Buying Property in Austria
As highlighted earlier, Austria is the costliest place to live in the whole of Europe.
This means that unfortunately, the property scenario in Austria is not too encouraging
for the investors of present times. The higher cost of living has, indeed, played
a spoilsport for the potential investors. European Union membership notwithstanding,
Austria has not seen any surge of investor interest, primarily because of high property
prices within the country.
Austria has done well by relaxing the laws in terms of foreign ownership of property,
but still buyers want the Austrian government to address the issue of high property
prices of every commodity before even thinking of investing in Austrian real estate.
Rough estimates indicate that a Studio Apartment is not available in Austria below
£50,000 and a 2-bedroom apartment starts from a whopping £70,000 and if you are
planning an independent house in Austria, be prepared to shell out at least £180,000
to realize your property. It's not only the price, but also the tax structure that
is quite stringent in Austria. Any capital gains on the sale of real estate
are taxed as regular income at the exorbitant rate of 34%.
Being a tourist spot, vacation and holiday property around the Alps is your best
bet for investment in Austria. A year-round influx of tourists means you have regular
rental income from the holiday properties in and around the ski resorts. The majority
of the population in Austria live in and around cities like Innsbruck, Salzburg
and Vienna, resultantly; these places are the ones to look out for in terms of real
If you are prepared to overlook the high cost of living, investment in Austria
is not such a bad proposition, as is evidence from the following high-points of
the country –
- Thriving economy
- Stable political system
- EU membership
- Relatively one of the safest places in Europe
- Modern lifestyle
- Inviting climate
- Cheap education
- First-class health facilities
The country comprises Germans and Italians as the primary groups of foreigners who
have either settled down here or made Austria their second home destination.
The restrictions for non-EU foreign investors are more stringent than the EU ones.
Thus, the Brits will find the going easier as far as the legalities and administrative
procedure pertaining to owning a property in Austria is concerned.
The countries peculiar real estate laws means that all foreign investors should
seriously consider hiring an expert real estate agent or a local attorney to take
care of all the official formalities entailing the registration of property. The
expert help will also come in handy if you decide to finance your property purchase
through a local Austrian bank.
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Sale in Austria