We are a property consultancy based in Devon, south west England. Our offices are staffed so we are here for you to speak to or visit. We have been advising and helping clients to purchase property and land in Austria for over 15 years.
Hopefully our site gives you the information you may need when making the decision about buying property and land for sale in Austria….
Property and land for sale in Austria
It costs you no extra to buy property and land with Amazing Austria, and you get unbiased advice. We work together with our Austrian estate agent colleagues to find the property best suited for you.
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A new house in Austria (123m2) now costs on average €359,000. Prices for new-build properties have increased the most over the past six years in Styria (where the average cost is now €301,000), Burgenland (€260,000) and in Lower Austria (€338.000).
New homes are most expensive in the capital Vienna, where a 123m2 apartment or house costs around €471,000 – an increase of 22 percent since 2010.
The value of older properties has also risen on average by around 35 percent. “Anyone who purchased property in 2010 can be very happy from today’s point of view,” according to Christian Nowak, Managing Director of ImmobilienScout24 in Austria.
Bargain prices for older properties can be found in Burgenland, Carinthia and Styria – with average prices for a house between €230,000 and €290,000. In Vorarlberg and Salzburg you can expect to pay double or triple that, with average prices between €515,000 and €560,000. The most expensive older properties are in Vienna (where a house or apartment with 169 m2 will set you back around €710,000) and in Tyrol (where average prices are €640,000).
New-build apartments now cost on average €351,000 euros for 80 m2.
Monthly rental costs have also risen in the past six years. For a used apartment you can now expect to pay on average €9,80 per square metre (not including operating costs) – an increase of 11 percent since 2010.
Rental prices for new properties have risen steeply, by 21 percent, with average costs now €11,50 per square metre. In Vienna council-owned properties, where rents tend to be cheaper and only rise according to inflation, are in high demand. Wiener Wohnen says it currently has 13,100 people on its waiting list, who have registered their interest in renting a council flat.
The fact that property prices are increasing should be cause for alarm, says Georg Spiegelfeld, president of the Austrian brokerage network Immobilienring IR. “There are not enough properties available and this problem will increase. Around 300,000 people are expected to move to Vienna over the next few years… and the city has not prepared for this.”
He said that the only answer is to “build, build, build and redesign”.
We get asked this question so many times, and particularly with Brexit looming. Am I allowed to buy in Austria and would the goverment take my property?? One could ask the same questions about Cornwall, with the changing rules.
Well, people were buying in Austria before the UK joined the common market, and will no doubt still be buying when we are not in the EU.
Yes, you are allowed to buy in Austria, just as a Non European can buy if they conform to the rules. This is the part that has changed. There are new rules and regulations for buying and financing property, and this applies to all EU citizens and not just the British!
We realise it can be confusing as people hear different stories from friends or read different information on the internet.
We do not have enough space here to cover all in detail, but to try guide and clarify; Austria has separate criteria for different regions, villages and areas, plus differing property designations!
You can generally buy a house or apartment in all regions of Austria to live in as your main residence. The Austrian tax office are very happy with this, because as a main resident all your worldwide income would be taxable in Austria.
So, the parts that are difficult are the secondary residences and holiday useage.
Secondary residence, is the permission to have a second home for your own and family use. It does not imply permission to rent it out for holidays to all and sundry. Many buyers have been caught out with this. We get phone calls and emails saying they have bought a holiday apartment and are not allowed to rent it!
Can we help? Sorry, we cannot, it is too late. It is down to the management company and all the other owners. They would need to get more than 50% of other owners agreeing to their commercially letting for holidays.
Certain areas are designated as holiday use, but this does not mean that every apartment building is a holiday use! So, there are 2 things to check here. Does the area and the building allow holiday renting use?
It is always best to take legal advice or get your consultant to check all these things for you.
The Ball season is in full swing in Vienna – and to the uninitiated a Vienna ball can seem like an intimidating event. But they aren’t the stuffy, elitist affairs you might think, and can be a whole lot of fun. There are so many Balls to chose from. Here’s what you need to know before accepting an invitation, or purchasing a ticket to your first ball.
Do master some dance steps.
Most Austrian school students attend dancing lessons to prepare for what is the equivalent of a prom. Brandstetter says it’s a good idea to familiarise yourself with the Viennese Waltz (easier if you’re a woman, as you don’t have to lead) but he recommends also practising the foxtrot and the boogie as these tend to be common dances at most balls. The bigger Viennese balls will have an orchestra and a big band, so you can enjoy a variety of dances. At midnight, it’s common to dance the fin de siècle quadrille, which peaked in popularity in the late 1800s. If you want to go to a ball but don’t have a partner to dance with, you can even hire one! These are known as ‘Taxitänzer’ (and tend to be male). Some balls will even employ a Taxitänzer for the night.
