OFFPLAN NEWS

(27.06.2007 )
Austrian properties The Austrian housing market has finally shown signs of life

The residential property in Austria price index for Vienna rose by 6.7% for the year, and that for Austria as a whole rose 4.8%. In nominal terms, prices are about at the same level as at the previous peak in 1994 – but of course in real terms they have declined very significantly.

The performance of the Austrian property market is better than that of immediate neighbors which have experienced spells of housing market stagnation. Swiss house prices, which bottomed out in 1999, recorded 3.3% growth in 2005. Germany, on the other hand, is still in the doldrums, with prices falling year-on-year by 0.8%.

Austria saw a dramatic rise in dwellings prices during the period 1987-1994. House prices in Vienna rose by almost 150% during this period, following positive developments in Eastern Europe, increased immigration, and the expansion of owner occupancy. In some suburbs prices even tripled.

However, the price rises ended when the inflow of immigrants ended, and optimism waned, and when extra housing supply came into the market. By 2001, property prices in Vienna were 14% lower their 1994 level.

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