Luxury apartments in Vienna are selling like hotcakes despite the terrible prices. A look behind the scenes of a mysterious world where customers can wish for anything and money is no object.
They don’t talk about money, they have it: those customers who compete for luxury apartments in Vienna despite sky-high prices. According to data from real estate agent Remax, the most expensive five percent of Viennese apartments have become 44.5 percent more expensive within a year – but outside Vienna only by two percent.
The market is increasingly moving towards luxury
In Vienna, nothing is possible for a purchase price of less than a million; on average, an apartment in the top segment now costs exactly 6,942,444 euros. From the point of view of Michael Schmidt, managing partner of 3SI Immogroup, those responsible for the ever-growing luxury market are precisely those who have no role in it: mid-sized companies can hardly finance even modest properties anymore, so the market is moving more towards luxury – without Borders.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
