The Real Estate Price Growth Has Accelerated in Austria
July 13, 2021
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Housing prices in the country increased by 10.86% y-o-y in the first quarter of 2021.
Housing prices in Austria continue to grow rapidly, despite the economic crisis and the coronavirus pandemic. According to the Central Bank of Austria (OeNB), the average cost of residential real estate in the country rose by 10.86% year-on-year in the first quarter of 2021. This is higher than the growth of 3.4% in the previous year and the most significant annual increase since the second quarter of 2012, Global Property Guide writes.
Real estate prices across Austria increased by 3.56% in the first quarter of 2021.
Housing prices in Vienna in the first quarter of 2021 increased by 2.94% quarterly and by 9.48% year-on-year, which is the highest growth in eight years. Residential real estate in the rest of the country rose by a record 12.54% year-on-year. This is a sharp improvement from the 2.84% growth in 2020. Housing proces across the country increased by 4.3% during the first quarter.
New buildings rose in price by a modest 1.76% in 2020 after an increase of 8.09% in 2019. Secondary housing has increased in price over the past year by 7.51% compared to an increase of 5.55% in 2019.
Private houses on the secondary market in 2020 rose by 6.26% after an increase of 5.48% in 2019. But apartments increased in price by 8.5%, which is an improvement compared to the rise of 5.59% in the previous year.
Construction activity is falling despite high demand. According to the Statistics Office of Austria, the total number of residential buildings allowed for construction fell by 4% year-on-year to 74,763 units during the first quarter after an increase of 11.4% in 2019.
According to the European Central Bank, the total volume of housing loans amounted to €127.73 billion in April 2021, which is 7.5% more than a year earlier.
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Object description:
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Austria's economy shrank by 6.6% during 2020, mainly due to the economic impact of the pandemic and related containment measures. The main driving factor of the Austrian economy is exports to Germany.
It is expected that the country's economy will grow this year, as the remaining restrictions are gradually lifted amid the accelerated introduction of the vaccine. According to the forecasts of the European Commission, Austria's GDP will grow by a modest 3.4% this year, and by another 4.3% in 2022.
