The Secondary Market for Residential Real Estate in Austria
Moving to another country always entails numerous new questions and issues to solve. One of the primary concerns for those interested in relocating to Austria is the cost of housing.
In this article, we have compiled data from the most authoritative sources to help you assess the cost of housing in various cities in Austria.
According to conducted research, the most expensive city in Austria is Salzburg. The average price for secondary residential real estate is 4,051 euros per square meter, which is 8.6% higher than the previous year. This is due to insufficient supply in the market, high land costs for construction permits, and slow pace of new housing development. Additionally, there are many vacant apartments in the city, which also impacts housing prices.
Innsbruck ranks second in terms of the cost of residential real estate, with the price per square meter being 3,922 euros, an increase of 4.5% compared to the previous year.
Cost of Residential Real Estate in Vienna
Vienna, the capital of Austria, is also experiencing a rise in housing prices. The average price on the secondary market is 3,389 euros per square meter, which is 6.4% more expensive than the previous year.
It is important to note that the law regulating real estate transactions involving foreigners in Austria is called Grundverkehrsgesetz. If you plan to acquire real estate in Austria, you will need to contact the authority responsible for land transactions (Grundverkehrsbehörde), which issues permits for real estate acquisition by foreigners.
We hope this information helps you better understand the cost of housing in Austria and make the right decision. However, before making any decisions about purchasing real estate in Austria, it is essential to consult with specialists. Our company collaborates with professional and experienced real estate agents specializing in various types of properties.