Austria is a country with a rich cultural heritage. Its capital, Vienna, has been repeatedly recognized as one of the best cities in the world to live in.
Advantages of buying real estate in Austria
Buying property in Austria offers a number of advantages:
- Stable economy. The Austrian economy is resistant to external challenges due to the fact that most of it is involved in the service sector and does not depend on fluctuations in resource prices.
- High quality of life. Particular emphasis in the development of the state is placed on improving the quality of life through increased security and a developed healthcare sector.
- Developed transport network. Austria is located in the center of Western Europe and is a link for surrounding countries, so the infrastructure in the country is well developed.
- Attractive nature and culture. Mountains, lakes and historical cities make Austria attractive for living and recreation.
- Investment opportunities. Despite the fact that the average cost of housing in Austria is higher than in most European countries, the local real estate market shows stable growth, providing potential profit from renting or subsequent sale.
Real estate prices in Austria
The prices of property for sale in Austria vary depending on the region, type of property and its location. As of December 2024, the average price per square meter is around €4,611 euros.
Here are some examples of real estate for sale in Austria in different regions:
- Vienna: the average price per square meter is around €4,625 euros.
- Vorarlberg: one of the most expensive regions, where the price per square meter reaches €4,829 euros.
- Burgenland: a more affordable region with a price of around €2,436 euros per square meter.
- Styria: the average cost is €2,723 euros per square meter.
It should be noted that it is now possible to buy housing in Austria cheaper than in 2023, when prices were 2.5% higher. Moreover, the downward trend in the price of Austrian housing continues.
Popular cities and regions in Austria for buying a property
When choosing a place to buy a property, it is worth paying attention to the following cities and regions:
- Vienna. The capital of Austria is one of the oldest cities in Europe with a rich cultural heritage and vibrant city life. You can buy a one-room apartment in Vienna for an average of €256,335.
- Salzburg. A city of historical buildings and mountains. The average cost of apartments here varies from €4,822 to €6,865 per square meter, and houses from €2,869 to €7,273 per square meter, which is significantly higher than the national average. Prices are especially high in the central areas.
- Innsbruck. A city in the heart of the Alps, popular among winter sports enthusiasts. The average cost of apartments here is about €5,216 per square meter, and houses - up to €7,015 per square meter.
- Graz. The second largest city in Austria with developed infrastructure and more affordable housing prices. The average price per square meter is about €2,723.
- Klagenfurt. A city in the south of the country, known for its lakes and picturesque landscapes. Real estate in Klagenfurt, Austria, is sold at a price of about €2,520 per square meter for apartments and about €2,407 for houses.
Features of purchasing housing in Austria
When purchasing real estate in Austria, the following aspects must be taken into account:
- Taxes and fees. The buyer is obliged to pay a property transfer tax (3.5% of the value), notary fees (about 1.5%) and registration fees (1.1%). General additional costs can range from 5% to 11% of the property value.
- Documents. A valid passport, proof of financial solvency and, in some cases (properties in border areas), permission from local authorities to purchase real estate are required.
- Requirements for foreigners. Citizens of EU countries have the same rights as Austrians when purchasing real estate. Citizens of third countries (e.g. Russia) may need to obtain special permission from local authorities.
- Purchase process. The transaction usually includes several stages: choosing the property, signing preliminary and main contracts, payment and registering the property rights in the land registry. The process can take from several weeks to several months.
- Financing. Mortgages are available, but the terms depend on the buyer's status and financial situation. In 2024, mortgage interest rates in Austria averaged around 4% per annum.
