Real Estates prices could soon become cheaper

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General uncertainty is high against rising interest rates, tighter lending guidelines, Corona aftershocks, high inflation and global crises. The real estate market is now feeling the effects of this, with residential sales in 2022 falling back to 2017-2020 levels. And there also appears to be a trend reversal in prices.

As an analysis by real estate broker Remax shows, the price increase in the fourth quarter of 2022 was significantly lower than in the previous quarter. “Viewed over the year as a whole, this is, on the one hand,,, a bitter setback compared to the previous year, and on the other hand,,, only a consolidation to the stable level of the four years before,” explains Anton Nenning of Remax Austria.

Demand declines while supply rises. According to Remax Austria CEO Bernhard Reikersdorfer, the registration figures for apartments in the first quarter of 2023 also show that one must prepare for a further market weakening. He said the market had turned around year-on-year, with demand falling significantly and supply increasing noticeably. “If market conditions do not change, we can expect prices to trend downward in 2023,” Reikersdorfer said.

Typical apartment prices in Austria have continued to rise, increasing 9.3 percent from 2020 to 2021, from 241,506 euros to 264,035 euros. According to Remax calculations, typical apartment prices across Austria have increased 36.0 percent in a five-year comparison and 79.7 percent in a ten-year comparison.

In ranking the most expensive districts, Vienna is represented in the top 10 no less than nine times: Innere Stadt, Döbling, Wieden, Neubau, then Kitzbühel, followed by Josefstadt, Hietzing, Alsergrund, Währing and Leopoldstadt.

The typical price per square meter rose to 5437 euros in Vienna in 2022, overtaking Vorarlberg, which led to 2020 and 2021. In the far west of Austria, an apartment per square meter was worth an average of 5065 euros in 2022. Tyrol marked at 4647 euros and Salzburg at 4634 euros.

This puts Tyrol ahead of Salzburg for the first time. Then the large distance: With 3571 euros per square meter, Carinthia lies before Lower Austria with 3463 euros and Upper Austria with 3429 euros. Below 3000 euros per square meter in 2022 was still Styria with 2769 euros and Burgenland with 2425 euros.

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