Austria is an expensive place! A new study has shown that the republic even ranks first in the EU. Nowhere else do you have to pay so much per square meter to own it.
Owner-occupied homes remain expensive in Austria – despite a slight slowdown in the real estate market. In a European country comparison, Austria takes first place for privately financed new apartments with an average of 4,920 euros per square meter, ahead of Germany and France.
However, at 6,023 euros per square meter, Vienna is “relatively affordable” compared to a large city, according to a study by consultancy Deloitte.
Italy is very cheap
On average, you will have to dig deep into your pockets for a new apartment in Austria: while in this country you have to pay 4,920 euros per square meter, in Italy, for example, it is 2,118 euros.
In other countries, the average price per square meter is cheaper, but privately financed new apartments cost considerably more in some large cities than in Vienna. Prices for new construction in the countryside must therefore be considerably cheaper in the other countries than in Austria, where infrastructure and quality of life ensure higher prices.
Vienna is relatively cheap
While in the Austrian capital Vienna you have to count on 6,023 euros per square meter, in Paris you pay a whopping 14,900 euros per square meter. But Munich with 10,900 euros and the center of London with 8,018 euros are no bargains either. But Amsterdam with 7,850 euros and Barcelona with 6,937 euros per square meter are also not exactly cheap places.
If Vienna is too expensive for you, you can get it cheaper in Graz. While the price per square meter in Vienna is about 20 percent above the Austrian average, in Graz you pay 25 percent less than the average price. Or you can move straight to your southern neighbor Italy: in Turin the average price is 2,035 euros per square meter, in Rome 3,359 euros and in Milan 4,214 euros.
Dampening factors in Vienna
But also when it comes to rents in Vienna you can get out relatively cheaply: the municipal housing and the old buildings with regulated standard rents push the rent to 10.50 euros per square meter – although new rental properties are considerably more expensive. In Linz the average costs are 11 euros and in Graz 11.60 euros.
Tenants in London and Paris can only dream of such prices: with an average of 33.8 euros and 30.6 euros, they pay more than three times the rent in Vienna.
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.
