Austria is a fantastic place to own a home – just look at the scenery! Nonetheless, Austrians prefer to rent instead of buy; therefore, the homeownership rate is pretty low. Yet, many foreigners are interested in purchasing real estate in Austria as a long-term investment or for personal living.
The average price of a single-family home in Austria is around €2,578/m². Therefore, an average-sized house (150m²) will cost you about €386,250. House prices range between €4,000/m² and 1,600/m² depending on the location. In 2021, the average price for an apartment was €3,889/m² nationwide.
Around 60% of all Austrians own a home. Due to the low prices, in Burgenland, this figure is 72%. In contrast, only 35% of Vienna’s residents own a property. Home prices range drastically across the country. Therefore, if you are looking to purchase a house or apartment in Austria, the most essential aspect is the price of the deal.
Average house prices in Austria
The average price per square meter for a house in Austria is €2,578. For an apartment, the average cost per square meter is €3,889. House prices throughout the country range between €4,000/m² and 1,600/m².
If you rent, you will pay between an average of €700 and €1,300 per month for a one or two-bedroom apartment in major Austrian cities.
In a European comparison, Austria has some of the highest average prices per square meter: people pay €4,457/m² for a residential property.
That said, there is an insignificant difference between detached and semi-detached houses, where the latter is only about €90 cheaper for a square meter.
According to the statistics, in 2021, the median house price was €2,578 for a square meter and €3,889/m² for apartments nationwide.
In 2021, Austrian house prices increased by 6% compared to the previous year. There are various factors that influence house prices, among others are:
- Location of the land or home
- Condition of the property
- Layouts of the house and land plot
Some cities and regions are particularly desirable in Austria, and some are less. A home in a high-demand city can be 3-4 times more expensive than in a less demanded place.
Consequently, the average prices for existing properties vary greatly depending on the federal state. In Vienna, expect to pay around €4,000/m².
At the same time, the price for homes in Burgenland starts at as low as €1,600/m². Even within regions, the range can be significant, depending on the infrastructure and attractiveness for the tourists.
For example, high demand for tourism drives housing prices in Tyrol to the unaffordable for locals. The average cost for a square meter is even higher than in the Austrian capital Vienna.
Average vs real prices
Average house prices hardly represent what you will be paying in reality. For example, homes in the central neighborhoods of Vienna cost multiple times more than the average price. So the average house price in the center of Vienna is €12,749/m², and apartments cost €12,136/m².
At the same time, a piece of land in Vienna’s city center costs €3,811/m².
Property prices in Austria
In Austria, prices for residential properties range between €6,840/m² and €1,600/m². The Austrian capital is one of the country’s most desirable places to live.
According to the statistics, the average price of an apartment in Vienna for the first quarter of 2021 was €5,370/m².
The most expensive real estate prices are in Salzburg, Tyrol and Vorarlberg regions. In some places, houses are selling for €10,500/m², while in city of Salzburg they cost and €7,800/m² in Innsbruck. The average cost of an apartment in Innsbruck was €6,840/m².
You can find the cheapest homes in the Burgenland region.
Average house prices in different Austrian regions
In Austria, real estate buyers see the highest prices in Tyrol, Vorarlberg, Vienna, and Salzburg, among others. According to statistics of Austria, in 2022 apartments, houses and land were selling at following rates:
|Region||Price for an apartment/m²||Price for house/m²||Price for the land/m²|
The average price of the apartment in the condominium is €5,082/m². Single-family and terraced houses cost an average of €4,910/m².
Building plots currently cost an average of €522/m². In city Bludenz land starts at €428/m², in Bregenz at €680/m².
In Tyrol, land prices have risen by 13.4%, averaging between €261/m² and €482/m². In the city of Innsbruck, a square meter of land costs a shocking €1,043. Prices for the apartments are about €4,573/m² on average.
In Tyrol, apartments are sold at €4,573 on average per square meter. Single-family homes cost from €3,544/m² to €4,660/m².
In Salzburg, prices for apartments have increased by 5%, and 2.7% for houses.
Building plots cost an average of €472/m². The highest land prices are in Salzburg, averaging €1,042/m².
Apartments are sold for an average of €4,630 per square meter; yet, in the city of Salzburg, expect to pay about €6,729/m².
Single-family homes cost an average of €4,776 per square meter.
In Carinthia, residential real estate sold for €1,523/m² on average. Since 2020, prices here have risen by around 4.4%. However, building plots of land are pretty affordable in this part of Austria, averaging €106/m².
For apartments, expect to pay about €2,960/m² in the largest city Klagenfurt. Prices for single-family in Carinthia range from €1,805/m² to €2,041/m².
In 2022, home prices increased by only 2.5% in Styria. The land is very affordable, averaging €57 per square meter.
In the largest city Graz, prices are the highest – land plots cost €322/m². It’s fairly inexpensive to buy an apartment in Styria, which is currently averaging €2,787/m². Single-family houses cost about €2,106 per square meter.
6. Upper Austria
Land prices in Upper Austria increased by 7.7%. Prices for apartments now cost 4.2% more and a 3.7% price increase for single-family homes.
Plots of land in the city of Linz cost on average €415/m². Yet, you can find must cheaper land prices in this region – even at €60 per square meter.
