austrian property market performing strongly
News Posted On: 13 September 2010
You don't hear much about the Austrian property market. This is surprising given that it is one of the best performing and most stable markets in the world.
Quarter 3 and quarter 4 of last year are the best time to judge the performance of overseas property markets, because it is a year after the time when the US crash went global via the UK.
Looking at the Knight Frank global house price index for Q3 we see that Austria was the second best performing property market in the world (bettered only by Israel). According to the index Austrian property prices climbed 9.7% in the year ending q3 2009. In Q4 prices were up 5.2% on the year.
According to the latest data the performance is continuing to heat up this year. The Bank of Austria has said that house prices increased 6.8% in the first quarter. This, the biggest quarterly growth since Q2 2004 left prices 4.8% up on the first quarter of last year.
According to Knight Frank the growth was even more impressive in the first quarter. Their data shows prices up 8.7% year on year in the first quarter, up 4.8% in the six months ending the first quarter, and up 2.8% in the quarter.
Such stability is good for Austria on one hand, because it is putting the country back on the radar of property investors, but this is tempered by the fact that no price falls means Austrian property is still outside most people's budgets. However, prime (wealthy) buyers have been prevalent in the market since the crunch, and that is likely as big part of why Austrian property prices have continued to rise.
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