1990s, the two-bedroom home has a self-supporting concrete staircase, a rooftop terrace and a cathedral-like living room with 4.6-meter ceilings.
New homes are almost exclusively apartments, brokers said. With space for new construction in short supply, office-to-residential conversions are gaining in popularity, as are high-rise residential blocks.
The 40-story One Forty West is a new development on the edge of Westend and Bockenheim, with 187 rental and private apartments, a four-star hotel, restaurants and views of the Taunus Mountains.
Around half of the homes at Onyx, a high-rise residential scheme converted from an empty office building with about 80 flats, have sold. Grand Ouest, the conversion of a former post office, is being turned into 164 apartments.
One of the most high-profile schemes in the city is Porsche Design Tower, which is being developed by the Porsche brand. Located in the Europe Quarter, the tower is expected to provide 200 homes and is scheduled to complete in 2020.
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What makes it unique
One of the biggest upsides for its residents is the neighborhood’s proximity to Innenstadt, or city center, which is home to the Frankfurt Stock Exchange and hundreds of banks. Located a short walk from the center, Westenders don’t need to rely on cars or bicycles to get to work.
Westend is seen as a safe place to live, has lovely historic buildings and the financial district’s collection of steel-and-glass high-rise buildings on the skyline reminds you of how close you are to the city center, Mr. Peters said.
Luxury amenities
Part of the financial district and home to most of Frankfurt’s banking elite, the area, unsurprisingly, has many good shops, restaurants and bars.
The Ivory Club is a colonial-style contemporary Indian restaurant. Zenzakan, a trendy supper club with pan Asian cuisine, is known for its sushi and inventive cocktails. Erno’s Bistro, a weekday bistro, has fish dishes and an extensive wine list; Gargantua serves German classics and French-style dishes; and La Scuderia specializes in Italian dishes.
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Residents are spoiled for choice when it comes to parks and green spaces. The Palmengarten is a popular spot, home to a beautiful glasshouse bursting with tropical plants, along with thematic gardens and a pond with fish and turtles.
Frankfurt Botanical Garden, with eight hectares aof grounds planted with 5,000 types of plants, is an attractive green space to visit during the spring and summer months.
Westend has good German-speaking schools, according to agents. The Frankfurt International School in Oberursel is an English-language day school for children aged 3 to 18.
Boats by rowing lake in Palmengarten, Frankfurt
Walter Bibikow / Getty ImagesNotable residents
Westend is home to many top bankers but they are not internationally known, according to agents. Mario Draghi , the president of the European Central Bank, which is located in the city, is probably the Westend’s most high-profile resident.
Who lives there
Westend is mainly populated by 40-plus affluent professionals working in the banking sector in offices owned by the likes of UBS, Deutsche Bank and Deutsche Bundesbank, the central bank of Germany. High-level executives and CEOs live along with 20-somethings and 30-somethings renters starting out in the industry.
The Westend is a cosmopolitan place, attracting people from across Germany and the world. As Mr. Peters puts it: "If you’re not from Frankfurt, you quickly feel at ease. You don’t have to be a Frankfurter to feel at home."
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Outlook
Agents said they don’t expect any big changes in the market over the next 12 months and demand for rental and private homes is likely to remain high (according to a recent report from Savills, rents have climbed 42% over the last 10 years in the German city.)
"There are so many people looking to live in the Westend and other central areas," Mr. Aschdjai-Benissi said. "It’s a stable situation. Prices will increase but perhaps not as much as they did over the past year."
With its strong economy, growing job market and relatively affordable housing, along with new Brexit-driven arrivals, its property market seems destined for long-term growth.