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Real Estate Industry
René Benko Remains in Pre-Trial Custody: Investigations Against Signa Founder Widen
The Regional Court for Criminal Matters in Vienna has extended the pre-trial detention of Austrian real estate entrepreneur René Benko by a further two months. The court cited the continuing danger of the offense as the reason for this.
April 7, 2025
Signa Insolvency: Trustee in Bankruptcy Demands the Return of Gifts From Nathalie Benko
Real estate and trading mogul René Benko has been in custody in the Vienna-Josefstadt prison since January 24, 2025. Meanwhile, bankruptcy trustee Andreas Grabenweger is trying to shed light on the complex asset structures surrounding the Signa Group and uncover possible asset shifts.
March 24, 2025
Steve Witkoff: From Real Estate Mogul to US Envoy to the Middle East
Steve Witkoff, US special envoy to the Middle East, has played a crucial role in brokering the Gaza ceasefire and peace talks on Ukraine, while also negotiating with Russia on Ukraine's future. Steve Witkoff, a lawyer and developer, has a strong bond with President Trump, dating back nearly four decades.
March 23, 2025
Future of Benko Villa Igls Uncertain After All: City of Innsbruck Rejects Hotel Plans
The planned rededication of Villa Igls, once a renowned castle hotel and later the residence of the now-imprisoned real estate entrepreneur René Benko, has met with resistance from the city of Innsbruck. The Laura Private Foundation, whose sole benefactor is Benko's mother, was planning to use the building for tourism, but the city council has now clearly rejected these plans. At the same time, Benko remains in custody as the judiciary has made serious allegations against him.
March 12, 2025
Luxury Villa Becomes Wellness Hotel: Benko Family Leaves Estate in Igls
Following the insolvency of Signa and the imprisonment of company founder René Benko, his family is leaving the luxury villa in Igls. The property is to be converted into a wellness hotel. Meanwhile, a court ruling makes new headlines in the Benko case.
March 9, 2025
Vienna Plan 2035: Urban Development Without New Building Areas
The new Urban Development Plan 2035, known as the “Vienna Plan”, has been officially presented. It sets out the framework for the city's spatial development in the coming years and takes particular account of the forecast population growth. One decision in particular is surprising: No new large urban development areas are planned for the time being and the focus will be on sustainability and climate protection.
March 6, 2025
Austria's Real Estate Market Continues to Weaken: Hope for Recovery in 2025
Economic uncertainty, high interest rates, and strict lending guidelines also left their mark on the Austrian real estate market in 2024. While prices and transaction volumes fell in some federal states, Vienna recorded growth. Experts see opportunities for a recovery in the coming year.
March 5, 2025
Oligarchs and Their Real Estate: How Effectively Is Austria Implementing the Russia Sanctions?
Almost three years after Russia's invasion of Ukraine, experts and politicians are puzzled as to how seriously Austria is implementing the EU sanctions against Russian oligarchs. Research shows that only nine properties have been frozen in this country, while other EU states are more transparent with their measures and enforce them more strictly.
February 17, 2025
Construction Prices 2024 in Austria: Moderate Increase Despite Tense Situation in the Construction Industry
Construction prices in Austria rose moderately by 1.3% in 2024 compared to the previous year. This was announced by Statistics Austria in its latest report. While price increases eased over the year, the economic situation in the construction industry remains challenging. Residential construction in particular is suffering from high construction and financing costs, which could have a long-term impact on the labor market and future housing supply.
February 10, 2025
Increase in Business Insolvencies in Austria Amid Economic Challenges
Austria's business landscape saw a challenging year in 2024, with a significant increase in corporate insolvencies driven by economic factors such as rising inflation, recession, and the end of pandemic-related support. While businesses struggled, a notable rise in new company formations offered a mixed picture.
February 9, 2025
Rene Benko Arrested: From “Wunderwuzzi” to the Protagonist of a Billion-Dollar Scandal
Rene Benko, once a celebrated real estate entrepreneur and founder of the Signa Group, was arrested at his villa in Innsbruck. The Public Prosecutor's Office for Economic Affairs and Corruption (WKStA) in Vienna justified the arrest warrant because of the risk of concealment and the commission of a crime. Benko is suspected of concealing assets and manipulating evidence. His arrest marks the climax of one of the biggest business scandals in Austrian history.
