Acquiring property in Austria, especially Vienna, is considered an exceptional investment. What makes Austria ideal for buying houses is the stunning architecture, good medical care, and breathtaking scenery.
If you wish to relocate to Austria, then it is important you understand the country’s real estate market and the process of buying property. Luckily, we have got you covered. Read this informative article about purchasing a home in Austria to help you navigate the country’s real estate scene.
Homeownership in Austria
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Over the last five years, the homeownership rate in Austria has increased by 6.11%, from 55.5% in 2018 to 61.61% in 2023. Still, the rate is below the average rate in Europe, which stands at 70.1%.
Should You Rent or Buy a House in Austria?
You need to consider several factors when deciding between renting and buying property in Austria. For instance, your financial situation. If you are a low-income earner, then renting makes more sense than acquiring a house. But it is worth mentioning that the processes of buying or renting a property in Austria are both simple.
Can Foreigners Buy a House in Austria?
Although the Austrian government has put several restrictions limiting foreigners from purchasing houses in certain areas, it is still possible for non-Austrians to buy property in this country.
Additionally, foreign nationals are allowed to access mortgage options to finance their property purchases.
The Austrian Real Estate Market
Compared to other European countries like Germany and the United Kingdom, Austria offers affordable housing. The rental yields are moderate but stable.
Regarding house prices, they have been rising over the past ten years. A residential property price index report released by real estate-focused platform Global Property Guide showed that house prices in Austria have increased by 16% since 2013.
As of December 2023, a two-bedroom apartment in Austria goes for €250,000 or more. By comparison, a similar unit in Switzerland costs €550,000.
Finding a House in Austria
It is easy to find your ideal house in Australia, thanks to the multiple property agencies available online. Some of the agencies you can consider exploring include Tranio, Savills, Rightmove, and Amazing Austria.
Costs of Purchasing a House in Austria
Besides paying the house price, there are costs that you will incur before moving into your new home. They include:
Legal fees: Paid to the lawyer handling legal issues related to your house purchase.
Registration Duty: Paid to Austrian Land Register to process ownership transfer.
Rent Estate Agency’s fee: Paid to the real estate professional who identifies your ideal house and negotiates with the seller on your behalf.
Process of Acquiring a House in Austria
Locate Your Ideal Home
As mentioned, there are several real estate agencies in Australia ready to help you find your preferred property. Factors to consider when picking your desired home include the availability of amenities, infrastructure, and the neighbourhood.
Make an Offer
To start engaging with the house seller, you need to make an offer. You can do this through a real estate agency. One thing to note is that you should avoid being vocal about your interest in buying the house. That’s because an oral agreement in Australia is legally binding.
Make a Deposit
Once you reach an agreement with the seller, deposit 10% of the house price.
Survey the House
Although some buyers skip this step, it is crucial as it helps you identify any defects in the house so you can renegotiate with the seller.
We recommend you hire a lawyer at this stage to interpret the terms in the agreement documents for you. If the details are clear, sign the contract and complete the payment. The lawyer will take a copy of the agreement to the Land Register for a new title deed bearing your name to be processed.
Move Into Your New Home
After receiving a title deed and the seller confirming receipt of the fund transfer, they will give you the keys to your new Austrian home.