Where There Are Still Affordable Real Estate Offers in Austria
The purchase prices for condominiums in Austria have slightly increased again in 2024. According to a recent analysis by ImmoScout24, based on around 181,000 real estate listings, the average price per square meter rose by 2 percent. While buyers paid 5,697 euros per square meter in 2023, the value in 2024 is 5,810 euros. Thus, a 70-square-meter apartment costs on average over 400,000 euros.
“The demand for condominiums is rising. Higher rents, increased salaries, and more stable financing conditions are bringing the acquisition of home ownership back into focus,” explains Markus Dejmek, Austria's head of ImmoScout24. According to the analysis, interest in home ownership increased by 19 percent compared to the previous year.
Rising Real Estate Prices in Almost All Federal States - Except in Burgenland
The trend reversal towards rising real estate prices is evident in almost all federal states – with the exception of Burgenland. The price increase is particularly pronounced in Styria, where condominiums became on average 4 percent more expensive. The price per square meter is now 4,312 euros there.
Other federal states with price increases:
- Niederösterreich: +3 % (4.527 Euro/m²)
- Oberösterreich: +3 % (4.500 Euro/m²)
- Vorarlberg: +3 % (6.797 Euro/m²)
- Salzburg: +2 % (6.175 Euro/m²)
- Wien: +1 % (6.587 Euro/m²)
Tyrol and Carinthia with Largely Stable Purchase Prices, Minus 8 Percent in Burgenland
Not everywhere in Austria have purchase prices increased. In Carinthia (4,902 euros/m²) and Tyrol (6,928 euros/m²), the price level remained largely stable compared to the previous year. However, there is a significant decline in Burgenland, where prices for condominiums have fallen by 8 percent. The square meter now costs 3,909 euros there. "This makes Burgenland the only federal state where buyers can expect lower prices than in the previous year," says Markus Dejmek.
Real Estate Prices in Tyrol Still the Most Expensive in All of Austria
Real estate prices in Austria continue to vary greatly. Property ownership remains particularly expensive in Tyrol, Vorarlberg, and Vienna:
- Tirol: Ø 484.940 Euro für 70 m²
- Vorarlberg: Ø 475.765 Euro für 70 m²
- Wien: Ø 461.078 Euro für 70 m²
In contrast, acquiring real estate is cheaper in Styria and Burgenland:
- Steiermark: Ø 301.816 Euro für 70 m²
- Burgenland: Ø 273.636 Euro für 70 m²
Strong Demand for Condominiums in Austria
In addition to rising prices, the analysis also shows a significantly higher demand for condominium ownership. Compared to the previous year, ImmoScout24 recorded an average increase of 19 percent. The largest increases were in Salzburg, Tyrol, Vorarlberg, and Vienna.
(Red)
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