Free Membership
Newsletter
Help
Subscribe
Sign In
Search
March 25, 2023
All times are Vienna time
Search
Subscribe
Sign In
Countries:
Africa »
Algeria Angola Benin Botswana Burundi Côte d'Ivoire Ethiopia Ghana Guinea Kenya Lesotho Liberia Libya Mali Mauritius Morocco Mozambique Namibia Niger Nigeria Rwanda South Africa Sudan Tanzania The Congo Togo Tunisia Uganda Zambia Zimbabwe
Asia-Pacific »
Afghanistan Australia Bangladesh Cambodia China Hong Kong SAR India Indonesia Japan Laos Malaysia Mongolia Myanmar Nepal New Zealand North Korea (DPRK) Pakistan Philippines Singapore South Korea Sri Lanka Taiwan Thailand Vietnam
Central- & Eastern Europe »
Albania Bosnia & Herzegovina Bulgaria Croatia Czech Rep. Estonia Georgia Hungary Kosovo Latvia Lithuania North Macedonia Montenegro Poland Romania Serbia Slovakia Slovenia Ukraine Western Balkans
Middle East »
Egypt Iran Iraq Israel Jordan Kuwait Lebanon Oman Palestinian Territories Qatar Saudi Arabia Syria Turkey United Arab Emirates Yemen
Russia & CIS »
Russia Armenia Azerbaijan Belarus Kazakhstan Kyrgyzstan Moldova Turkmenistan Uzbekistan
The Americas »
Argentina Bolivia Brazil Canada Central America Chile Colombia Cuba Ecuador Mexico Panama Paraguay Peru The Caribbean Uruguay Venezuela
United States
Western Europe »
Belgium Cyprus Denmark Finland France Germany Greece Iceland Ireland Italy Liechtenstein Luxembourg Malta Monaco Norway Portugal Scotland Spain Sweden Switzerland The Netherlands United Kingdom Vatican City
Business:
Economy
Economic Policies
Investing in Austria
Securities
Earnings
Foreign Trade
Deals
Legal Issues
More Business & Economics+
Politics:
Domestic
Brussels
International
Diplomacy
Companies:
Professional Services »
Banks Financial Services Real Estate Insurance Other Services
Energy »
Oil & Gas Utilities Renewables Mining
Industrials »
Construction Automotive Industrial Goods Basic Resources Chemicals Other Industrials
Transport »
Airlines & Airports Shipping Rail Road
Retail & Consumer
Health Care
Technology
Telecoms
Media
Tourism
Other
Organizations:
Diplomatic Missions
International Organizations
Other
People:
Executives
Politicians
Diplomats
Entrepreneurs
Other
Lifestyle & Travel:
Culture
Travel
Personal Real Estate
Health
Food & Drink
Luxury Goods
More+
More+:
Events
Photo Galleries
Videos
Classifieds
Work & Careers
More+
Home
Countries
Business
Politics
Diplomacy
Companies
Organizations
People
Lifestyle & Travel
More+
Africa
Algeria
Angola
Benin
Botswana
Burundi
Côte d'Ivoire
Ethiopia
Ghana
Guinea
Kenya
Lesotho
Liberia
Libya
Mali
Mauritius
Morocco
Mozambique
Namibia
Niger
Nigeria
Rwanda
South Africa
Sudan
Tanzania
The Congo
Togo
Tunisia
Uganda
Zambia
Zimbabwe
Asia-Pacific
Afghanistan
Australia
Bangladesh
Cambodia
China
Hong Kong SAR
India
Indonesia
Japan
Laos
Malaysia
Mongolia
Myanmar
Nepal
New Zealand
North Korea (DPRK)
Pakistan
Philippines
Singapore
South Korea
Sri Lanka
Taiwan
Thailand
Vietnam
Central- & Eastern Europe
Albania
Bosnia & Herzegovina
Bulgaria
Croatia
Czech Rep.
Estonia
Georgia
Hungary
Kosovo
Latvia
Lithuania
North Macedonia
Montenegro
Poland
Romania
Serbia
Slovakia
Slovenia
Ukraine
Western Balkans
Middle East
Egypt
Iran
Iraq
Israel
Jordan
Kuwait
Lebanon
Oman
Palestinian Territories
Qatar
Saudi Arabia
Syria
Turkey
United Arab Emirates
Yemen
Russia & CIS
Russia
Armenia
Azerbaijan
Belarus
Kazakhstan
Kyrgyzstan
Moldova
Turkmenistan
Uzbekistan
The Americas
Argentina
Bolivia
Brazil
Canada
Central America
Chile
Colombia
Cuba
Ecuador
Mexico
Panama
Paraguay
Peru
The Caribbean
Uruguay
Venezuela
United States
Western Europe
Belgium
Cyprus
Denmark
Finland
France
Germany
Greece
Iceland
Ireland
Italy
Liechtenstein
Luxembourg
Malta
Monaco
Norway
Portugal
Scotland
Spain
Sweden
Switzerland
The Netherlands
United Kingdom
Vatican City
Economy
Economic Policies
Investing in Austria
Securities
Earnings
Foreign Trade
Deals
Legal Issues
More Business & Economics+
Domestic
Brussels
International
Professional Services
Banks
Financial Services
Real Estate
Insurance
Other Services
Energy
Oil & Gas
Utilities
Renewables
Mining
Industrials
Construction
Automotive
Industrial Goods
Basic Resources
Chemicals
Other Industrials
Transport
Airlines & Airports
Shipping
Rail
Road
Retail & Consumer
Health Care
Technology
Telecoms
Media
Tourism
Other
Diplomatic Missions
International Organizations
Other
Executives
Politicians
Diplomats
Entrepreneurs
Other
Culture
Travel
Personal Real Estate
Health
Food & Drink
Luxury Goods
More+
Events
Photo Galleries
Videos
Classifieds
Work & Careers
More+
Latest News
Ukrainian War
Covid in Austria
USA in Vienna
UK in Vienna
Russia in Vienna
China in Vienna
Iran in Vienna
UN
OSCE
IAEA
OPEC
Sponsored Content
Tweet
Share