January 24, 2025
Signa Insolvency: Ex-managers to be Liable for One Billion Euros
Insolvency administrator Norbert Abel is stepping up the pace in the case surrounding the spectacular insolvency of Signa Prime Selection AG: 13 months after filing for insolvency at the end of November 2023, letters of liability were sent to former members of the company's Management Board and Supervisory Board shortly before the turn of the year.
January 9, 2025
Signa Development Selection and Signa Prime: Real Estate Giants on the Brink
The Supreme Court's (OGH) decision to reject the appeal on points of law by Signa Development Selection AG and a German investor has closed another chapter in the liquidation of René Benko's billion-euro real estate group. Previously, the restructuring plan for Signa Prime, another central company of the group, had already failed. The insolvency of the Signa Group represents one of the biggest economic crises in Austria's history.
December 30, 2024
René Benko at the Center of International Investigations: Arrest Warrant from Italy for Real Estate Projects
An international warrant for the arrest of Austrian real estate entrepreneur René Benko, founder of the Signa empire, has triggered a wave of investigations extending from Italy to Austria and Germany. The accusations range from corruption and criminal association to violations of tax law. While Benko was questioned in Tyrol and remains at large, extensive investigations are underway in Italy, involving over 100 searches and the arrest of nine suspects.
December 3, 2024
Abuse of Office and Saudi Deal for Ex-Mayor in Upper Austria
A controversial case of abuse of office and improper acceptance of gifts has shaken a municipality in the district of Vöcklabruck, Upper Austria. A former mayor of the Austrian People's Party (ÖVP) stood before the regional court in Wels, as he is said to have accepted payments from a Saudi Arabian prince over decades to enable the rezoning of grassland into building land.
November 28, 2024
New Bankruptcy in the Signa Group: Signa Development Icon GmbH Will not be Continued
The economic turbulence surrounding the Signa Group shows no sign of abating. The creditor protection association Creditreform announced that Signa Development Icon GmbH has filed for bankruptcy proceedings, which will not be continued in the future. "The Icon Vienna" houses prominent companies and diplomatic missions and is a subsidiary of the Signa Development Selection AG, which had previously filed for insolvency.
November 11, 2024
Insolvency of Viennese Real Estate Developer Lukas Neugebauer and his LNR Group
Another Austrian real estate company has been hit by insolvency. Bankruptcy proceedings have now been opened at the Vienna Commercial Court over the assets of Viennese real estate developer Lukas Neugebauer and his LNR Group. The bankruptcy affects both B&R Generalunternehmer GmbH and LNR Development GmbH, two central companies in Neugebauer's real estate conglomerate. The insolvency affects 32 creditors who have claims totaling 94 million euros. The creditors have until December 30, 2024, to assert their claims.
October 23, 2024
Whistleblower System to Help Clarify the Signa Bankruptcy
The investigation into the insolvency of the Signa real estate empire is progressing. A new whistleblower system is now intended to help bring transparency to complex corporate structures through information from employees and creditors and to reveal previously undiscovered information.
September 11, 2024
Signa Group in Crisis: Saudi Arabian Sovereign Wealth Fund Seeks Complete Takeover of Selfridges
The economic turbulence surrounding the Austrian Signa Group has taken a new turn: The Saudi sovereign wealth fund Public Investment Fund (PIF) is planning a complete takeover of the renowned British department store Selfridges. This announcement comes at a time when Signa, under the leadership of founder René Benko, is facing significant financial challenges.
July 25, 2024
Imfarr: Another Austrian Real Estate Developer in Insolvency
The Viennese real estate developer Imfarr Beteiligungs GmbH has applied to the Vienna Commercial Court for restructuring proceedings without self-administration. The company's liabilities amount to around 604 million euros. This affects 18 employees and around 110 creditors.
July 23, 2024
Reorganization Proceedings of Signa Prime Selection Fail in Court for the Time Being
In a significant decision, the Vienna Higher Regional Court (OLG) upheld the appeal of the Finanzprokuratur against the trustee restructuring plan of Signa Prime Selection AG. The reorganization plan previously confirmed by the Commercial Court of Vienna was thus annulled.
July 8, 2024
Signa Group Stabilizes After Insolvency: Former CFO Retires
Following the collapse of the real estate group Signa, the former CFO Manuel Pirolt sees the company stabilized and announces his resignation.
