Austrian central bank downplays real estate bubble fears

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Business

The Austrian central bank has downplayed concerns over whether the real estate bubble in Vienna and the rest of the country could shake financial stability. However the central bank said on Monday it will be monitoring the situation by creating a new fundamental price indicator. Residential real estate in Austria increased 39% between 2007 and […]

5,500 new millionaires in Austria

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Business

2012 has been a successful year for the wealthy in Austria. The numbers of Austrian millionaires has increased by 5,500 people (10%) to 77,600 people. They own a third of the total private assets. In total, Austrian millionaires own assets of 245 billion Euros. Every Austrian millionaire owns 3.15 million Euros on average. Family Porsche/Piech […]

Property prices keep climbing

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Business

A real estate expert has expressed concerns about property prices in Austria. Thomas Malloth told the Kurier today (Thurs): “The question is whether the middle class will manage to afford it in the near future if things keep developing this way.” Malloth said annual statistics reveal that all kinds of properties – cheap flats in […]

Austrians unimpressed by rising rents

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Business

Almost one out of five Austrians consider investing in real estate within the next 12 months, according to an investigation. Public opinion agency Integral found that 19 per cent of Austrians planned to spend money on properties in the coming 12 months – five per cent more than in the previous quarter. The research group’s […]

Property prices ‘will continue to rise’

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Business

A real estate manager has said he expects Viennese property prices to climb further. Johannes Meran, who heads the administration board of Vienna-based property developer Conwert Immobilien Invest AG (Conwert), told the Kurier newspaper today (Mon): “I think the price for owner-occupied apartments in Vienna will continue to rise. Increases of five to 10 per […]

Ritz Vienna at the ready

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Business

Vienna will get a Ritz next year, it was confirmed yesterday (Tues). A group of Kazakh investors signed contracts with Austrian real estate company Bauträger Austria Immobilien GmbH (BAI) in Vienna. The business partners said afterwards that a new hotel of the famous brand would open in the city in the second quarter of 2012. […]

Wooden pizza chef theft flops

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General News

Three Austrians could be prosecuted for theft in Germany after nicking a life-size figure at a pizzeria. The trio were part of a 30-member group of friends spending Wednesday’s Austrian National Holiday in neighbouring Bavaria. Online newspaper OVB quotes from a Berchtesgaden police report: “The trio had the grand idea to kidnap the wooden figure.” […]

Flock of sheep stolen

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General News

A whole herd of sheep has been reported as stolen in Lower Austria. A Langenlois-based farmer informed the local police force that his 65 sheep have disappeared. Officials said today (Fri)that he got in touch with them on Wednesday. The animals are worth around 16,000 Euros, according to a spokesman for the police in Krems. […]

Drunk smoker falls off balcony

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General News

A sozzled teenager fell off a balcony while having a cigarette, police in Vienna said yesterday (Thurs). The 19-year-old attended a party in a third-floor flat in Vienna-Meidling on Wednesday night. He landed on a patch of grass in the housing estate’s inner courtyard. The young man was allegedly sitting on the balcony railing smoking […]

Benko plans €65mn Lake Garda estate

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Business

A Tyrolean real estate developer intends to invest tens of millions of Euros into an estate at one of Italy’s most beautiful lakes. Rene Benko announced on Sunday he decided to spend 65 million Euros on the creation of a building complex featuring villas, terraced houses and apartments at Lake Garda. Tenants will be able […]