According to a study international consulting company Knight Frank, the real estate market of Vienna is experiencing unprecedented growth. In the Austrian capital rapidly gaining momentum new construction, fly high sales volumes and, consequently, rising prices for housing. It is reported by international real estate portal Property Wire.
Thus, in the period between 2015 and 2017 in Vienna appears to 44,000 residential units of new construction and 32,000 flats. In Vienna, home to one-third of the total Austrian population – and over the last decade, the number of wealthy residents of the capital grew faster than in any other city in Northern Europe, including London.
Not surprisingly, says Kate Everett-Allen, partner at Knight Frank international research that the cost of "running" residential real estate in Austria increased by 52% since 2008 and by an impressive 72% (comparatively in the figures) in Vienna. Thus, Vienna is an attractive destination for investment and a great alternative to the German Berlin and Frankfurt.
Average rental income is here at the level of 3-4% per annum. The percentage of home ownership in Austria is very low: in their own homes inhabit only 56% of the country's citizens, and this figure is reduced to 20% in Vienna. Just visit Vienna every year 6.6 million tourists who spend 14.3 million overnight stays. The need for homeowners that rent housing to rent, is obvious, said the report by Knight Frank.
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