What experts say will happen to the Austrian housing market in 2023
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Loading... - Henry Williams
- 27 Jan 2023
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Austria’s property market reached new highs in recent years, but has it passed the peak? If you're planning to buy property in the Alpine Republic, here's what you need to know.
Austria’s property market has been booming over the past couple of years, but could the bubble be about to burst?
As inflation takes momentum out of the market and rising interest rates make mortgages more expensive, real estate agents are starting to report a slowdown in transactions.
This comes as Austria reports the biggest increase in bankruptcies in Europe amid warnings of a possible Europe-wide recession.
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So what does this mean for people hoping to buy property in Austria? And what is the forecast for the market in 2023?
The Local spoke to property experts to find out what will happen to the market next year.
What is happening in the property market right now?
In the latest report by real estate agent Remax, sales of single-family homes were at the lowest level in Austria since 2014 during the first half of 2022.
And overall, property transactions were down across the country when compared with the same period in 2021. Read More…
