Austria is the land of rolling hills, Mozart and the Sound of Music and it is known for it’s exorbitant property prices. Currently it is one of the most expensive places to buy property in the world. Aside from its inflated costs, there are significant benefits to purchasing a home in Austria. The processes involved with buying a home are generally orderly, quick and there are no buying restrictions on foreigners.
Properties in Austria are built to last and withstand severe weather conditions. This is why you will find homes that are still standing after generations. Fees associated with buying property in Austria are government regulated and valuations are not commonly required.
In brief the property purchasing strategy is as simple as; selecting a property, making an offer via your estate agent, the vendor has a fixed period to accept or reject your offer and then the date of completion is agreed upon. You will then need to pay about a 10% deposit into a trust account into which funds are transferred to cover purchase and fees. Fees include; legal fees, land registry costs, agency fees and stamp duty and once the contract is signed the notary will pass over the money to the vendor.
The average monthly cost of purchasing an apartment in Austria is dependant on the location. Rural properties are generally half the cost of flats in city centres, but ski resort areas have greater inflated costs as well. An apartment in the city centre will likely be around 4500 Euros per square metre, whereas the price outside cities usually cost about 2500 Euros.
Registration costs are generally 4 – 5% of the property value and the entire process from start to finish can take up to 6 weeks before you finally have a foot on the property ladder in Austria.