As reported by Mercer’s “Quality of Life” survey, in 2015, Vienna was the most liveable city for the seventh time in a row. In one word, it is not surprising that the demand is increasing on the housing market, just like the prices. Between 2008 and 2013 Vienna’s average home prices rose by 55.6%. Not just Vienna’s, but the whole country’s housing prices are increasing. In 2015 as a whole, prices rose by 4.1%.
Regarding the apartments for sale, the price per square meter is 6,665.71 € in the City Centre and 3,461.28 € outside of it. Interesting that there is a huge difference between the districts, especially in the 1st District and the surrounding prime areas, where the prices can reach 30,000 € per square meter.
Not only the sale prices, but also the rental prices have increased. The average rental price of an apartment with one bedroom is 716.02 € and with three bedrooms is 1,593.46 € in the City Centre. If you are looking for a one-bedroom apartment outside the City Centre the average price is 508.18 €. Meanwhile, a three-bedroom apartment is 1,064.58 €.
As stated in the Colliers International’s report, location and price are the most significant factors in determining whether the property can be successfully sold or rented. Buyers mostly prefer classical, old-build properties (Altbau) and standardised newly build properties (Neubau).
The number of real estate transactions has also increased by 16.6 %, and 40 % of the property buyers were foreigners mainly from Eastern European countries.
According to the Oesterreichische National bank, prices are expected to continue to rise in the Austrian housing market this year. If you are looking for a property in Vienna, At Home colleagues are happy to help you!