With a population of just about eight million, Austria is a small country and the mobility of Austrian household is really low but even then real estate in Austria is a flourishing one and Austria's economy is inextricably linked with it. Austria can boast of some of the most spectacular sceneries with picturesque lakes rimmed by soaring mountains,vineyards,historic cities with castles. All these with a good quality life makes real estate in Austria tempting. 4O% of Austrians are owners of their homes compared to the other members of the European Union and naturally only around 40,000 homes are sold every year.
Prices of real estate in Austria varies and depends on the kind of property and also its location. The approximate prices of certain kinds of apartments are:
• Detached homes cost from £250,000 / $365,000
• Small apartments are prised from £60,000 / $87,500
• Larger apartments range from £100,000 / $145,000 and up
• Studio apartments are usually prised from £50,000 / $75,000
Dealings in real estate, Austria follows certain procedures and property sales for both the party involved are usually handled by a solicitor or a lawyer The document certifying the purchase is signed in presence of an official at the Austrian embassy, if abroad. The detail of the owner is then registered in the land registry.
There are however some restrictions in the real estate in Austria regarding foreign ownership. The foreigners need to acquire permission to buy property from the local authority office . However these laws have been and will have to be altered so that it can be applied homogeneously on the citizens of the European Union of which Austria is now a part.
