Real Estate Market in Austria - Corona year 2020
The trend of rising prices for residential real estate continued in the third quarter of 2020 - after a 5.2% increase in the second quarter throughout Austria and a significant increase to 9.5%. The single-family houses in particular drove up the prices. It can be argued that the prices increased for single-family homes due to the COVID-19 crisis and the resulting trend towards home office and the desire for undisturbed living in the countryside or with a garden.
The COVID-19 pandemic is intensifying the cooling of the economy in residential construction. Due to the restrictions during the first lockdown in spring, residential construction investments fell by 5.5% year-on-year in the first half of 2020. In contrast, the number of real estate transactions increased over the same period.
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Austria Real Team