Property price rise continues

The price of property in Vienna has now spiralled so much that every 4th apartment comes with a price tag of 500,000 or more. And every second flat costs 300,000 or more.

One of the reasons is that the shortage of available property is resulting in many appartements being renovated and also investment in attic conversions.

Alongside the massive price rise in the market, the investment in raising the standard of the property on the market has also driven up the average price.

The statistics were reported by the online property site Immobilien.net, which added that the most expensive properties remained those in the 1st district, where 92 per cent of all appartments cost over 500,000. It said that the sites most expensive property at the moment was a 784 square meter penthouse for 21 million Euros.

They were closely followed by Wieden (4.), Neubau (7.), Josefstadt (8.) und Döbling (19.).

Outside the capital, and Salzburg proeprty prices were not far behind the capital.

In the Sound of Music city, 45% of the flats cost 300,000 or more. But in the other regions the price is not so severe. There are few properties that cross over the 500,000 Euro mark.

The highest in this bracket was Tirol with 38% costing more than 500,000, and Salzburg with 31%.

In Carinthia, Lower Austria, Vorarlberg and Upper Austria 25% cost more than 300,000 Euros.

In Styria it is 10% and in Burgenland 3%.

In suburban areas the properties around Wels and Klagenfurt are fetching high prices, with Kitzbühel remaining at the top of the regional league table.