"Magnate: The First City" is a strategy board game for 1-5 players of medium difficulty. On each turn, players attempt to grow their real estate empire by performing various actions, including: buying plots of land, constructing buildings, trading their developments and selling them outright for their capital value. Once per round they also get the chance to attract tenants for any empty buildings they have. If they are successful, they begin collecting rent from their tenants and increasing the value of their properties. At the same time, they also create new development opportunities for themselves and their opponents.

But in Magnate, as in real life, not all locations are equally attractive to all types of renters. Magnate's four types of tenants – residential, office, retail and industrial – all want to be connected to other types of tenants in nearby neighborhoods. And they're all affected in different ways by what's next door: the airport is an asset for offices, but it's an unattractive place for new residents. Through smart tactical and strategic building, players can increase their chances of attracting these tenants and improving their return on investment - without over-advantaging their opponents.

But as players acquire more and bigger properties, the price of land goes up. Eventually it becomes completely untenable and a game-ending crash that will destroy the value of the players' properties becomes inevitable. However, when exactly the crash occurs is determined by the players: how much land they buy and how much property they sell will be more or less likely to make a crash on a specific turn. Players must time their actions carefully to avoid significant losses while maximizing their profits. Only then will they emerge victorious as the richest real estate tycoon in town.