Tyrol: real estate in the heart of the Alps

Tyrol is a federal province of Austria located in the west of the country, it is often called the "heart of the Alps". It stretches 110 km from north to south and 210 km from west to east. Tyrol shares borders with Italy, Switzerland and Germany, as well as the Austrian lands of Carinthia, Salzburg and Vorarlberg. Innsbruck, the capital of the region, along with other cities in the mountains, is known to many thanks to the Winter Olympics, which were held here in 1964 and 1976. This world-class event left behind an excellent infrastructure: a bobsleigh track in Ischgl, an Olympic stadium, a springboard, Olympic tracks at Patcherkofel and Seefeld.

Tyrol is considered the cradle of alpine skiing: it is here that at the beginning of the last century, enthusiasts perfected the classic Scandinavian skiing technique, designed for flat terrain, adapting it to the steep alpine slopes. The first skiing lessons were taught by the legendary Hans Schneider - the founder of modern skiing technology, once considered the best in the world. Today, the alpine resorts of Tyrol are great destinations for skiers, snowboarders and cross-country skiers. At the same time, the landscapes of these regions are beautiful not only in winter, but also in summer, when many tourists gather here, who prefer walks and hikes in the bosom of picturesque local nature.

Climate

Tyrol is located in the zone of influence of the Alpine climate: winters in the mountains are long and snowy, and the average temperature is minus 4 degrees. In summer, it is usually a little over +20 outside the window, but it also happens that at this time mild warm weather can be replaced by heat or an unexpected thunderstorm, followed by a sharp change in temperature. In autumn, the weather is usually warm and stable, the mountains during this period amaze with special beauty, acquiring multi-colored decoration. Forests are painted in dark red colors, valleys with numerous vineyards - in yellow and orange, and mountain peaks in some places are already covered with snow. All this natural splendor is flooded with a very special light, which makes the colors brighter and the visibility sharper. This is the perfect time for mountain travel, cycling and hang gliding.

History and geography

Despite the fact that this is Austria, the Tyroleans in their origin and spirit are more close to the Bavarians than to the inhabitants of Vienna. And this is not accidental, because if you remember history, then even BC. the Bavarians settled in Tyrol. In the 11-12 centuries. this territory was part of the Roman Empire, and in 1363 the Habsburgs took possession of Tyrol. In 1805, during the Napoleonic Wars, local lands were annexed to Bavaria, and in 1814-1815. by decision of the Congress of Vienna, the region again ceded to Austria. In 1919, according to the Saint-Germain Peace Treaty, Tyrol was divided between Austria and Italy: the territory north of Brenner became part of the Austrian Republic, and the south (with a predominantly Italian population) was transferred to Italy. Today this federal state consists of 8 districts: Landeck, Reutte, Imst, Innsbruck, Schwaz, Kufstein, Kitzbhel and East Tyrol) and Innsbruck - the city of state subordination.

Innsbruck has preserved many attractions: the Hofburg Imperial Palace, cathedral and temples, several castles, an arsenal, a triumphal arch, a museum with a collection of Gothic paintings, an alpine zoo with a circular panorama and a museum of local art. In the town of Wattens near Innsbruck, in an underground cave, there is a museum of the Austrian company Swarovski, famous all over the world for its crystals. This is a labyrinth of seven rooms, connected by narrow corridors and staircases, in the halls of which are exhibited crystal crystals included in the Guinness Book of Records, as well as the famous Dali crystal clock, the ceremonial decoration of the beloved horse of the Indian Maharajah and a mosaic path. There is even a crystal hall and a wall lined with artificial crystals, 11 m high and weighing 12 tons.

Ski resorts in Tyrol

Kitzbhel became famous all over the world thanks to the fact that it was here in 1893 that Franz Reisch was the first to master the high-mountain ski trail, thanks to which the resort is considered the birthplace of Austrian skiing. And today it is one of the most popular in the Alps. But the lands of Tyrol are rich in other cities, which have also gained a lot of attention from both experienced skiers and beginners, and simply lovers of beautiful alpine alpine landscapes - these are, first of all, Lech, St. Anton, St. Christoph, Ischgl, Seefeld and Mayrhofen. Foreigners from all over the world come here from year to year, because in winter there is always snow, well-equipped tracks, a holiday atmosphere, harmonious architectural buildings, and an interesting audience, among which you can often meet public figures.

Transport accessibility

Tyrol has very good transport accessibility as there is an international airport in Innsbruck. You can also get from Vienna by high-speed train in 4.5 hours or fly to Munich and from there in 1.5 hours by train (1 hour by car) to Innsbruck.

Real estate market

In Tyrol, there are some restrictions on the acquisition of real estate by foreigners, introduced so that, first of all, the Bavarians do not buy up all the objects located on this land. Therefore, obtaining all the necessary permits can take a long time, which, however, does not exclude the very possibility of buying a home for foreigners. The high interest on their part is understandable, among other things, because there is no annual real estate tax in Austria, which is very high in many countries of the world. Only land tax needs to be paid, but it is small.

The cost of real estate in Tyrol is quite high, but if, for example, you compare it with neighboring Switzerland, then investing in local properties can be a very profitable purchase. Interestingly, there was a particular high interest in square meters in Tyrol precisely during the pandemic - if at the beginning of 2020 the volume of transactions was small, then by the end of the year the market recovered, and in 2021 a significant increase in the cost of housing is evident. This is especially true for areas that are located near Innsbruck. This is due to the fact that, as in the whole of Western Europe, the last 1.5 years due to the pandemic, real estate within 20-25 km from large cities has become noticeably more expensive - people want to live in comfort, with the possibility of privacy, but so that all the benefits civilizations were easily accessible.

As for commercial real estate, as in other regions and countries, offices and shopping centers in Tyrol have become less in demand due to the transition to teleworking of many people and the development of delivery services. 80% of hoteliers in Tyrol report that they now have higher occupancy rates than in pre-dock times. The purchase of rooms in apart-hotels is also popular with investors - the owner has the right to spend his vacation there, and will also receive income from the lease of the object in the amount of 4-7% per annum.

An apartment in Innsbruck can cost from 4,000 to 9,000 euros per square meter - the local level of real estate prices is even higher than in Vienna. Buying apartments in popular ski resorts in Tyrol, if they are close to the ski lift, can go up to 8000 euros per sq.m., more affordable options can be found in less "promoted" Tyrolean cities. An apartment of 135 square meters in Seefeld will cost 640,000 euros, while an apartment in Kitzbhel with an area of 90 square meters will cost 1.5 million euros. The purchase of a 35-room apartment house-chalet located near Innsbruck will cost from 4.5 million euros and more.

Thank you for your help in preparing the material:

Viktor Novikov , Managing Director of Health aNd Wealth Investment GmbH, the Alps Hotels Investment GmbH

Julia Blokhin, Managing Partner of Freydis Holding GmbH