In 2004, Austrians could afford 14 square meters of real estate for an average annual income, but recently it was only 7.5 square meters, analyzes Robert Zadrazil, boss of Bank Austria. What he thinks of the government’s housing package and when interest rates are likely to fall again.
“Kron”:Many Austrians feel that they can no longer afford to own real estate. Is that actually the case?
Robert Zadrazil: If you look at the last twenty years, the average income in Austria has increased by about 65 percent, but real estate prices have increased by more than 100 percent. While in 2004 you could buy 14 square meters of land with an average annual salary, recently this was only 7.5 square meters.
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.
