Advice on buying Austrian Property

by John Everitt

Austria is located in central Europe; it joined the European Union in 1995 and entered the European Monetary Union in 1999. Up until Austria's entry in to the EU there had been a number of restrictions on foreigners owning homes in Austria with permission needed from local authorities.. However, these laws are to be reviewed to fall in line with the rest of Europe. When considering purchasing a property in Austria it is a must to remember that overall the costs associated with property in Austria are higher than any other country in Europe.

In addition, the cost of living in Austria generally is higher than any other country in Europe at the present time. Property Prices in Austria Guide Prices vary, for example: From £50,000 to £79,500 for a studio apartment From around £70,000 to £93,500 for a 1 to 2 bedroom apartment From £80,000 to £111,000 and up for a 3 bedroom apartment Detached homes from £180,000 to £250,000 Where to buy Austria boasts some of the best ski areas in Europe and as such these areas are popular with foreign buyers, especially as holiday homes. The main areas of population in Austria remain around the Innsbruck, Salzburg and Vienna regions which make up about 70% of the total population. Fees payable The standard usually works out at approximately 10% of the sale price; Property transfer tax of 3.5% Notary fees around 3-4%. Property registration around 1% Stamp duty 0.5-1% Land registry fees averaging a payment of around £300 to £420.

Taxes Will be between 0.5-1% of the properties assessed value and should be lower than the market sale value. Wealth tax of 1% of your net worth irrespective of your resident status is charged for Austrian property owners. Finance Can be arranged through either international brokers or from an Austrian bank for both residents and non-residents with variable interest rates and payment terms being available.

These guidelines are meant for guidance only and describe a straightforward purchase scenarios. However this information is not meant to replace proper legal advice, which we always insist you take.

About the Author
John Everitt is a consultant to Globespan European property portal. Please visit our estate agents directory and this Austria property buyer's guide