In the first two months of 2015, revenues at Engel & Völkers in Kitzbühel have risen by 32 percent over the same period in the previous year. “Both an increase in the number of residential properties sold and the sale of higher priced homes have been instrumental here,” said Wolfgang Böhm, Managing Partner of Engel & Völkers in Kitzbühel.
Consistently high and steadily rising prices have been a hallmark of Kitzbühel’s residential property market for many years. “This is down to the stable overall financial and economic situation in Austria. For many clients, buying a property in Kitzbühel is about making a long-term capital investment with the prospect of value appreciation,” Wolfgang Böhm continued. Most buyer enquiries that Engel & Völkers receive from abroad are from clients in Germany. “The good connections from Germany are a key consideration here, along with the high quality of life that Kitzbühel has to offer,” said Wolfgang Böhm. Domestic buyers, particularly from the capital Vienna, and wealthy foreign buyers from across Europe are strongly represented on the market.
- Prime properties continue to sell for up to 40 million euros
The Sonnberg, Bichalm and Kochau rank amongst the most desirable addresses in Kitzbühel. “A large concentration of high-profile residents makes these locations particularly appealing and exclusive,” Mr. Böhm observes. Prestigious country homes in a traditional Tyrol style, in a hillside position with unobstructable views over Kitzbühel, and the Hahnenkamm and Wilder Kaiser mountains, continue to sell for as much as 40 million euros. “Such premium properties only come onto the market very rarely though and are sold extremely swiftly,” accordingly to Wolfgang Böhm. The most important purchase criteria for clients are a peaceful and secluded location, far-reaching views over the Tyrolean mountains, a sunny land plot, prestigious interior fittings, a spacious layout and the use of high-end materials.
The lack of available building plots in very good locations means that buyers are increasingly turning their attention to surrounding areas. Other parishes in the local region such as Kirchberg, Reith, Jochberg, St. Johann and Going already command a very high price bracket. “As soon as prices rise in Kitzbühel this has an immediate knock-on effect for nearby communities,” said Wolfgang Böhm.
- Outlook: Engel & Völkers forecasts further growth in 2015
Engel & Völkers is expecting dynamic price rises in the future too. “There has been a large demand surplus on Kitzbühel’s residential property market for many years now. Hence the reason why the price curve in prime locations has continued to rise and rise. This trend will carry on over the course of 2015 and the high level of sales activities at present will result in further growth,” said Wolfgang Böhm, on a positive final note.