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PROPERTY

Where to find property in Austria for under €100k

Austria is not known for being a cheap country and property prices are higher than in some other European countries, but it's still possible to find property bargains, some for even under €100k.

house in austria
If you're happy to do some hard work, you might be able to get a property like this for less than €100k. Photo by Aydin Hassan on Unsplash

Property prices are rising in much of Europe, and Austria is no exception.

The graph below from the European Union’s statistical agency Eurostat shows the sharp upwards trajectory over the past few years with property price increases in Austria outpacing those in the European Union  as a whole.

And a new survey found that the average price per square metre for new apartments in Austria rose by 11 percent last year, making the country Europe’s second-most expensive market.

It’s no surprise, then, that property ownership in Austria remains low.

According to Eurostat, 55.2 percent of people owned their home in Austria in 2021 – well below the 70 percent European average. That’s the third lowest percentage in Europe after Switzerland (41.6 percent) and Germany (51.1 percent).

READ ALSO: Why do so few Austrians own their home?

So, where can we find cheap(er) homes in Austria – either properties that are move-in ready or those that could be excellent investments for those who enjoy fixer-uppers (or huge DIY projects)?

To find these gems, we used a property website that allowed us to search for real estate in the whole of Austria (instead of just a few main cities) and showed us homes with at least three rooms.

The price limit was set at €100,000 (while our colleagues in even-more-expensive Switzerland had theirs set at a much heftier CHF 500k, around €515k).

As of August 2022, we found 25 houses and 34 apartments meeting these criteria on sale.

As you might expect, many of these need (a lot of) work, but the good news is you can definitely still nab a home for under €100,000 with gorgeous views, small plots of land or lake access.

austria map
Houses below €100k are mainly in the south and east of the country. Property map from Wlllhaben.at.

What types of properties are there?
Looking at houses first (see the map above, which also shows the average purchase price across Austria’s different regions), a few things stand out:

The vast majority of the immediately liveable properties are on the tiny side – most are around the 40 square metres mark and billed as holiday homes – but many come fully furnished, a bonus if you’re working to a tight budget.

You will find bigger ones (the largest we saw was 124 square metres), but then they are likely to be complete renovation projects.

If you head for the border, you’ll get more house for your euro in southern and eastern Austria. Many of the properties we saw were in peaceful Burgenland, Austria’s least populous state.

And if you’re happy to buy just over the border in Hungary, Slovakia or even cross into Croatia, you’ll get more space – and less work – for your money.

You might think cities would be a complete no-no for snapping up bargain properties, but when we looked, we actually found a few properties a short drive from Vienna that were below our top price.

House or apartment?
When it comes to apartments, you’ll get more square metres  – we found flats within this price bracket were around 70 square metres on average – and a slightly greater choice of location for your money

READ ALSO: ‘Concrete gold’: Austria ranks as Europe’s second most expensive property market

Plus, the apartments we found were generally in much better condition – some are even newly renovated and fabulous – so you wouldn’t have so much, if any, work to do.

But there is, inevitably, a compromise: you might get a terrace or a balcony, but most won’t have a proper garden, and certainly no land or outbuildings, which many of the houses we found did have.

If you opt for an apartment over a house, you’ll usually have a slightly greater choice of location. Property map from Willhaben.at.

Even when you do find cheap properties, though, they are sometimes quite literally too good to be true. Some may require completely gutting, others may not be connected to the grid or might need costly lease renegotiations.

So, whether you go for a house or an apartment, you need to make sure you do your homework and carry out a thorough inspection first.

While renovation projects can be great investments, they’re time-consuming and can be very costly.

Before you take the huge step of purchasing, be honest with yourself about your own skill levels and how much time you have for a project – it’s easy to get caught up in the romantic idea of the end result of a gorgeous renovation – and get estimates for any work that needs to be done.

READ ALSO: EXPLAINED: Why Austria’s rising property prices are causing alarm

If you’re looking at buying somewhere to rent out, check average monthly rents for that area to be sure it’s worth you putting all the hard work in and that you’ll get a good return on your investment.

