Real estate prices 2024 moderately increased – diepresse.com
The number of real estate sales in Austria fell sharply in 2024, but there was a slight increase in price, especially in two regions. Measures are required on the part of the association.
The real estate market continued to lose momentum in 2024. The representatives of the trade association of the real estate industry in the Austria Chamber of Commerce (WKÖ) speak of a « sideways movement that goes up slightly up » when presenting the data of the previous year. The number of transactions of apartments, houses and building land dropped from 83,000 to 69,500. This downward trend has been shown for three years. The industry representatives see strict loan girting rules by the KIM regulation and thus difficult financing conditions as the reason for the new decline. On average, real estate prices rose slightly.
Price increase under inflation
The average square meter price when buying condominiums in the first cover was around 3559 euros (plus 2.1 percent), shows the current real estate price mirror of the chamber. In the case of row houses, the price came at a good 2190 euros (plus 3.9 percent) and for single -family houses at EUR 2426 (plus 1.8 percent). Building plots for residential properties were sold for an average of 406.33 euros per square meter, which corresponds to a price increase of around 2.3 percent compared to 2023.
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In the case of used condominiums, the state capitals also showed average almost consistently price growth. The square meter price in Vienna (plus 5.6 percent) increased most, followed by Innsbruck and Linz (plus 3.6 percent) and Salzburg (plus 3.3 percent). The increases in Bregenz (plus 2.6 percent), Eisenstadt (plus 1.6 percent) and Klagenfurt (plus 1.1 percent) were lower, whereas prices in St. Pölten (minus 1.7) and Graz (minus 2.7) even decreased.
Rental prices rose by average by a good three percent
« As good as new » rental apartments cost an average of 9.30 euros per square meter, an increase of over three percent. « In the case of new final rental contracts, we are by no means not a prices explosion that is often and often thrown into the discussion, but a price adjustment that is even below the inflation and inflation rate, » said specialist association chairman Gerald Gollenz at the presentation of the numbers. « The rental market for apartments, which is not subject to a rent limit, is and remains stable in Austria. » Within Vienna, for example, this is only twelve percent of the commercial residential construction, around 70 percent of the commercial rental apartments are priced. The financial signs for buying real estate in the capital are currently very good. In international comparison, real estate in Vienna is still « cheap ».
In any case, price lids are the wrong access, since the offer is scared, according to Deputy Obmann Johannes Wild. Rather, it would require « Immediate measures for both non-profit and commercial developers » in order to create affordable residential construction and thus keep the market stable, added Michael Pisecky, as well as deputy specialist association chairman of the real estate and wealth litter in the Chamber of Commerce. The focus is on measures for renovations of existing objects. « What we need is to build more and to upgrade the stock. » The most important measures on the part of politics are required, because « as soon as the current funding expires, there could be a stop in this area. » If you look at the long lead times for construction projects, the current trend will only change slowly anyway. Overall, a relief on the market will not be forecast until the end of 2026. (Jup/AG.)
