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Rents stagnated in 2012

Rents stagnated in 2012

Although hotly debated, the rents in Austria stagnated last year. It was presumed that the rents were increasing, but this could be disproved by involving inflation.

Immobilien.net, a real estate company stated that the average price increase was 1.5 percent. When deducting inflation, it turns out that rents fell by 0.9 percent.

"Panic-mongering with the rents is thus not comprehensible", said Managing Director Alexander Ertler on Monday.

There are, however, huge price differences on the Austrian real estate market, that is, between central, urban and rural areas. Privately owned flats in urban areas are very popular. While the area of Linz-Wels-Steyr has developed into a hotspot, there was a collapse of prices in Carinthia.

Rent is most expensive in Tyrol (monthly 10,95 Euros/square metre), Vienna (10,43 Euros) and Upper Austria (7,09 Euros). It is cheapest to live in Carinthia (7,14 Euros) and Styria (7,11).

There are similar changes in the value of detached houses. While there was a price increase of 26 percent in the district of Steyr-Stadt, the prices in the south of Austria have fallen drastically. Detached houses are the most favourite form of housing in Austria: there is a slight increase in the demand.

Real estates in border regions in Upper and Lower Austria are also becoming less popular.

"People are pulled by good infrastructure in the sectors traffic, culture and education. Industry and economy offer various job opportunities", said Mr Ertler. Rural areas, however, often cannot provide these important factors.

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