OFFPLAN NEWS

(27.06.2007 )
Real estate in Austria Buying Austrian Property

Austria has long been a popular choice for German and Italian second holiday homes Austria buyers, but is increasingly of interest to Brits due, in part, to its growing accessibility via low cost airlines. Potential property buyers should be aware that the cost of living in Austria is among the highest in Europe. Property prices are still favourable to those in Britain, however, ranging from £60,000 for a studio apartment to £100,000 for a larger apartment. Detached homes start from £250,000.

Since joining the EU, Austria has been obliged to change laws that required foreign property buyers to obtain permission to buy from the local authority office, with restrictions on buying holiday homes in certain areas. Now property laws apply equally to Austrian and EU citizens. A deposit of l0% is usual but not necessary in Austria, returned if the sale falls through. A solicitor or lawyer handles the sale for both parties. The purchase agreement and the documents can be signed before an official at an Austrian embassy abroad and translated if required. When the contracts have been signed, the funds are deposited in a trustee account until completion occurs. The owner's details will be registered in the land registry and can take a few months and then the taxes and fees are paid by the solicitor and the agreed purchase price paid to the vendor.

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»(27.06.2007 ) Real estate in Austria Buying Austrian Property
Austria has long been a popular choice for German and Italian second holiday homes Austria buyers, but is increasingly of interest to Brits due, in part, to its growing accessibility via low cost airlines.... » find out more

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