Vienna‘s Property Market Signals a Shift as Supply dries Up
Vienna, Austria – A notable trend reversal is emerging in Vienna’s real estate market, marked by dwindling available properties and continued price increases, according to recent analysis. The number of available offers has halved in the current period, exacerbating an existing housing shortage and fueling concerns about affordability.
The situation is notably acute for single and two-family homes, where prices surged by 25.6 percent in the third quarter of this year, reaching an average sales price of 866,000 euros. Despite this price growth,transaction volume in this segment is projected to increase by 8.6 percent, totaling approximately 650 million euros for the year. Experts attribute the escalating costs and limited inventory to a important lack of new construction.
“very little is being built,” stated Zalewski, highlighting the core issue driving the market dynamics.This construction slowdown is expected to translate into further rent increases, particularly in metropolitan areas already grappling with housing scarcity. Zalewski urged stakeholders to prioritize increased progress, emphasizing, “More can and must happen here.”
the trend underscores a growing challenge for prospective homebuyers and renters in Vienna, with no immediate resolution anticipated without a ample increase in new housing supply.
