Austrians have their own philosophy and a special approach to the issue of home ownership. Real estate objects remain in the ownership of the family for several generations, so the number of transactions in the market is relatively small, which contributes to its stability.
Prestige, political and economic stability of the country, peace and security – that's what attracts Russians to Austria. The standard of living here is at the highest European level, while the cost of services and the amount of property tax are lower than in neighboring Switzerland.
Although there is no sea in Austria, without which one often does not think about buying real estate abroad, but there are clean lakes here that warm up to +28 C. in summer. But from the point of view of natural resources, Austria is not known for lakes, but for numerous ski resorts in the Alps.
Since tourism is an important part of the Austrian economy, it has an impact on the Austrian real estate market.
So, the most popular among foreign buyers are apartments and villas in winter resorts in Selden, Hochselden, Lech, Bad Gastein, Serfaus, Ischgl, Zell am See, Kaprun, Saalbach-Hintergleme. Wealthy active sports enthusiasts prefer to buy their own accommodation there once, instead of paying tourist operators many times. It is also considered prestigious to have apartments or a small cozy chalet for winter holidays in the cities of Innsbruck, Kitzbuhel and Mayerhofen.
Those who are looking for a stable and safe life in Austria for the long term, choose larger cities – Vienna, where the cultural and economic life of the country is concentrated, or Graz, with its prestigious universities. The capital of the country, like other major cities in Austria, attracts real estate buyers interested in reliable investments.
How to get there
Daily flights to Austria from Russia are operated by Aeroflot and Austrian Airlines on the Moscow-Vienna route from Sheremetyevo-2. You can also get to Austria by plane from St. Petersburg, Rostov-on-Don and Krasnodar, from where Austrian Airlines operates flights to the Austrian capital several times a week. In addition, charter flights to Austria (to Salzburg and Innsbruck) are operated from Russia during the ski season.
The non-stop carriage "Moscow – Vienna" runs through the territory of Poland and the Czech Republic (travel time is 33 hours). The Moscow Nice train also runs through Austria and stops in Vienna, Linz and Innsbruck. The journey time to Vienna is 31 hours.
At the same time, the Moscow – Budapest train (Tissa) can be considered as an option, since it is possible to get from Budapest to Vienna in less than three hours by train or bus.
You can take a bus to Vienna with one or more transfers in Poland and the Czech Republic or Slovakia (the journey will take about a day and a half), or in Ukraine and Slovakia. You can drive to the area of Salzburg and Innsbruck with a transfer in Germany, but you will have to spend two days on the road. In the latter case, a transit visa is not required. This way of traveling can be much cheaper. You can use the same routes to get to Austria by your own car (from Moscow to Vienna - 1950 km), having issued the appropriate documents. Checkpoints at the Austrian borders are open around the clock.
You can also get to Austria by water - ships run along the Danube between Bratislava, Budapest and Vienna, motor ships go to the German border town of Passau in spring and summer.
The Austrian real estate market
Currently, the Austrian construction business is experiencing another upturn after the financial crisis. The high activity in the industry was triggered by growing real estate investments amid concerns in the financial market. A report by Savills in October 2012 noted that over the previous 12 months, house and apartment prices across Austria had increased by more than 5%.
Experts believe that one of the main factors of price growth is the restrictive policy of building slopes. The second important factor is the traditional stability of the region and the reliability of investments in Alpine real estate.
Not only primary real estate is in demand here, Austrian citizens, Germans and Dutch are actively buying secondary housing in the Alps.
The most significant increase in real estate prices was recorded in the capital of the country. Housing in the central areas of Vienna is in high demand because Austrians consider buying a small apartment here to be a more profitable investment than purchasing a larger apartment, remote from the center.
In the popular Mariahilf shopping district, an annual increase in the cost of 1 sq.m was recorded in the fall of 2012. m by 16% – as of September 2012, it amounted to about 4,100 euros. In Penzing, a green area on the outskirts of Vienna, the annual growth was 35%, in the suburbs real estate rose by 10-30%.
Buyers are mainly interested in buying commercial and luxury real estate, houses and villas in the Alps, on lakes, apartments in Vienna and resorts.
