For the past six years (2010-2016) property prices in Austria increased by an average of 39%, according to ImmoDEX, the annual Austrian real estate report which analyses average property prices across Austria and its Bundesländer, The Local Austria reported.
A new house (123m2) costs on average €359,000, while in the capital, Vienna the price is around €471,000 - an increase of 22% since 2010. In Styria, also known as the "green" heart of Austria, the average price is €301,000, while in Burgenland, the easternmost and least populous state of the country is €260,000. In Lower Austria the average price for new-build properties is €338,000.
The value of older properties has also risen on average by around 35%.
“Anyone who purchased property in 2010 can be very happy from today's point of view," Christian Nowak, Managing Director of ImmobilienScout24 Austria commented.
Monthly rental costs have also risen during the same period. For a used apartment the value has risen by 11%, while for a new one by 21%. The average cost for renting a used apartment is now €9,80 per square metre (not including operating costs)and for a new one €11,50 per square metre.