Rising purchase prices for condominiums in Vienna
A year-on-year comparison of the asking prices of condominiums in Vienna’s 23 districts by immowelt.at shows that purchase prices have continued to rise in all districts – in 16 districts even by at least 10 per cent.
This is shown by a purchase price analysis by immowelt.at, which compared the asking prices of condominiums in all Vienna districts from January to September 2021 with the same period of the previous year. The result: Within one year, the median price per square metre has risen by 12 percent to 5,800 euros. According to immowelt.at, one reason for this development is the strong new construction activity, which determines the supply situation due to their purchase prices.
The asking prices for rental flats, on the other hand, fell in 12 out of 23 districts in the same period, according to a rental price analysis by the real estate platform at the beginning of November.
Up to 23 per cent price increase
The strongest increase of all Viennese districts is in the already expensive 1st district. In the Inner City, condominiums are 23 percent more expensive – the price per square metre is currently 14,500 euros, which is 2.5 times higher than the Vienna average.
Besides the Inner City, the other districts within the Inner Ring are also among the most expensive residential areas in Vienna. Josefstadt (+7 per cent) ranks second among the most expensive districts at €7,590 per square metre. Wieden and Neubau follow behind with median purchase prices of €6,790 and €6,600 per square metre respectively. In both districts, prices increased by 13 per cent each. The high demand is the strongest price driver in the districts close to the city centre.
The peripheral districts also continue to rise
Penzing has the second strongest increase of all districts with a plus of 19 per cent. Prices per square metre have exceeded the €5,000 mark this year. In Ottakring (+17 per cent) they have remained just below this mark despite a large increase. Döbling (+16 per cent) is even one of the most expensive districts in the city with median asking prices of €6,140 per square metre. In Donaustadt, prices climbed by 15 per cent to 4,870 euros per square metre. Favoriten is the cheapest district at 4,270 euros per square metre. But the neighbouring districts of Simmering, Meidling and Liesing are only marginally more expensive. However, the price curve there also points steeply upwards, according to the purchase price analysis by immowelt.at.
The data basis for the calculation of the purchase prices in the Viennese districts were offers advertised on immowelt.at. Only those offers were taken into account that were increasingly in demand. The prices in each case are offer prices, not closing prices. The prices reflect the median price per square metre of the flats offered from January to September 2020 and 2021. The median is the middle value of the asking prices.
Source: ImmoFokus.at, 24.11.2021
About Mosam Real Estate
Mosam Real Estate was founded in 2017 and is headquartered in Vienna. The owner-managed company sees itself as a comprehensive real estate service provider and residential developer. The focus is on the high-quality marketing of residential and commercial properties throughout Austria, as well as the renovation and construction of residential buildings, taking into account the current possibilities of sustainable and climate-friendly building materials and construction methods.
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