Viennese real estate prices rising, yet ‘relatively cheap’

Austria News Briefs: Nov. 2012

The market for Viennese real estate is heating up, according to Immo-Barometer (Property Barometer). Following a 2.5% rise in prices in the second quarter, rental prices have continued to rise by 3% in the third quarter. On average the price per square metre in the capital lies at €13,89, with the 1st District reaching €15,34 per square metre.

“Regardless of rising prices, investors will find that Vienna’s real estate market is still relatively cheap on an international level,” said Bernd Gabel-Hlawa and Benedikt Gabriel, real estate experts from the online portal FindMyHome. For example, the average real estate purchase price in Munich lies at €5,309 per square metre, compared to €3,823 in Vienna.

“Greater demand for rental apartments traditionally increases in the third quarter due to thousands of students searching for a place to live,” the experts explain. Smaller living quarters in the inner city are seeing especially high demand.

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