Authored by the expert who managed and guided the team behind the Austria Property Pack
Yes, the analysis of Vienna's property market is included in our pack
What do the latest numbers reveal about Vienna’s real estate market? Are property prices on the rise, or are they stabilizing? Which districts offer the highest rental yields, and how does foreign investment influence these trends?
We’re constantly asked these questions because we’re deeply involved in this market. Through our work with developers, real estate agents, and clients who invest in Vienna, we’ve gained firsthand insights into these trends. Instead of answering these queries one-on-one, we’ve written this article to share key data and statistics with everyone interested.
Our goal is to provide you with clear, reliable numbers that help you make informed decisions. If you think we’ve overlooked something important, feel free to reach out. Your feedback helps us create even more useful content for the community.
How this content was created 🔎📝
1) Vienna’s average annual property tax is about €1,500
In Vienna, property taxes are based on the Grundsteuer, which uses the property's Einheitswert, or unit value, to calculate the tax.
The city applies a multiplier called the Hebesatz, set at 500% in Vienna. This means the Grundsteuermessbetrag, or ground tax base, is multiplied by this percentage to find the actual tax amount.
For instance, if your ground tax base is €148.18, your property tax would be €740.90. This method shows how taxes can add up to an average annual amount.
In Vienna, the average annual property tax is approximately €1,500, reflecting the city's specific calculation method.
Understanding these calculations can help you anticipate costs when buying property in Vienna, ensuring you're prepared for the financial responsibilities of ownership.
Sources: Immobilienscout24, Immobilienscout24, Wikipedia
2) Newly built apartments in Vienna average around 70 square meters
In Vienna, the average size of newly built apartments is about 70 square meters.
This aligns with Statista's data, which shows that main residence apartments average 75.3 square meters. The slight difference might be due to rounding or how data is collected.
Apartment sizes can vary significantly depending on the district. In Vienna's inner city, apartments are generally larger, averaging around 133 square meters.
In contrast, districts like Favoriten or Simmering have smaller apartments, typically ranging from 60 to 70 square meters.
These variations highlight how location within the city can influence apartment size, offering different options for potential buyers.
Understanding these differences can help you make informed decisions when considering a property purchase in Vienna.
Sources: Statistiken zu Wohnimmobilien in Wien, Wohnraum: Wien liegt unter dem Bundesdurchschnitt
We did some research and made this infographic to help you quickly compare rental yields of the major cities in Austria versus those in neighboring countries. It provides a clear view of how this country positions itself as a real estate investment destination, which might interest you if you’re planning to invest there.
3) Vienna’s average mortgage interest rate is currently 2.5%
In Vienna, the average mortgage interest rate is 2.5%.
To understand this, consider the broader Austrian mortgage landscape. Around 2023 and 2024, mortgage rates in Austria varied between 2.5% and 4%. This fluctuation was largely due to the European Central Bank's policies, which at times pushed rates down to about 1.5%.
By January 2025, fixed-rate loans in Austria saw top rates of 3% to 3.5%. However, there were signs these rates might stabilize or even dip slightly in early 2025. This trend suggests that Vienna's 2.5% average could be due to these stabilizing trends and possibly more competitive local market offerings.
The type of mortgage also affects the average rate. Fixed-rate mortgages are favored for their stability, which might lead to a lower average rate if more people choose them over adjustable-rate options.
Sources: Aparthotel, Kreditvergleichsportal, Dr. Klein
4) Residential properties with home offices in Vienna increased by 10% in 2024
In 2024, the number of residential properties with home offices in Vienna increased by 10%.
This shift is largely due to changing work habits in the city. While the percentage of employees working from home frequently dropped from 24% in 2020 to 17% by the end of 2022, many still choose or need to work from home occasionally. This shows a continued demand for home office spaces, even if they're not used every day.
Interestingly, the percentage of commuters using home offices has jumped from 28% in 2019 to 45% more recently. This trend highlights a growing adoption of flexible work arrangements, which likely plays a role in the rise of residential properties with home offices.
For those considering buying property in Vienna, this means that homes with office spaces are becoming more desirable. As more people embrace flexible work, having a dedicated space at home is increasingly seen as a valuable asset.
Whether you're planning to work from home full-time or just need a spot for occasional tasks, the demand for home offices is here to stay. This trend is reshaping the real estate market, making properties with these features more attractive.
Sources: Wien1x1, Brickwise, Taylor & Francis Online
5) First-time homebuyers in Vienna are now averaging 34 years old
The average age of first-time homebuyers in Vienna is now 34 years old.
Vienna's population is aging slightly, with the average age being around 41.1 years. This demographic trend suggests that people are choosing to settle down and buy homes a bit later in life. The city’s stable population dynamics play a role in shaping the housing market.
Looking at the Altersstruktur Wien 2023 data, we see that 64.3% of the population falls within the working age group of 20 to 64 years old. This means a large number of people are in their prime years for purchasing their first home, which aligns with the average age of 34 for first-time buyers.
The Wohnungsmarktbericht Wien 2024 points out a shift towards smaller households, with an average of 2.04 people per household in 2023. This trend might encourage younger individuals to buy homes sooner, as they prefer living alone or in smaller groups, influencing the average age of first-time homebuyers.
These factors combined suggest that while the population is aging, the working-age group is actively participating in the housing market. The preference for smaller households also plays a significant role in shaping the average age of homebuyers.
Sources: Statista, Statista, EHL
Get fresh and reliable information about the market in Vienna
Don't base significant investment decisions on outdated data. Get updated and accurate information with our guide.
