Austria plans to abolish the property purchase tax. Who will be affected?
In Austria, they the tax on the purchase of real estate. But only for those who buy housing for the first time.
Chancellor Karl Nehammer advocated the abolition of the tax on the purchase price of the property. The fee is now 3.5%. Among other proposals of the Chancellor: expanding the program of subsidizing mortgages and rents. All these measures should make property in the country more accessible.
For now, housing in Austria is hardly affordable for the average family. In particular, the stricter regulation of Austrian mortgages (introduced last year) has led to a sharp drop in new home purchases and lending.
Now to buy a house in Austria, you have to pay 10% of the price upfront, plus you have to factor in bank charges, property tax, and handling costs (including a regulated real estate agent commission of 3% of the purchase price). This can increase the cost of buying a property by as much as 10%.