austria second best performing property market in world in new index
News Posted On: 10 December 2009
Austria has been named as second best property market in the world by estate agency Knight Frank in terms of its year on year performance in the third quarter of this year -- second only to Israel.
According to the firm's third quarter index, Austrian property prices were 9.7% up over the year ending the third quarter, putting it level with Malta as the two best performing property markets in Europe, and two of the best in the world.
This is rather incredible given that the chart contains the likes of Australia and Canada, which have been making the headlines lately because of the strength of recovery in their property markets lately. Critics will ponder whether it is a coincidence that Austria and Malta are so high in the third quarter chart, when neither had provided any house price data for the second quarter.
Not us though: we have been looking at the Austrian market since the beginning of this year, because it seemed to be as if there had been no price reductions of any kind. We did not push publicity of this because as with many overseas markets it is often difficult to get accurate data, and we know that just because the prices on our site aren't falling doesn't mean that the market is solid.
It is a strange fact that Austrian prices would have grown so much, given that the market is not the cheapest in the world by a long way. It can however be explained by the insulated and robust banking system, the fact that lending was always done on a cautious basis, and the fact that the economy has also proven resilient to the effects of the downturn.
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