Last update 05/09/08 - Property for Sale in Austria
September is still hot!
We have had yet another incredible summer day, 30 degrees today 5th September. This has encouraged many clients to take a last minute holiday and check out property. And we have also had quite a few enquiries for long term rentals....clients wanting to spend more time looking for their ideal property and of course location, location, location!! Marathon around lake Wolfgang!
For those runners amongst you, or those just interested, the 37th Wolfgangsee lauf takes place in October. This year it will be on 19th Oct. 27 kilometers around the lake!! If you are interested, there are plennty of places to stay at.....check out www.wolfgangseelauf.at
The new 'International School' open day!
Austrian Brass bands, cakes and beer...it was a god open day and the village was heaving at the seams with interested parents and the curious alike! This has brought such a high demand for rental property in the Wolfgangsee area. Many owners have opted to rent their property long term, deciding that with the income generated they can stay in a hotel when they come to visit. This has also driven the property market locally as many interested buyers have made the decision to commit to an investent in Austria.
Has the UK property crisis affected Austria?
Speaking to most of my Esatate agent colleagues here in Austria..the UK house price drop and mortgage uncertainty has affected the UK buyer. This has a knock on effect on the number of UK buyers coming to view. Most have been delaying their property visit to seen what happens in the UK this summer.
There are many bargains to be had and it is at the moment a buyers market. So, if you are still looking for a property, then perhaps now is the right time...despite all the doom and gloom!!
The top bargain this week..is 2 bedroom chalet house on the outskirts of Bad Ischl. It needs some TLC but not major work. It has a large garden and garage. It is an ideal update project. The price is only 175,000 Euro and a mortgage is available. For more info contact us sales@amazingaustria.com
Should you buy a property in Austria or wait?
With
the recent weakness of Sterling against some of the world's major
currencies, it is bound to have an effect on the property markets. On
the day when Sterling base rates went down to 5 per cent The
Independent's headline was "The currency crunch". An 80p Euro was a big
deal...So What went wrong?
Investors fell out of love with Sterling. It has been going down
since the writing appeared on Northern Rock's wall back in September.
The technical picture still points to Euro 1.20 for Sterling.
So..What is the problem?
The economic slowdown affecting the United States has made its
presence felt in Britain. Sterling interest rates are going down.
Investors don't hang around for smaller and smaller returns; they put
their money somewhere else. And then what?
The global nature of the economy will make it difficult for other
currencies to stay out of the mire. When that penny drops, the Euro, the
Swiss Franc, and a few other currencies should have their day of
reckoning.
And the outcome?
Sterling is close to a turning point. It may already have happened.
Can you bet the house on it? No! Is it reasonable to look for a
currency correction? Yes. We will not return to last year's highs but we may
well see Sterling/Euro in the mid-1.30s by summer. So the question is, should you buy a property or wait? Well, sterling might creep up a little, but then there is the emerging buyer from the new Eastern EU members, and they are driving prices. So, all in all, it is a personal choice whether to wait for a better exchange rate or wait for the property prices to rise.
If Sterling drops further, how will it affect property for sale in Austria?
The pound is not doing so well, and who knows what will happen in the coming months. But one thing is for sure, the price of property in Austria is still cheaper than comparitive property in the UK. For example, we have just listed a marvelous 4 beroom property beside the river Ischl, secluded and private with it's own access to the river....for 330,000 Euros...around £265,000 - Now where in the uk can you get an equivalent property for this price? Perhaps somewhere like Henley-on-Thames!! I don't think sooo!! If you are considering retiring or just starting a new life...then forget the Mediterranean with all it's property problems, come and check out Austria, you will be pleasantly surprised at how easy is the process to buy in Austria. From written offer to being an owner..2-3 weeks.
Property for sale in Austria Property bargains for August
We
have two best buys this month. The first is a one/two bedroom
apartment, at Ramsau, perfect for all golf addicts as it is near the golf course at Bad Ischl and is only 68,000 Euro. It is also only 10 mminutes to Lakes Wolfganng and Nussensee. The
second is a traditional Austrian town at the small village of Unken It is only
50 metres to the beautiful local church ! It has over 150 mtrs of living space with 3 bedrooms and 2 bathrooms. It also has a large loft, perfect for conversion to an apartment....and great
value at only 225,000 Euros.
Although prices are starting to creep up particularly in the popular
villages, there are still bargains to be had and we have introduced a
new section for renovation projects. Check out our property page for these and more bargains in Austria. Forty percent of British plan to retire abroad!
An
increasing number of british are so fed up with Britain under Brown
that they plan to retire abroad. They want to ditch spiralling council
taxes and higher house bills.
This
trend is growing, because as many as 40% of people working would
consider retiring to Europe or a country even further away!
Interestingly, the more money people earn the more they want to leave
the country.
Well,
if you are one of the 40% considering leaving the UK to retire or live
in another European country...then please consider Austria!! Property even more in demand!!
The demand for reasonably priced Austrian property just goes on and on. even though the £ sterling has become relatively weak against the Euro. It has not deterred those buyers who realise that they are going to make a profit on an Austria property purchase. Clients who bought when the exchange was above 1.40 euro last year, have already made a gain. on their property. It is difficult for anyone to say what will happen with exchange rates, but the consensus is that the Euro is getting stronger. the spot rate today 29/4/08 is 1.26. Many people are sitting on the fence waiting to see what happens but wherever one buys in Europe it is going to be the same.
Something to consider is..that when the Euro was introduced the rate to the Pound sterling was set at 1.25....so it seems that after all these years it is simply where it was planned to be?
New Quick currency convertor and Microsite page
We have just launched our New Microsite page for quick currency conversion, plus information and an application page for setting up a FREE Foreign currency account trading account. This is one of the best ways to save money when buying property overseas. Check out our currency convertor link on his page or the property pages.
New Free Mortgage advice service
We now have a dedicated and very Experienced Austrian Mortage advisor on our team, so if you have need of some mortage advice about buying in Austria, just email us. sales@amazingaustria.com
Exchange rate, Mortgages and buying property!
The
UK pound has dropped quite considerably since the heady days of early
last year. The spot rate is 1.26 euro to the pound!! What should one do??
Well...many
of our
clients are taking the maximum Austrian mortgage availabale, thereby
transferring
the least amount of sterling. This has saved lots of money on exchange
rate and on transfer charges. One of the local Austrian banks is
offering mortages at 2.5%..yes you read that correctly, 2.5% !! With so
many EU citizens on the move with their Job or retirement, it makse
sense to check out all available methods to save money.
When transferring UK sterling,
open a free urrency account with our colleagues at Money corp. We have
put a link to the request form at the bottom of the page. You will get
the best euro rate and it is much cheaper than using your bank as the
fee is so low. And the account costs you nothing to set up. It is just
like having another bank account, but with none of the charges!!
We now have a dedicated Experienced Austrian Mortage advisor on our team, so if you have need of some mortage advice about buying in Austria, just email us. sales@amazingaustria.com
Property prices increase
Property
prices have been strong and the demand for apartments, particularly in
the Salzkammergut and Salzbugerland near the lakes is high. Salzburg city is now becoming
popular for those looking for long term rental investment with a tenant. Rental returns average 5-6% so still more than a mortgage for buy to let would cost.
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