New buildings in Austria
Location and climate
Austria (the official name is the Austrian Republic) is a federal state in Central Europe, a parliamentary republic, the capital is the city of Vienna, the state language is German. For the most part, it is a mountainous country occupied by the Eastern Alps. The largest river in Europe, the Danube flows through its territory.
Austria is located in a temperate climate zone: summers are warm, sunny, winters are mild on flat terrain and cold in the mountains.
For the information of the investors: economy, culture, education of the country
Austria is one of the richest and most developed European countries. According to experts, along with Switzerland and Germany, the country is the most reliable investment object. Its potential is one of the most important components of the economic foundation of Europe. Almost all sectors of the economy are developed in the country, starting with tourism (more than 15 million people visit the country every year) and ending with aerospace technologies.
The benefits of the investment in Austria are as follows:
- powerful industry;
- absolute adherence to environmental discipline;
- low unemployment rate, inflation;
- the capital is a leader among cities with a high level of quality of life;
- attractiveness for tourists (natural sites, historical sites, ski resorts);
- cultural heritage significant for the whole world.
The disadvantage is dependence on imported raw materials, primarily oil and gas.
The country is associated with the creations of the composers Mozart, Beethoven, Johann Strauss Jr., Haydn, which have become the property of world culture. The Vienna State Opera, which organizes Vienna balls - an event that takes place in the capital on a regular basis is well known. Austrian ballet, theater, circus are also popular, the country is proud of novelist writers who have become classics of world literature: Arthur Schnitzler, Stefan Zweig, Thomas Bernhard and others. Austria preserves Roman Catholic traditions, including in architecture - cathedrals and palaces are included in the UNESCO cultural heritage list.
There are twenty-two state and thirteen private universities in the country. The advantage of Austrian education is the possibility of official employment. After admission, about a third of students work, covering a significant share of living costs. Over the past decade, the number of foreign applicants has grown exponentially, which in itself speaks of the attractiveness of the educational system.
Why is it profitable to buy an apartment in a new building in Austria?
At the moment, in Vienna as well as in other visited cities and regions, such as Salzburg, Tyrol with their popular ski resorts, the demand for apartments in new residential complexes exceeds supply. In the whole country, the cost of housing in new buildings is growing. It is important to note that these processes are proceeding smoothly, without sharp surges, which for investors is the most important signal of the stability of the economy as a whole.
The motivation for investors to invest in real estate in Austria in a new building is the great popularity of rentals. About half of Austrians rent housing, the country is second only to Germany in this respect.
Experts believe that the growing demand for residential complexes in Austria in the new buildings is due to two key factors:
- a steady influx of students (Austrian diplomas are highly valued in Europe),
- an increase in the number of jobs (specialists from various fields come here to work).
This is a strong argument for real estate investors to buy an apartment from a developer in Austria, and there are other reasons to invest in primary housing as well:
- variety of objects by area, layout, type;
- the development of the service sector (Austrian development companies find tenants themselves, which frees the investor from these hassles, renovations are made accordingly);
- affordable prices;
- relatively small expenses of the investor (taxes on residential properties are part of utility bills that are paid by the tenant);
- ways of interaction with European business partners are opened (the favorable location of the country contributes to this);
- the opportunity to educate children in prestigious universities.
The lowest price per square meter of space in a new building (in the capital - Vienna) completed in a turnkey condition (according to the information of the GEOLN.COM search engine) is 1,570 USD. Construction is carried out in compliance with European standards, its high quality is confirmed by customer reviews.
Acquisition of an apartment in Austria from a developer by foreign citizens
Citizens of European Union countries can buy housing in Austria without restrictions. The sale of apartments from developers to foreigners - non-EU citizens, like other real estate, is prohibited, with the exception of purchases:
- on a student visa,
- with an Austrian residence permit,
- with the permission of the land commission.
These restrictions are designed to prevent speculation in the market, preventing sudden price surges.
Purchasing an apartment in a new building in Austria is an investment in a prestigious and business oriented city.