Soaring interest in safe investments sends up flat prices

Flat prices jumped in “crisis year” 2009 as many see condominiums as a safe haven for their money, according to a business expert.Thomas Malloth, head of the Federal Economic Chamber’s (WKO) real estate department said today (Weds) the value of owner-occupied flats rose by 3.5 per cent from 2008 to 2009.”Strong demand, especially in conglomerations, kept prices at a high level. More and more people regard the purchase of a flat as a good investment in difficult times,” he explained.Malloth added traditionally expensive cities like Salzburg, Innsbruck, Vienna and posh ski resort Kitzbühel proved to be “crisis resistant” last year as average prices for condominiums there soared.Prices of office estate and private building sites meanwhile declined slightly across the country.