Over the past seven years, the availability of so-called ‘affordable apartments’ has halved in Vienna.
A study completed by willhaben.at and IMMOunited – reported in the Kroner Zeitung – shows that just 15 percent of apartments in Vienna were determined to be on the cheaper end of the scale, compared to 37 percent in 2013.
The researchers deemed ‘150,000 euros or less’ as ‘cheap’ for the purposes of the study.
The percentage of ‘expensive’ apartments – those above 500,000 euros – has increased over the same time period.
In total, 13 percent of apartments were above 500,000 euros in 2000. This is up from 11 percent in 2019 and eight percent in 2013.
Vienna is Austria’s major condominium market, with 68 percent of the country’s total.
The rise in average costs is shown by the total amount spent on apartments in Vienna compared with 2013.
So far in 2020, 3.1 billion euros has been spent in the Vienna property market, despite the coronavirus downturn.
In 2019, 5.4 billion euros were spent on 19,500 apartment transactions.
This compares with 4.7 billion euros during all of 2013 – despite there being 10,000 more sales contracts that year.