As one of the countries that felt not even a seismic financial ripple in its real estate market, Austria is an investors dream. This is unfortunately the opposite for those looking to get into the Austrian housing market. Expats should be aware that the average prices of homes in Austria are generally more than in their country of origin.
Urban prices and potential
If you are seeking a dream home in one of the many bustling cities of Austria, then you may want to review each city carefully. Property prices in Vienna are some of the highest in Europe, whilst in smaller cities like Salzburg you will likely find cheaper options.
Types of property
There are two types of property that buyers can purchase in Austria. These include:
- Complete – The buyer owns the land and infrastructure on the land, but may not build any additions on the property.
- Co-property – The buyer owns the land and infrastructure on the land and has rights to build additions. The owner is responsible for all additions.
If you are a non-EU passport holder, then you must obtain a permit from the relevant local authority for the region you want to purchase in. This document is generally ease to get as long as you don’t seem to pose a threat. If you are seeking to purchase forested land in Austria, then you will likely have a few hurdles to jump. If you are planning to change the property’s purpose, then your approval will be more difficult to obtain. This is to ensure public interests in forested land are maintained.
Closing a deal
The process of closing a deal in Austria is similar to most countries in which there are the below steps;
- Buyer makes and offer to purchase
- Buyers real estate agent drafts the offer and supplies it to the seller
- Seller either accepts or rejects the offer by signing the drafted documents
- If offer is accepted, the seller has a cooling off period of 10 days
- After the cooling off period, a notary will draft the purchase documents and both parties must sign them.
- The sale is complete and final.
In Austria, most real estate agents take a 3% commission on property sales.