June 20, 2024
René Benko Business Scandal: Abu Dhabi's Ruling Family Demands Millions Back
The ruling family of Abu Dhabi, led by Crown Prince Mohamed bin Zayed al Nahyan, is demanding the return of 250 million euros from René Benko via the International Court of Arbitration (ICC) in Paris.
May 14, 2024
Republic of Austria Opposes Restructuring of Signa Development
The Republic of Austria has filed an appeal against Signa Development's fiduciary restructuring plan, leaving the future of the restructuring process of the real estate conglomerate founded by René Benko hanging in the balance. This legal action could lead to a complete reassessment of the restructuring strategy.
May 1, 2024
Signa's Major Project "Lamarr" in Vienna Seeks New Owner
The prestigious "Lamarr" real estate project on the bustling Mariahilfer Strasse, a flagship property of the troubled Signa Group, is now officially on the market.
March 6, 2024
Austrian Technology at the Center of Gigantic Construction Projects in Dubai
The Austrian company Doka is continuing its international success story and will once again demonstrate its expertise in high-rise construction. The planned Azizi Tower in Dubai, which is to be completed within the next four years, aims to become the second tallest building in the world.
March 5, 2024
Financial Turbulence and Internal Conflicts Shake Signa Group Severely
The Signa Group's financial crisis reached a new peak when creditors filed claims totaling EUR 6.3 billion against Signa Prime, of which only EUR 2.6 billion were recognized by the restructuring administrator Norbert Abel. The hearing at the Vienna Commercial Court revealed that the group's financial difficulties are deeper than previously thought, with a significant proportion of the claims in dispute.
February 26, 2024
Signa Group's Luxury Properties up for Sale: A Glimmer of Hope for the Redevelopment
Signa Prime Selection AG, a major player in the luxury real estate market, is currently facing financial difficulties that could now be alleviated by the planned sale of some of its most prestigious properties. Karl-Heinz Götze, the insolvency manager of the credit protection association KSV1870, sees this step as a crucial "piece of the puzzle" for an orderly resolution of Signa Prime's insolvency proceedings.
February 14, 2024
Signa-Retail Company Lamarr Declares Bankruptcy
The highly anticipated Lamarr Kaufhaus project on Mariahilfer Straße in Vienna, set to include a flagship department store and hotel, has filed for bankruptcy. This development comes as a significant blow, as the project, originally slated for completion in 2025, has faced financial turmoil. The insolvency was confirmed by the Creditors' Protection Association KSV 1870 on Friday.
February 4, 2024
Austrian Justice Minister Zadić Plans Reforms in Connection with the Signa Insolvency
The insolvency of the Signa real estate company has far-reaching consequences, which are now also prompting the Austrian Ministry of Justice under the leadership of Green Justice Minister Alma Zadić. In a five-point plan in response to Signa's insolvency, Zadić plans to significantly tighten the penalties for failing to submit balance sheets.
January 24, 2024
Signa Crisis: Call to Investors for Financial Support
Signa Holding, a prominent real estate company, is facing financial difficulties. Erhard Grossnigg, the Chief Restructuring Officer of the Signa subsidiaries Prime and Development, has sent a letter to investors urgently requesting additional funding.
January 4, 2024
Emirati State Fund Mubadala Fails with Claim Against Signa Holding
The Abu Dhabi sovereign wealth fund, Mubadala, has failed with a significant claim against the insolvent Signa Holding. The request to claim a payment of 713 million euros was rejected in emergency arbitration proceedings.
December 21, 2023
New Second Home Tax in Vienna in 2025
Vienna is implementing new measures to regulate second homes. From 2025, an annual tax will be introduced for people who have a secondary residence in Vienna but do not have their main residence there.
December 21, 2023
Vienna Commercial Court Establishes Creditors' Committee for Signa Holding
The Austrian Signa Holding, founded in 2000 by René Benko, is currently facing major challenges. The Commercial Court of Vienna has set up a creditors' committee for the ongoing reorganization proceedings to examine the non-transparent structures of the Signa Group and to decide on the reorganization plan offered by Signa.
December 18, 2023
The Future of a Crumbling Empire: René Benko's Signa Group in Insolvency
The insolvency of the Signa Group, an Austrian company active in various sectors, including the real estate market, has far-reaching implications. Read more about the future of the Austrian flagship company!
