The capital Vienna leads the ranking list of the most exclusive residential addresses in Austria. On Tuchlauben in the 1st District at the centre of the city, prestigious penthouses and top-floor apartments overlooking the city can reach prices of up to 30,000 euros per square metre. In second place comes Kärntner Ring, also located in Vienna’s 1st District. Top prices of as much as 26,000 euros per square metre are being reached here for a new residential development. The Salzkammergut region ranks in third place. Prices per square metre of up to 25,000 euros are being recorded here for homes occupying direct lakeside positions like the Mondsee lake.
Direct lakeside locations and ski regions command top prices
Like the Salzkammergut region, the residential property market around Lake Wörth is dominated by domestic investors. The fast connection to Vienna is a major contributory factor here, giving Lake Wörth a similar status to the one enjoyed by Long Island for New York, or the island of Sylt for Hamburg. Prices per square metre of up to 20,000 euros are being paid for properties at prime addresses with lake access in Velden on the banks of Lake Wörth. Luxury residences in the ski resorts of Lech and Zürs in the Vorarlberg region are extremely popular amongst interested buyers. In Lech, prices of up to 20,000 euros per square metre are being reached, whilst homes in Zürs are being sold for as much as 15,000 euros per square metre. Top prices per square metre for freehold apartments in the centre of Kitzbühel are also very high indeed. In the quaint narrow streets of the historic town centre, high-end freehold apartments with large interiors and parking facilities are in strong demand. For exclusive apartments in very good locations, prices of up to 15,000 euros per square metre are being reached. In the historic Old Town of Salzburg, prices per square metre of as much as 13,000 euros are being recorded.
Further price rises expected for 2014
“The price highs in Vienna can also be attributed to the strong level of demand from foreign investors who, thanks to the stable financial and economic situation in Austria, are looking to invest their capital principally in real estate,” said Kai Enders, Member of the Board of Engel & Völkers AG. The availability of high-quality residential property remains low in Austria’s most desirable locations. Even in those places where availability has increased as a result of new development projects, Engel &Völkers continues to register stable to slightly rising prices. “This is not set to change in the future either, as Austria is an enormously attractive country for living, taking a holiday and for investments,” Kai Enders added.
This is the first time that Engel & Völkers has published a ranking list of the most exclusive residential addresses in Austria. The data in this list is based on the residential property recorded or brokered by Engel & Völkers in the first-class locations in the Republic of Austria in 2013.