Purchase conditions for non-residents
Austria is one of those countries where there are restrictions on the purchase of real estate by foreigners. They are especially strict towards citizens of non-EU countries, including Russians. At the same time, the restrictions apply to both foreign individuals and legal entities with foreign capital.
By law, a foreigner can purchase real estate in Austria only with the permission of the authorities of the federal state on which the desired property is located. These authorities - Grundverkehrsbehoerde or Verwaltungssenat, in Vienna - Magistrat der Stadt Wien, make decisions based on the interests of their land and may not allow, for example, the sale of real estate or empty land for construction, if such is inappropriate here.
At the same time, there are so–called "second home" zones in Austria, where any foreigner can buy real estate for himself and register himself as an individual - again after obtaining permission from the authorities. However, there are few such zones, and they are small.
The easiest way to get a permit is if a foreigner has been staying and working in Austria for a long time and needs housing for permanent residence. The laws in different lands differ from each other, an experienced Austrian lawyer always helps to understand them and issue a petition, Independently draw up such a petition and submit it in such a way that the outcome of the case is favorable, the foreigner is not able. As a rule, the same lawyer fully accompanies the entire transaction.
It is most difficult for a non-EU resident to obtain a purchase permit in the western lands (Tyrol and Vorarlberg). The friendliest legislation in relation to foreigners is in Salzburg, where it is easiest for Russians to buy real estate.
At the same time, practitioners emphasize that there are legal ways in which real estate is legally registered as the property of Russian citizens without obtaining permission from the authorities, and these are not isolated cases. Using the norms of international law, an experienced lawyer can legally conduct such a transaction in Austria. However, it is important for Russians to buy housing through a real estate company with practical experience in selling real estate to citizens of non-EU countries, since ordinary Austrian brokers working in the local market do not have such experience.
Real estate prices
According to the Austrian Chamber of Commerce and Industry, real estate prices in the capital and in resorts are very different. As already mentioned, the highest prices are in Vienna, where the price per square meter of standard housing ranges from 2500 to 3298 euros (elite – 5000 euros per sq.m.), the apartment costs from 60,000 euros to a million, depending on the location and size. In the resorts of Styria and Carinthia, housing prices are much cheaper.
There are very few real estate offers in a number of prestigious Alpine resorts, for example, in Lech, which is why the cost per square meter in apartments is 15,000 euros, and luxury chalets are sold from 5 to 8 million euros. In Kitzbuhel and the Gastein Valley, on the contrary, the choice is quite large.
As already mentioned, Austria attracts potential investors primarily because of its economic stability: even the country survived the recent economic crisis without much loss, it did not affect the real estate market too much, there were no serious jumps, as happened, for example, in Spain. In addition, the Austrian authorities regulate prices through legislation. Therefore, real estate is getting more expensive here, but not too fast.
If a buyer wants to make money on Austrian real estate, then he has two options: buying commercial real estate, or renting out housing. The first option is good for wealthy Russians who want to open their own business in Austria. And as for renting, in the case of Austria, this is an attractive option.
Due to the constant influx of tourists, andUntil recently, there were practically no government restrictions on the construction of new buildings and free housing in Austria. This is especially true in Vienna: due to the numerous international organizations that are located there, thousands of foreigners live in the city permanently, as well as students who rent housing. As a result, ads for rental housing are immediately responded to: from 350 euros for a room or studio (one-room apartment without furniture), up to 2000 euros for a large apartment. And a two / three-room apartment of 50-70 sq. m. near the center it is quite possible to find within 1000 euros.
Currently, investors can also benefit from renting apartments, as a moderate increase in rental rates does not deter tenants. In the first half of 2012, the monthly rent increased by only 1.6%. The average increase in rental rates in Vienna over the past five years has been 2-4% per year, for luxury real estate, as well as for those that are rented in prestigious areas – up to 5-6%.
Evgenia Lisina
HomesOverseas.ru
HomesOverseas.ru thanks Konstantin Isakov from Austria-Invest, Tatyana Alekseeva from JPIM Immobilien, Viktor Novikov from My new hotel for their help in writing the article
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