austrian property market to benefit from pipeline
News Posted On: 07 April 2010
Well, it looks like the much-awaited Nabucco pipeline between Austria and Turkey will finally go ahead. The European Commission has offered 200 million Euros towards the construction of the pipeline, which will bring oil and gas from the Caspian Sea, into Europe bypassing Ukraine and Russia, which have previously interrupted European supplies with their disputes.
It was the first time the commission had offered money for the construction phase of a gas pipeline. Mr. Oettinger said the offer, which was presented as part of a package of energy infrastructure projects worth 2.3 billion Euros, was a “milestone” for European energy policy.
“We’re not just supporting an idea anymore, we’re talking about funding,” Mr. Oettinger said in a news conference in Brussels.
The pipeline will be extremely beneficial to both Turkey and Austria, but moreso to Austria, which is finding it more difficult to get onto the recovery path after being badly affected by the financial crisis. Of course any boost to the economy will also be a boost to the property market.
Speaking of which, the Austrian property market received a boost of positive publicity at the tail end of last month, when it emerged that an Austrian ski resort, marketed by Savills’ ski property partner Alpine Homes International, sold out all 14 units in the space of 6 weeks.
The news came shortly after the Austrian government announced a similar support of the property market as seen in the French leaseback system, whereby buyers receive a 10-15% discount on new build property, provided that they agree to let the property out when not using it themselves.
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