Property prices Vienna: up to 30,000 euros/m2 in prime locations

What is the current average price for a premium property in Vienna?

• An exclusive villa with a garden in one of Vienna’s best districts costs between 6 and 10 million euros

• Prices for luxury apartments range between 3 and 8 million euros

• The average price for a premium property per square meter is 10,000 to 15,000 euros

Top prices are regularly achieved in microlocations where exclusive apartments hardly ever appear on the market. For instance, the area around Kaasgrabengasse and Bellevuestrasse in the leafy Döbling district, on the edge of the hilly Vienna Woods in the 19th district, is highly sought after. Here, prices per square meter for existing apartments can reach between 10,000 and 15,000 euros. Moreover, above-average prices per square meter are achieved in the first district: For exceptional luxury properties that offer unique style elements combined with state-of-the-art comfort, prices can even range between 25,000 and 30,000 euros per square meter.

How are property prices Vienna developing – especially for premium properties? 

Vienna is growing. The city’s economic strength is high, and demand for exceptional properties continues to exceed supply. This particularly applies to the city center and the inner-city districts, where property prices for premium properties continue to rise accordingly.

What are the top-five most popular districts in Vienna?

Innere Stadt

The world-famous 1st district, with its wide range of cultural activities, is one of the most popular residential areas in Vienna. Many luxury properties are found here, and top-floor apartments with high-quality fixtures are particularly desirable. The exclusive stores and boutiques on Kärntner Strasse and sights such as St. Stephen’s Cathedral and the Hofburg imperial palace are a stone’s throw away. Apartment prices in Vienna are higher here than in other parts of the city.

Landstrasse

The affluent Landstrasse district, Vienna’s 3rd district, attracts visitors with its great diversity – imperial splendor combined with modern urban life. The Hundertwasserhaus is a highlight for architecture lovers while the Belvedere Palace and the Botanical Gardens offer abundant green spaces. With good transport connections, the Landstrasse district offers quick routes into the city center and to Vienna International Airport in Schwechat, making it very popular with businesspeople and commuters. Property prices Vienna are slightly lower here than in the 1st district.

Wieden

Living in Wieden, the 4th district, is very fashionable. Hip boutiques, trendy cafés, and cool bars, but also upscale restaurants are all found here. The district is particularly popular among young people and students. The central location means it’s close to the city center and Vienna University of Technology. Green spaces such as the nearby Belvedere Park offer relaxation and a wide range of leisure activities. 

Hietzing

The 13th district in the southwest of Vienna is one of the city’s most upmarket residential areas, boasting prestigious villas in peaceful surroundings. Schönbrunn Palace and the Lainzer Tiergarten wildlife preserve provide extensive recreational areas. Hietzing is also home to the Wienerblick, a hill with breathtaking views of the city.

Döbling

The 19th district of Vienna, Döbling, is a very green district in the north of the city on the edge of the Vienna Woods. With its classic Wienerwald villas and luxurious condominiums, Döbling enjoys a top reputation as an exclusive residential address. Winegrowers serve their new wines in centuries-old inns. Numerous vineyards adorn the slopes of the Kahlenberg while panoramic views of the Danube and the city can be enjoyed from higher up.

Is it possible to find an attractive property in Vienna for less than 500,000 euros?

Yes, it is quite possible to find good properties on the Viennese real estate market, even under 500,000 euros. If you are prepared to travel a little further into the city center, we recommend three districts where property prices Vienna are slightly more moderate:

• Meidling: an up-and-coming district to the southwest of the city center, with good infrastructure; the area is currently developing into a trendy district, especially among younger people, thanks to various new construction projects

• Penzing: a very green district with a mix of apartment buildings and single-family homes, located west of the city center and extending into the Vienna Woods

• Liesing: one of the largest districts in Vienna in terms of area, south of Meidling, ideal for leisure and sports enthusiasts; there are some very good private schools here – a bonus for many families

What are the current trends in the property market in Vienna?

Trend 1: Terraces facing north and east increasingly popular

Due to rising temperatures, many property seekers are no longer asking as much for properties with south-facing terraces, but rather for terraces facing north or east. Balconies and terraces facing the south often can’t be enjoyed because of the summer heat.

Trend 2: Existing properties instead of new-build projects

New-build properties must frequently meet high energy and building regulation standards and the cost of new-builds has risen sharply. Due to price increases for new-build projects, existing properties are currently becoming much more popular – and these are often in established central locations with good infrastructure.

Property prices Vienna, Paris, or Dubai ... 

The “Engel & Völkers Market Insights” are an exclusive series of blog articles that give you a detailed insight into the most important real estate markets worldwide. Engel & Völkers has valuable market knowledge in more than 1,000 locations. Whether urban, island, or popular coastal regions – we provide you with relevant facts and data to help you decide whether to buy or sell your property.