Real Estate News, Reviews and Investment
Article: Residential real estate in Austria is expensive but may be worth the investment.
Property in Austria will always be on the list of properties for global investors but the cost of living is a deterrent for some would-be investors. As the most expensive country in Europe to live in, this can act as a wet blanket on the enthusiasm of buyers.
Austria is one of the most beautiful places in central Europe and has plenty to offer visitors and residents alike. Despite the high costs, the country attracts many affluent tourists, especially skiing and hiking enthusiasts. The rich cultural heritage also has its share of followers.
This means it’s an ideal investment destination for buy-to-let properties.
Residential property in Austria
The housing market has a well-deserved reputation for stability because Austrians tend to hold their property for many generations.
In fact, house prices in Austria have been strong and in cities like Salzburg and Vienna, growing some 20% since 2009.
Apartment prices in the central district of Vienna (the most expensive in the country) average about EUR €10,000 per square meter and can cost as much as EUR €16,000 per square meter.
There are restrictions on the purchase of property by foreigners and these can be stringent for citizens of countries outside the European Union.
If you are looking for income properties, you should think about the regular flow of tourists throughout the year and perhaps look for property around the Alps where you can expect a regular rental income.
Otherwise, you should look for property in and around cities like Salzburg and Vienna which are home to the majority of the local population.
The bottom line
If you can live with the high cost of living, here are some reasons why you should consider investing in Austrian property:
The peculiar real-estate laws in the country mean that you should seriously consider hiring a local estate agent or lawyer to handle property related formalities. They will also be useful if you are looking for a mortgage from a local Austrian bank.