Austria’s property market slowing sharply

Austria’s property market slowing sharply

Austria’s property market slowing sharply

Austria’s property market is now slowing sharply, amidst meagre  economic growth. The residential property price index in Austria increased modestly by 2.4% (0.7% in real terms) during the year to end-Q3 2014, based on Oesterreichische Nationalbank (OeNB)’s figures. In a quarterly basis, property prices dropped 1.2% (-1% in real terms) in Q3 2014.

Austria house prices

This overall slowdown in the housing market is reflected in almost all parts of the country.

  • In Vienna, the capital, residential property price index rose by just 2.2% (0.5% in real terms) during the year to Q3 2014, the lowest growth in almost seven years. During the latest quarter, house prices in Vienna actually dropped 2.5% (-2.3% in real terms) in Q3 2014, in sharp contrast with the q-o-q growth rates of 1.3% in Q2 2014, 1.1% in Q1 2014, and 2.3% in Q4 2013.
  • In the rest of Austria, residential property prices rose by only 2.6% (0.9% in real terms) from a year earlier, and actually fell by 0.5% (-0.4% in real terms) from the previous quarter.

Source: globalpropertyguide.com

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