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Tyrol house prices overtake Vienna

A new real estate price check has revealed enormous differences in the Austrian property and housing sector.

Property business expert Remax said yesterday (Mon) houses in Tyrol were most expensive for the first time. The agency’s analysis shows that people forked out 315,500 Euros on average for a house in the alpine province last year, around 5,000 Euros more than the purchasers of houses in Vienna. Houses in the capital used to be most pricey on average.

Salzburg follows in third place (219,700 Euros) while Burgenland was identified as the cheapest of Austria’s nine provinces for family homes. The ownership of real estate of this kind shifted for 87,600 Euros on average in the eastern region in 2011. The Austrian average was 165,300 Euros, according to Remax.

Austrians paid 138,700 Euros on average for the acquisition of an apartment last year, 6.7 per cent more than in 2010. Vienna recorded an increase of 9.2 per cent to more than 151,000 Euros. Experts said there was strong demand for houses and flats in the centre of industrialised areas while the interest to settle in the countryside was waning. These developments strongly influence property market prices.

Johannes Meran, who heads the administration board of Viennese property developer Conwert Immobilien Invest AG (Conwert), recently said he expected the price for owner-occupied apartments in the capital city to rise further. "Increases of five to 10 per cent are possible," Meran said in a recent interview, adding that he saw no indicators for a contrary development.

Financial market analysts warned that more stringent capital ratio rules could negatively affect banks’ engagement in real estate financing. They said finance institutes might be increasingly reluctant about providing companies engaged in property deals and real estate projects with credits in the coming years. Such strategy changes might be one of many consequences of the European Banking Authority’s (EBA) appeal to Europe’s 70 leading banks. EBA wants the financial institutes to ensure a core tier capital ratio of at least nine per cent until mid-2012 to be braced for a possible worsening of the economic climate in Europe.

Austria’s gross domestic product (GDP) rose by four per cent between 2007 and 2012. It could achieve a growth of 12 per cent overall by 2016, according to experts. However, the European Commission (EC) stressed that the Austrian economy decreased slightly (minus 0.1 per cent) from the final quarter of 2010 to the same time span in 2011.

Meanwhile, the Viennese Social Democrats (SPÖ) presented a housing concept which should lower the financial and bureaucratic burdens for singles and young families on a low income. Viennese SPÖ Housing Councillor Michael Ludwig – whose party cooperates with the Greens in the city hall parliament – said last Thursday that around 2,000 "smart flats" of a size of approximately 40 square metres would be constructed in 2012 and 2013.

Ludwig claimed that the apartments’ future residents would not have to pay more than 300 Euros a month for rent and bills. "Smart flat" housing projects are planned for several of the city’s 23 districts, according to the SPÖ’s Viennese department.

Austrian Times




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Tag cloud:
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