2024-08-08 22:00:20
Offers for apartments have stalled. House prices fell by 1% across Austria, but there were significant regional differences, ranging from -8% in Vorarlberg to +6% in Salzburg.
Both supply and demand for properties increased in the first half of 2024 compared with the same period last year. Although the supply of houses across Austria increased by 14%, demand increased by 17%. The number of apartments on the market also increased by 9% in the first half of this year, and demand increased by 12%. This is what current data analysis shows Anti-theft detection 24which evaluated nearly 170,000 real estate offers in the first six months of 2023 and 2024. “Interest in buying property has increased sharply again year-on-year. Detailed analysis shows significant regional differences in price developments, especially for house prices. The largest declines were seen in Vorarlberg, Carinthia and Upper Austria,” ImmoScout24 Austria responsible Man Markus Dejmek explains.
House prices are getting cheaper everywhere except Salzburg
ImmoScout24 recorded the strongest growth in demand for houses in Vorarlberg, reaching 73%, while prices fell by as much as -8% to 5,486 euros/m2. In neighboring Tyrol, interest also surged by 34%, while prices fell by 4% to €7,163/m². Despite this, Tyrol still offers some of the most expensive homes in the country. Searches were also more frequent in Carinthia, with demand increasing by 32%, while prices fell by 6%. Houses in Carinthia have the second lowest price per square meter in Austria at €2,991. Houses in the country are cheaper only in the Far East. In Burgenland, the average property price is 2,400 euros per square meter, which has led to a significant increase in searches of 27%.
In comparison, prices in Salzburg increased by 6% to €5,746/m². Prices in Lower Austria fell only slightly by 1% to 3,591 euros/m², as did Vienna, which at 6,293 euros/m² is the region with the highest spending on new homes after Tyrol. “These regional differences illustrate the dynamics of the Austrian real estate market. It remains to be seen how these developments will play out during the year.
Detailed data can be found in the appendix.
Source: ImmoScout24, August 2024, first half of 2024 compared to first half of 2023, median calculation method
Apartment prices still rising in most federal states
Markus Dejmek: “Although house prices have fallen slightly, apartments in most areas are still selling for slightly more than last year.”
Demand for apartments, measured by contact inquiries, also shows clear regional differences. In the festival city of Salzburg, the apartment market is particularly active: both supply and demand have grown by about 20%, and the current price per square meter is 6,148 euros. In terms of price per square meter, Vienna, Vorarlberg and Tyrol are still above this limit. Prices in Tyrol fell slightly by 1%, but apartments also had the absolute highest prices at 6,891 euros/m². Compared with the same period last year, quotations have increased significantly by 25% and interest rates have increased by 14%. The property portal also recorded a significant increase in active searchers in Vorarlberg, with a 20% increase in inquiries. Supply in Styria fell by 9% and demand by 13%. ImmoScout24 found that demand for apartments in Burgenland decreased (-2%), while supply increased significantly (+27%).
Source: ImmoScout24, August 2024, first half of 2024 compared to first half of 2023, median calculation method
*About data analysis and methods
The analysis conducted in August 2024 is based on 168,643 data points for 2023 and the first six months of 2024 from quotes published on ImmoScout24.at. Select the median as the calculation method for the statistical average. Compared to the mean, the median has the advantage of not being distorted by a few extremely cheap or a few extremely expensive objects.
About ImmoScout24
ImmoScout24 has been available on the Austrian market since January 2012 (ImmoScout24.at). together with real estate network, immodirekt.at and immosuchmaschine.at The network has approximately 1.7 million monthly users (Google Analytics Q1 2024), and users can choose from approximately 100,000 real estate offers. Currently, there are more than 2,200 real estate agents in Austria marketing their properties on these four portals. With its digital solutions, the online marketplace creates direction and successfully brings together owners, brokers and searchers. ImmoScout24 is dedicated to processing real estate transactions digitally, making complex decisions easier for users. Around 50 employees in Vienna contribute to Scout24’s success in Austria. ImmoScout24 Austria belongs to the German Scout24 Group. For more information please visit ImmoScout24.at.
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