Bottleneck in brand new apartments is coming
Asking prices for new apartments in Vienna have risen by around 14 percent since 2021, and by ten percent in Lower Austria. However, due to fewer completions of condominiums and increased interest rates, the curve will flatten out again and the price level will remain rather stable.
That is only one of the results of two studies, which the Viennese real estate switching enterprise Austria real in order gave. While in Vienna, according to the study, newly built condominiums were sold in July 2021 with an average price of 5.910 euros per square meter, the price since July 2022 is 6741 euros. "The highest average prices are unsurprisingly in the first district in Vienna. Here, the square meter now costs 21.085 euros," says Vera Woschnagg, CEO and founder of Austria Real GmbH. "It is also exciting that three percent more condominiums will be completed in 2022 than in 2021.