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Real Estate Prices in Austria Increased: Housing Increasingly Less Affordable
The cost of residential real estate in Austria has risen dramatically in recent years, significantly affecting affordability for many households. According to a recent analysis conducted by UniCredit Bank Austria, residential property prices in the euro area have risen faster than incomes. Austria has been particularly affected by this development, where property prices have actually fallen by almost 40 percent compared with incomes.
The purchase of a newly constructed residential property with 100 square meters in 2022 required an average of 6.5 net annual salaries of an Austrian household. / Picture: © Wikimedia Commons / Simon Legner (User:simon04), CC BY-SA 4.0
The study shows that average net earnings in terms of real estate prices have fallen by around 13 percent since 2009, but in Austria, a drastic drop in value of almost 40 percent was recorded. The increase in real estate prices in the euro area in 2022 was 45 percent above the level of 2009, which corresponds to an average annual increase of almost three percent since the financial…
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