Having paved the way for foreclosures across America, Detroit has recently seen a surge in the number of property investors lured in by the rock-bottom bargains available in real estate.
The sudden land rush in the area has brought investors from both America and further afield, with buyers from the UK, Australia and China all looking to purchase a property for as little as $500.
General opinion of this upsurge of sales in property is that Detroit is on the cusp of a much-needed turnaround, with the property market giving the area's economy a kick-start on the road to recovery.
Property investor Peter Grosso from New York bought 29 properties in Detroit at a total cost of just $90,000. He said: "There's going to be a big turnaround for Detroit and I want to be part of it." Grosso intends to rent the properties until the values return a decent profit, which he predicts will be within ten years.
The decline of the automobile industry in Detroit led to high unemployment rates in the area, registered at 11% compared with the nation's 7.4% average. This subsequently resulted in a wave of foreclosures, abandoned buildings and eventually a rundown ghost town. The population decreased by 25% between 2000 and 2010.
Detroit house prices in November, however, showed an increase in value of 3.4% and continue to rise at an unexpected pace, according to one office in the neighborhood.
Low prices and the change in economic direction predicted to be on the horizon mean that Detroit could be ideal for those wanting to take their first step onto the property ladder.
Other areas of America have also been proving popular for investment opportunities, particularly to the larger private equity firms that having been acquiring foreclosed properties in states such as California, Arizona and Florida.