Do dress appropriately.
It will say what the dress code is on your ball ticket. Usually it’s a tuxedo or white tie (Frack) for men, and a formal, floor-skimming dress for women. “It’s awkward to show up to a ball wearing a dress that’s too short, and people do get sent home if they’re not dressed properly,” Brandstetter says.
Men are required to wear bow ties, rather than ties, and it’s usually mandatory for men to carry white gloves if they are wearing full evening dress. Brandstetter explains that in former times men wore white gloves at balls as it was considered rude to touch a lady with your bare hands, especially if you had become sweaty from dancing!
Do have fun!
Remember to enjoy the night. It’s about the memories you take home with you, not how good you are on the dance floor, Brandstetter says. “Have a look at what everybody else is doing and join in the fun.” At a smaller, less formal ball this could mean joining in some riotous disco dancing or limbo at some point during the night.
Get tipsy, but not drunk.
The food and drink at most Vienna balls tends to be on the expensive side – which is good as it’s not the done thing to get roaring drunk at a ball and pass out on the dance floor. Young Viennese people have been known to carry a hip flask filled with something strong but that’s generally a no-no….and finally…best not to drive to the Ball!!
Source: The local.
Are Austrian mortgages becoming extinct?? Well, one would think so, with all the new banking regulations. The Basel 111 agreements have a lot to answer for. But also as of April this year, the new regulations got tougher.
These demand that for a mortgage, the income to support the mortgage originates in Austria. Therefore the government can ensure they get their tax wack on the income….great for deterring money laundering, and for locals who have their income in Austria, but what about the UK property investor, or in fact any EU investor?
So, your Income is in the UK? Besides getting a job in Austria…the only real options at the moment are a commercial mortgage(more expensive) or to release funds in your UK property. This can be quite sensible as many UK institutions are offering low mortgage rates. The commercial mortgage route, means you need to set up an EU company from which mortgage payments would be made.
We have found, that over the past year, Clients are now considering buying businesses that already have an existing income! This can satisfy the lending bank. The other thing, is that Banks in Austria still remain automous for their decision making on lending. Unlike the UK where the mortgage market is controlled by half a dozen large institutions.
Local Buyers and those from surrounding countries buy in Euros, as does the Irish buyer.
So, the effect on the Austria property market, minimal. But what about the British buyer, is there anything they can do to negate the low exchange rate?
Many British buyers are opting for Off-Plan new build projects. With these it only requires a deposit and then the payments are staged over the period of the build, giving more time for Sterling to recover…link this with a small mortgage, as most new build projects have financing in place and you are on the winning side.
The other sensible option is to have a Sterling Account at the Austrian Bank. This works by depositing your funds in Sterling…they remain in Sterling and act as a guarantee for a Euro mortgage. (email us if you want more information)
The benefits of investing in the Austrian property market is that: it does not have the ‘Boom and Bust’ periods that other European nations have. This is down to the Capital gains taxes on resale profits.
This could certainly affect the value of property in the alpine resorts. In a new study researchers found that Switzerland has nearly 40 fewer snow days a season than it did in the 1970s, even in high altitude resorts. Austrian resorts mirror this change.
The situation could have a serious impact on ski tourism in the Alps, with the higher resorts which typically offer Spring breaks also affected. This would have an effect on property prices, either dragging them lower or remaining static.
Austrian experts echo the Swiss findings, with the Central Institute for Meteorology and Geodynamics (ZAMG) confirming that a higher average temperature rise has been recorded in the Austrian Alps compared to other regions around the world, and that this means that “in principle we can expect a shorter duration of snow cover in the Alps”.
Perhaps the answer for property investors is to look to the lakeside resorts that get high tourism figures in summer and Christmas markets in winter months?
Source: The local:
Photo: St. Anton ski resort. Photo: 24seven/Wikimedia
Over the years we have had many requests from our clients about property on the Adriatic coast. Being only 2.5 hours drive from Austria to Croatia, many Austrians use this area for main holidays and weekend breaks…perhaps a little similar to Londoners visiting Devon!
Well, we have listened and working together with our Adriatic colleagues, we are pleased to announce the launch of our new property investment pages for the Adriatic coast.
Is it safe to invest there? Yes.. the legal system is similar to Austria, where all properties are registered……there are of course older properties with ownership problems..mainly because families never registered a property correctly, but this is why you pay a lawyer!
Over the coming weeks we will be adding many property choices ranging from small farmhouse to luxury villas driectly on the coast. So, please make it a habit to visit us regularly. Adriatic pages.
Property and land for sale in Austria. Check all our property and land for sale in Austria pages. There are properties for holiday use or investment in most sort after areas of Austria.
Open a currency account to purchase property in Austria.