The average apartment price is €3,113/m², with the highest prices in Linz. Single-family homes are selling for an average of €2,630/m² in Upper Austria.
On average, single-family homes in Vienna cost €5,542/m² and apartments €4,905 per square meter.
The land prices in Vienna have risen by 9.22% compared to the previous year and now averaging €522 per square meter. Not surprising that the most expensive apartments are in the city center – about €13,005/m².
Within Vienna, there aren’t many vacant single-family homes, and if so, prices range between €14,799/m² in Döbling and €4,198/m² in Simmering.
In Burgenland, prices for land per square meter increased by 3.7% last year; apartments and single-family houses by 3.1% and 4.3%, respectively.
The plot of building land currently costs an average of €108/m². Apartments are sold for €2,105/m² on average. Single-family homes cost €1,639/m² on average.
9. Lower Austria
In the region of Lower Austria, prices increased by 8.7% from the previous year. On average, you will pay €3,100 per square meter for an apartment and €2,041/m² for a detached single-family house.
Land prices range from as low as €42/m² to €512/m².
How much deposit do you need to buy a house in Austria?
In Austria, a standard initial deposit required by banks is about 20-30% of the property’s price.
Costs of buying a house in Austria
House price isn’t your only expense when purchasing real estate in Austria. There are additional costs every potential buyer must be aware of, including:
1. Agent’s fee
Homebuyers who use the services of a real estate agent usually have to pay the agent a commission. Both seller and buyer pay the broker fee in total between 3% to 4% of the property value of the property price. But the amount can be negotiable.
2. Notary costs and legal fees
The notary can charge different amounts, generally up to €120 per person + 20% VAT. Plus, buyers pay legal fees between 1% to 3% of the property price + 20% VAT.
3. Property transfer tax
The property transfer tax is 3.5% of the purchase price. Plus registry fee is between 0,1% and 0,5%.
4. Registration duty
Registering and transferring the property will cost you another €400.
Usually, it takes between 10 and 35 days to complete the process of purchasing a home in Austria.
Mortgage for your new home in Austria
Unless you have saved money all your life, you will need to get a mortgage to buy a home in Austria. Moreover, interest rates are very low in Austria, ranging from 0,25% to 6%, making mortgages very attractive.
For EU citizens, it’s easier to get approval from Austrian banks. Holders of non-EU passports must have a valid residence permit in Austria as well as a history of employment in the country. Thus, you will need to show your pay slips for recent years.
Generally, fixed-rate mortgages are the most popular in Austria. Typically, you can get a mortgage up to 70% of the property price for a duration of between 15 and 30 years.
Read the article on obtaining a mortgage as a foreigner in Austria.
Requirements for a mortgage in Austria
Residency is the main requirement for foreign nationals when applying for a mortgage in Austria. The second important factor is to have a stable source of income. Moreover, banks will prove the creditworthiness of the applicant.
Generally, holders of foreign passports can get a loan in Austria if they fall under the following criteria:
- Have a residency in Austria
- Have a current account with an Austrian bank
- Have a regular income
See all available mortgage options on the largest Austria online loan calculator Durchblicker. They provide a full overview of available options and complete transparency.
Required documents for a mortgage
To get a mortgage in Austria, you will need to prepare the following documents:
- signed property sale agreement (or signed offer to purchase)
- proof of salary (for employees) or proof of company income (for business owners)
- savings account statements
- any other property contracts you own
Learn more about lending money in Austria in this article.
How much does it cost to build a house in Austria?
Building a house is a good solution if you want to save money and create an individually designed property. Keep in mind that before building a house in Austria, you will need to purchase a land slot, which can significantly increase costs depending on the location.
Building a typical single-family house with a size of about 150 m² will cost you between €1,750 and €2,750 per m². Thus, the average price for a square meter is €2,250. These numbers include construction costs, yet the price of the land and ancillary expenses you need to add extra.
This can quickly bring the total average price of building a house to €2,500/m². Therefore, a 150 m² home will cost you €375,000. Not much cheaper than the average price of the existing house.
On average, land plots close to the Austrian capital Vienna cost between €300 and €400 per m². The cheapest land can be purchased close to the Czech border. There prices can be as low as €50/m².
Overview of the main expenses when building a house in Austria:
- Land costs – largely depend on the location.
- The construction method and house type – prefabricated houses are usually cheaper than solid houses.
- Building materials and fittings – high-quality building materials, modern building services, energy-efficient windows and doors, and high-quality interior fittings increase costs.
- Construction costs – include equipment, ground work, shell construction, interior and exterior, facilities outside the house, roofing, and basement.
- Other construction costs – e.g., fees for architects and construction management, building permits, development, surveying, soil surveys, and construction insurance.
Cost of land in Austria
On the map below, you can see the range of average land prices across the entire country. In Western Austria is significantly more expensive to build a house. Areas in North Austria, close to the border with the Czech Republic, have some of the cheapest lands.
Average land prices
You can expect to pay the following prices for a square meter of land in Austrian regions:
- Vienna – €656
- Vorarlberg – €522
- Salzburg – €266
- Tyrol – €261
- Upper Austria – €87
- Lower Austria – €84
- Burgenland – €68
- Carinthia – €62
- Styria – €57