Whatever your reason for buying, check the property’s location carefully – some have poor access or no connection to basic services.

And it’s important to be mindful of extra costs, too: besides renovation costs, you’ll also have to fork out for property taxes, monthly charges, as well as any lease renewal costs and other living expenses.

These can all vary depending on the type of property and where it is.

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Member comments

  1. Very interesting, thank you – but as you say, “As of August 2022, we found 25 houses and 34 apartments meeting these criteria on sale”, what were they, where were they and who do we contact for details?

    Thank you.

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PROPERTY

Is now a good time to buy property in Austria?

With reports that demand for property is falling in Austria, could now be a good time to buy? We take a closer look at the data to find out.

Is now a good time to buy property in Austria?

Anyone planning to buy a home in Austria will be aware that prices and demand have been rising over the past couple of years. 

But Austrian broker association Remax is now saying that demand is falling with signs that “the market is starting to turn”.

In the first half of this year, 74,258 newly purchased properties were registered in the Austrian land register (Grundbuch). This is three percent less than during the same period in 2021, according to data from Remax.

FOR MEMBERS: IN FIGURES: Everything you need to know about who lives in Vienna

However, this figure is still 15.7 percent more than in the first half of 2019, which reflects the boom in the Austrian property market since 2020.

Also, despite the number of transactions going down this year, the value is actually up by 10.8 percent to €21.73 billion, which shows property prices are not yet coming down.

Bernhard Reikersdorfer, Managing Director of Remax Austria, said: “The growth was primarily supported by Vienna and Styria, but also by Upper and Lower Austria. 

“This means that real estate trading turnover has increased by a third in the first half of the year since 2019 and 2020, and more than doubled when compared to 2015 and before that.”

‘Inflation is driving up costs’

The Remax report says property market trends in Austria are being influenced by the Covid-19 pandemic, the war in Ukraine, inflation and the energy crisis. 

This has led to a change in prospects for some people, which is being seen as a drop in demand in the property market and a reduction of new construction projects on privately owned land.

READ ALSO: READER QUESTION: When should I turn on my heating in Austria this year?

Anton Nenning, Remax Austria expert, said: “Inflation is driving up the new construction costs – first through the material and now through the staff – and is now gnawing away at the equity capital saved for new acquisitions. 

“This means that many financing transactions that could be processed easily and cheaply a year ago are suddenly a case for selected experts who can still find a way even in tricky situations. For many, however, this simply means a project stop.”

As a result, the market for single family homes in Austria is heating up as they are sometimes cheaper than building a new property on private land. 

What is happening in Vienna?

Austria’s capital city remains the second best performing property region in Austria (behind Lower Austria). The value of all property sales in Vienna increased by one billion in the first six months of 2022, bringing the total to €6.68 billion.

Donaustadt is the best performing property market in Vienna with 1,903 properties sold, followed by Favoriten with 1,096. Donaustadt even overtook Graz and Kitzbühel to record the highest value in property sales.

The five largest real estate transactions in Austria also took place in Vienna during the first six months of the year. 

A plot of land (258,269 m²) in the 22nd district became the country’s most expensive property when it was sold for €86 million.

READ NEXT: Living in Austria: Is Vienna a family-friendly city?

What are the property trends outside of Vienna?

Vienna might be Austria’s capital city, but it doesn’t have the hottest property market in Austria right now. Instead, that title belongs to Salzburg and Styria.

Property sales in Styria are up by 9.2 percent and the overall transaction value has increased by 18.5 percent. In Salzburg, both sales and transaction values increased by 3.6 percent.

In the Alps though, the opposite is taking place with sales down by 10.7 percent in Vorarlberg and by 6.4 percent in Tyrol.

However, Tyrol is still recording some high prices (despite the overall decrease in sales) with the state’s most expensive property selling for €19.6 million in Kitzbühel earlier this year.

Lower Austria is currently the country’s best performing state for the number of sales, although the province recorded a decrease for the first time since 2013. 

The Remax report named Mödling as the most popular district for property in Lower Austria.

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