There is one type of client we meet constantly. They have been watching the market for a year, sometimes two. They carefully track prices, read analyses, wait for the «right moment». And while they wait — the same property that cost €280,000 a year ago is now listed at €295,000. And the one that was going to be «let’s see» — is already sold.
We are not saying that waiting is always wrong. Sometimes it really is worth waiting. But 2026 is sending a clear signal: a pause can cost more than any risk of an active decision. And here is why.
Prices have gone up. What the figures say
In April 2026, the WKO published the Immobilienpreisspiegel 2026: every segment of Vienna’s real estate market showed growth. Second-hand apartments rose by +3.2% compared to the previous year, reaching an average level of €3,810/m². Rents rose by +2.07% — to €11.81/m² on city average. Building plots — to €970/m².
To understand the scale: a 75 m² apartment that cost €270,000 a year ago costs €278,500 today. After a year of waiting — a difference of €8,500 solely from market growth. Plus another year of rent that builds no equity. This is not abstract statistics — it is a concrete sum the reader «pays» for every year of delay.
Anastasia sees this dynamic in real transactions: «A year ago we were negotiating in the 10th district and the seller agreed to a discount. Today, in the same district, there are two offers simultaneously for a comparable property. The market has turned around.»
Why prices are rising — three reasons that appeared at the same time
The first reason — shortage of new apartments. According to Immobilien Redaktion, the number of new building projects in Vienna is declining. The construction industry went through a crisis in 2022–2024 — rising interest rates made development unprofitable. The result: far fewer new apartments than planned are reaching the market. Demand did not disappear. Supply — shrank. Prices went up.
The second reason — falling lending rates. After the ECB lowered the key rate from 4.5% to 2.5%, mortgages became more affordable again. According to the OeNB, the volume of new housing loans in 2025 grew by 47.3%. People who had «frozen» their plans due to expensive financing returned to the market simultaneously. Competition among buyers increased — together with prices.
The third reason — abolition of the KIM-Verordnung in July 2025. This regulation required a minimum of 20% own funds when buying. After its abolition, more people gained access to lending. The market felt this immediately — activity increased, supply could not keep up.
Where prices are rising most — and where potential still remains
Not all of Vienna is getting more expensive at the same rate. The central districts — 1st, 3rd, 4th — have long reached a level where a «good buy» requires a very long horizon. The average price in the 1st district exceeds €13,000/m². This is a market for those buying status or converting large capital — not for those seeking a sensible price-to-quality ratio.
The most interesting dynamic right now is in what Selfimmo analysts call «transitional districts»: Rudolfsheim-Fünfhaus (15th), Ottakring (16th), Floridsdorf (21st), Favoriten (10th), Donaustadt (22nd). Prices here range from €3,500 to €4,200/m², meaning a 60 m² apartment will cost €210,000–252,000. But infrastructure is actively developing and transport access is improving. These districts are growing «to catch up» — and they have already started.
Anastasia is working with several clients in precisely these districts: «One family was looking for an apartment in the 10th district and thought they would «wait another six months». I showed them that over the previous 6 months three comparable properties in the district sold for more than their initial price. They bought. They have no regrets now.»
What this means for the first-time buyer
Most of our Ukrainian clients are people paying rent in Austria and thinking about buying. A typical picture: €1,100–1,300 monthly rent for a two-room apartment. Per year — €13,200–15,600 — this money goes «nowhere». Meanwhile, the mortgage payment for a comparable apartment worth €220,000 with 25% own funds at a rate of 3.5% would be about €825 per month. Less than the rent. From day one.
We are not saying «buy anything right now». We are saying: calculate the real figures of your specific scenario. We will help you understand where you stand right now — as we do for every client we help with buying their first apartment in Vienna.
What this means for the investor
For those buying not for themselves — the data are even more telling. An average rental rate of €11.81/m² means a 50 m² apartment generates about €590/month in gross rent. At a property value of €200,000 — gross yield of about 3.5%. After deducting Betriebskosten, Hausverwaltung and taxes — approximately 2.5–3% net.
But add 3.2% growth in the value of the asset itself per year — and the overall picture changes fundamentally. For Vorsorgewohnung, there are also tax advantages: 20% VAT refund when buying in Neubau. Lyubov recently calculated with a client a full 10-year scenario for an apartment in the 21st district. Taking into account rent, value growth and AfA — the average annual return came to 5.8%. Without using leverage.
Lyubov Stasenko also sees serious interest in Zinshaus: «After two years of passivity, investors have returned. In the first quarter of 2026, the Vienna Zinshaus market showed turnover of €1.2 billion — the best result in years. Those who already have ready capital are actively looking at this segment.»
The main mistake we see now
The most common mistake is not that people buy. The most common mistake is that they wait for a «signal». The perfect moment. A price drop. Some external confirmation that «now is definitely the time».
The problem is that no such signal exists. The market does not send messages. It simply moves — and, by current data, in 2026 it is moving up. Experts at Infina forecast growth of 2–4% in good Vienna locations. The WKO warns: «Supply is shrinking. If policy does not respond — prices will continue to rise.»
Every year we see clients who come to us and say: «I was thinking about this apartment a year ago, but decided to wait. Now it is €20,000 more expensive, and there is another buyer.» That is an uncomfortable conversation. We try to do everything so it does not happen.
Vienna’s real estate market has returned to an active phase. Prices are rising — not sharply, not panic, but steadily and for understandable reasons: less new construction, lower rates, more buyers. For those waiting — every year of delay means both a more expensive property and a year of lost rent that did not become your asset.
If you are thinking about buying — for yourself or as an investment — the most productive thing you can do today is to understand your specific picture. Not «the market in general», but your situation: budget, credit outlook, district, horizon. That takes one conversation.
+43 664 99 8775 99 | [email protected] | vigoimmobilien.at