Real Estate: Property Becoming Increasingly Expensive in Austria

Industrials › Construction ♦ Published: August 5, 2021; 12:29 ♦ (Vindobona)
Sponsored Content

Real Estate prices continue to rise in Austria despite the COVID-19 pandemic. While the property market is becoming increasingly expensive, rents in Vienna remain fairly affordable. Learn the new cost of buying property in Austria and how it compares with the rest of Europe.

In Austria, the average price per square meter has risen by around 6 percent compared to the previous year. / Picture: © Wikimedia Commons / Simon Legner (User:simon04), CC BY-SA 4.0

Despite the crisis caused by COVID-19, a study shows that property prices in Austria have risen.

When searching for a place to buy in Austria, one can now expect an average price of € 4,457 per square meter. Thus, the average price per square meter has risen by around six percent compared to the previous year.

Expensive property in Austria

Sponsored Content

If the prices are set in relation to the average gross annual salary in the respective country, it takes an average of 10.6 gross annual salaries to buy a new 70 square meter apartment. In a European comparison, this puts Austria near the front of the pack. In Serbia, the purchase of a condominium is by far the most expensive, requiring more than 15 gross annual salaries. The Czech Republic ranks second with 12.2, followed by Slovakia and Austria with 10.6 gross annual salaries each. In Ireland, on the other hand, a condominium is the most affordable–only requiring 3.1 gross annual salaries.

Gabriele Etzl, real estate expert and partner at Jank Weiler Operenyi/Deloitte Legal, explains, “Despite the Corona crisis year, housing prices in Austria continue to go up. Rising construction costs and the high attractiveness of real estate as an investment are the main reasons for this price development. Currently, everything indicates that this trend will intensify in the coming months.”

Austria in first place for housing initiatives

Austria is an international leader in residential construction projects, with 10.9 construction projects initiated per 1,000 inhabitants in 2020. Romania and Poland follow in second and third place with 7.5 and 5.9 planned housing units, respectively. Latvia ranks last, with 1.2 construction projects per 1,000 inhabitants.

Vienna remains affordable for tenants

In a European comparison, renting is the most expensive in Paris. Renting an apartment there costs around € 28.60 per square meter per month. Tenants in London and Oslo also have to reckon with a price per square meter of over € 20 per month. The largest year-over-year increase in rent was recorded in Lyon, at around 24 percent. There was also notable growth in Austria: In Graz, an average of € 9.59 per square meter must be spent on monthly rent. In Vienna, on the other hand, rents are still pretty affordable compared with other European capitals. On average, a rental apartment in Vienna costs € 8.65 per square meter.

Regarding the results of the study by Deloitte, Gabriele Etzl says, “Vienna is still an affordable tenant city. This is due, among other things, to subsidized housing and Austria's comprehensive tenancy law. The current study proves for Austria: renting is affordable for a broad section of the population, but owning is increasingly becoming a luxury.”

Deloitte

Copyright © Vindobona. You may share using our article tools. Please don't cut articles from Vindobona and redistribute by email or post to the web.
Sponsored Content
Fast News Search
Related News
The Rich in Austria: Dollar Millionaires Up 5.3 Percent to Record 163,300 (July 17, 2021)
Building Permits in Vienna Reach Record Levels in 2021 (July 16, 2021)
City of Vienna and Vienna Business Agency Create New Business Immigration Office (July 15, 2021)
Read More
Vienna, Rents, Real Estate Industry, Property Market, Deloitte Property Index, Deloitte, COVID-19
Featured
See latest Vindobona Newsletter
Sign up now for full site access and to read a limited amount of free premium articles per month:
Sign Up
×
Sponsored Content
Sponsored Content
©1995-2023 Vindobona
Contact
Help
Imprint
Press
Careers
Partners
Terms & Conditions
Site Security
Privacy
Sitemap
Advertise
About Us