December 6, 2023
Signa in Upheaval: Rene Benko's Retreat and the Future of the Real Estate Giant
Significant changes have now taken place at the real estate and retail group Signa. Company founder Rene Benko is stepping down and handing over the reins to restructuring expert Arndt Geiwitz. This step follows pressure from investors and is intended to initiate a comprehensive restructuring of the group. Benko's removal from power was already apparent in the industry, but it has now been officially announced that Geiwitz will take over as Chairman of the Shareholders' Committee and the Advisory Board. However, the circumstances surrounding Benko's voting rights remain uncertain.
November 9, 2023
Austria Wants to Be One of the Most Sustainable Destinations in the World
The extent to which the issue of climate change now affects all areas of our lives was also evident at this year's Expo Real in Munich.
Birgit Adelsberger · October 8, 2023
Austrian Group Shows at Expo Real 2023 how Sustainable Real Estate Works
Sustainability was a big topic at this year's Expo Real in Munich. Many of the conferences, which again featured high-caliber participants, addressed the topic of ESG (Environmental Social Governance) in connection with the various aspects of the real estate industry.
Birgit Adelsberger · October 8, 2023
Buying Real Estate in Austria - Things You Should Consider First
Not only in the capital Vienna, which is almost regularly awarded for its high quality of life, in many regions of Austria nature, culture and safety are felt everywhere in daily life and allow a certain lifestyle. That's why expats often choose to establish residence in Austria, even after their professional activities here have ended.
Birgit Adelsberger · September 15, 2023
Discrimination on the Housing Market: A Growing Problem in Austria
A recent SORA study conducted on behalf of the Ombud for Equal Treatment highlights a serious problem in Austria's real estate market: racism and discrimination. People with foreign-sounding names or accents have significantly fewer chances of being invited to view an apartment compared to people with typical Austrian names.
September 14, 2023
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.
August 31, 2023
City of Vienna Pushes for Rent Cap
The City of Vienna has called for an Austrian-wide rent price cap since it does not want to implement these regulations on its own. The rent price cap is heavily debated in Austria at this moment because the guideline value for rents might increase too much in April.
March 2, 2023
Austrian National Council Ends Brokerage Fees
A long debate will end on Wednesday as the Austrian national council will end the fee for brokers in the real estate market. Until now, new tenants used to pay the brokerage fee when they moved into their new apartment. The situation has changed now.
February 28, 2023
Austrian Government Considers Rent Cap
In consideration of a looming rent increase in April, the coalition parties Austrian Peoples Party (OEVP) and the Green Party are now also interested in a possible rent cap.
February 6, 2023
The Hike of Real Estate Prices Is Ending
The rise of prices for real estate is slowly coming to an end. The Austrian Real Estate Association (OVI) reported in front of journalists that the prices have hit the ceiling now. However, this is not a drop in prices but just a stabilization of them. The demand for real estate has gone back in the last months.
January 10, 2023
Real Estate in Austria: Highest Annual Increase in Purchase Prices of Houses and Apartments Since Records Began
Prices on the Austrian residential real estate market show a year-on-year price increase of 12.3% for 2021. This is the highest annual increase since the index series began in 2010 and is significantly higher than in previous years.
March 29, 2022
Marina Tower: Completion of the Highest Residential Tower in Vienna
The highest residential tower in Vienna with 140 meters and 41 floors is successfully completed in these days.
February 10, 2022
Demand for Luxury Real Estate in Austria Increased by 12 Percent Due to the Corona Situation
Luxury real estate demand increased by 12 percent in Austria in 2021, according to the Engel & Völkers Group. Read more about the luxury real estate trends in Austria and around the world.
January 17, 2022
New 153-Meter Luxury Tower V22 in Vienna to be Completed by 2025
Construction is currently underway on a new 153-meter luxury tower in Vienna's 22nd district. The project, known as VIENNA TWENTYTWO or V22, is expected to be fully complete by 2025. Learn more about one of Vienna's largest urban development projects and see what it is expected to look like upon completion.
December 7, 2021
Budapest Office Property "BudaPart Gate" Acquired by S-Immo
S Immo AG has acquired the "BudaPart Gate" office building in Hungary's capital, Budapest. Read more about the transaction and BudaPart Gate.
November 15, 2021
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