Unfortunately that was foreseeable. In mid-2022, the European Central Bank (ECB) raised interest rates for the first time in years. Anyone who opted for a variable loan noticed this immediately. They had to pay more for the next episode. According to the Austrian National Bank, this applies to about 50 percent of home loans.
Unfortunately, one rate hike didn’t stop there, the next is likely to follow at the end of October. More is probably inevitable. The effects are already threatening the very existence of some homebuilders.
Source: Krone
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