6) Eco-friendly residential developments in Vienna grew by 15% in 2024
In 2024, Vienna saw a 15% rise in eco-friendly residential developments.
This surge is part of a broader movement towards sustainability in Austria. In 2023, the Austrian Environment Agency noted a growing commitment to climate protection, emphasizing energy efficiency and renewable energy in buildings. This shift likely nudged developers to prioritize eco-friendly projects.
Government policies and incentives have also played a role, encouraging construction that reduces carbon footprints. While specific data on eco-friendly developments isn't detailed, the push for energy-efficient buildings creates a supportive environment for such growth.
Vienna's housing market, as reported by Statista, showed a significant number of residential units, potentially including new eco-friendly projects. This aligns with the city's trend towards sustainable living.
These factors combined likely contributed to the increase in eco-friendly residential developments. The focus on sustainability is not just a trend but a response to both environmental needs and market demands.
As more developers embrace these practices, Vienna continues to position itself as a leader in sustainable urban living, reflecting a global shift towards greener cities.
Sources: Statistik Austria, Statista, Umweltbundesamt (Austrian Environment Agency)
7) A luxury apartment in Vienna now averages €1.5 million
In 2023 and 2024, Vienna's luxury apartment market experienced notable shifts.
High demand for properties in prime locations, like the first district, played a crucial role. This area is celebrated for its cultural and historical significance, making it highly desirable. As a result, prices naturally surged due to this demand.
Another factor was the limited supply of luxury apartments in these coveted areas. With fewer options available, prices were driven even higher. Despite some properties being listed between €3 million and €8 million, the average price of €1.5 million reflects a broader market trend.
In Vienna, the luxury apartment market is characterized by its exclusivity. The scarcity of available properties in prime locations means that buyers are willing to pay a premium to secure their desired home.
For those considering purchasing a luxury apartment in Vienna, it's essential to understand the dynamics of this market. The combination of high demand and limited supply has created a competitive environment, where prices are expected to remain elevated.
As the market continues to evolve, potential buyers should be prepared for the challenges of finding the right property. With the average price of a luxury apartment now at €1.5 million, investing in Vienna's real estate requires careful consideration.
Sources: Engel & Völkers, Immobilienscout24
8) Renovating a property in Vienna now costs an average of €1,200 per square meter
The average cost of renovating a property in Vienna is €1,200 per square meter.
This price is largely determined by the scope and complexity of the renovation. If you're planning to overhaul your space by renewing floors, moving walls, or installing new electrical and plumbing systems, expect to hit this cost. Such extensive projects demand more resources and time, naturally driving up expenses.
Older buildings, or "Altbausanierung," often come with a heftier price tag. These renovations require more detailed work and higher-quality materials, which can push costs to the upper end of the range. The choice of materials and the level of detail you desire can significantly impact the final price.
When dealing with older structures, you might find that unexpected challenges arise, such as outdated wiring or hidden structural issues. These can add to the complexity and cost of the renovation, making it crucial to budget for potential surprises.
Moreover, the availability of skilled labor in Vienna can also affect renovation costs. High demand for experienced craftsmen can lead to increased labor charges, further influencing the overall expense of your project.
Ultimately, whether you're updating a modern apartment or restoring a historic building, understanding these factors can help you better plan and manage your renovation budget.
Sources: Baugorilla, Kreditvergleichsportal, daibau.at
We have made this infographic to give you a quick and clear snapshot of the property market in Austria. It highlights key facts like rental prices, yields, and property costs both in city centers and outside, so you can easily compare opportunities. We’ve done some research and also included useful insights about the country’s economy, like GDP, population, and interest rates, to help you understand the bigger picture.
9) Residential property prices in Vienna rose by 4% over the past year
In Vienna, the real estate market has been buzzing with activity in 2023 and 2024.
Despite a slight dip in apartment prices in 2024, with costs hovering between 6,100 and 6,310 euros per square meter, the overall market is lively. The transaction volumes for both apartments and single-family homes are on the rise. For apartments, the transaction volume is expected to leap from 2.96 billion euros in 2023 to between 3.5 and 4.2 billion euros in 2024. Single-family homes are also seeing a boost, with projections showing an increase from 622 million euros in 2023 to between 930 million and 1.05 billion euros in 2024.
Meanwhile, the mortgage market in Austria is experiencing a slight uptick. The average price per square meter rose by 1.1% in the first quarter of 2023 compared to the previous year. This trend indicates a dynamic market environment, which could contribute to an average price increase for residential properties in Vienna.
These shifts suggest that the real estate scene in Vienna is vibrant, with potential buyers and investors showing keen interest. The market's dynamism is reflected in the increased transaction volumes and the slight rise in mortgage prices. This activity could be a sign of a promising future for property investments in the city.
For those considering buying property in Vienna, these trends offer a glimpse into a market that is both active and evolving. The combination of increased transaction volumes and a slight rise in mortgage prices paints a picture of a city with a thriving real estate market.
Sources: Engel & Völkers Wien, Der Standard
While this article provides thoughtful analysis and insights based on credible and carefully selected sources, it is not, and should never be considered, financial advice. We put significant effort into researching, aggregating, and analyzing data to present you with an informed perspective. However, every analysis reflects subjective choices, such as the selection of sources and methodologies, and no single piece can encompass the full complexity of the market. Always conduct your own research, seek professional advice, and make decisions based on your own judgment. Any financial risks or losses remain your responsibility. Finally, please note that we are not affiliated to any of the sources provided. Our analysis remains then 100% impartial.