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Kitzbühel retains most expensive real estate title

The Tyrolean ski resort of Kitzbühel has the highest real estate prices in Austria, according to a new study.

Research conducted by real estate platform www.immobilien.net showed that the posh tourism hotspot kept its place last year as the most expensive place in the country when it comes to real estate.

Study leaders said today (Tues) one square metre of real estate "in a very good state" in the world famous resort cost 4,876 Euros last year, while real estate in Kitzbühel district is just under 3,000 Euros per square metre.

The news comes just one day after 87-year-old social worker Käthe Nagiller opened a "social supermarket" selling foodstuffs at discount prices in a bid to help the poor in Kitzbühel, widely regarded as one of the trendiest ski resorts in Europe.

Innsbruck, the provincial capital of Tyrol, has meanwhile been found to be the most expensive of Austria’s nine provincial capitals when it comes to owner-occupied flats with an average price of 3,220 Euros per square metres for flats rated as being "in a very good state" by real estate agencies.

Salzburg came second with 2,921 Euros per square metre in 2009, up 12 per cent year on year, with Vienna in third (2,688 Euros).

The cheapest flats are meanwhile available in Eisenstadt, the provincial capital of Burgenland in the east, where owner-occupied flats cost 1,217 Euros per square metre.

Immobilien.net head Alexander Ertler said suburban towns like Klosterneuburg around the capital Vienna were the only areas with comparably high prices outside western provinces such as Tyrol.

Ertler also said single family house prices rose slightly last year despite lower demand.

The Immobilien.net boss said there had been a five per cent year on year increase in the houses following a one per cent year on year slump in 2008.

"Houses in nice areas still reach high prices, while prices for houses in worse environments will continue to fall this year," Ertler said.

But prices for all types of real estate meanwhile slumped by nine per cent on year on year. The study shows the average price per square metre for all non-commercial property in Austria is 89 Euros.

Prices for rented flats however rose by two per cent due to increasing demand, it has been reported.

Innsbruck is the most expensive provincial capital for rented flats with a monthly rental price of 10.7 Euros per square metre, with Salzburg in second (9 Euros).

Rented flats are cheapest in Klagenfurt, the provincial capital of Carinthia, Lower Austria’s Sankt Pölten and Eisenstadt with 6.6 Euros per square metre.

Austrian Times

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