How much does an apartment in Austria cost – statistics and current prices from VigoImmobilien

Buying a property is a process that needs to be approached with caution. The question that worries you the most is the cost of the property itself. In this article, we want to tell you how to answer the question “Is the price of this or that apartment too high/low?”.

Analyzing statistics from previous years not only helps to better understand the processes in the real estate market, but also prevents you from buying property at inappropriate prices. That is why we have analyzed the average price of apartments in Austria since 2015 and are ready to share our findings.

The following graph shows that since 2015, the price of apartments in Austria has been steadily increasing. In 2015, the average price of 1 m2 of an apartment in Austria was EUR 2,706, while in the 6 years to 2021, the price of the same 1 m2 increased by more than EUR 1,000 to EUR 3,889.

Statistics source: https://de.statista.com/ 

In 2022, the average price of apartments in Austria decreased slightly to around EUR 3,266 per m2 due to the coronavirus crisis. In 2023, prices are expected to remain at around the same level, in part due to banks raising lending rates.

It is worth noting that property values are not uniform across Austria. Prices in each federal state differ. This is influenced by various factors, such as the standard of living, the number of tourists, the availability of jobs, etc. The following graph shows that in 2021, the most expensive apartments were in Voralberg (EUR 5,082 per m2) and Vienna (EUR 4,905 per m2), followed by Salzburg (EUR 4,630 per m2) and Tyrol (EUR 4,573 per m2), and the cheapest were in Burgenland (EUR 2,105 per m2).

Statistics source: https://de.statista.com/ 

A similar ratio of apartment prices by federal state has been observed in previous years.

As we have already identified, Vienna was and is one of the most expensive cities in Austria. This is not surprising, as this city is the capital, famous for its rich history and culture. That is why there is a great demand for apartments in this city. In the following, we will tell you more about Vienna, the current cost of apartments there, the most popular and expensive areas and areas where you can buy an apartment at slightly lower prices.

On the following photo you can see the current prices (as of April 2023) for 1 m2 of an apartment in Vienna in each of the 23 districts. As you can see, the price of an apartment also depends on its size. For example, in Vienna’s 1st district (Innere Stadt), the average price of an apartment is the highest (EUR 17,604 per m2), as it is the central district. However, an apartment with a floor space of 81-129 m2 can be purchased for an average of EUR 14,131 per m2, and if the floor space exceeds 130 m2, the cost per m2 will be around EUR 24,000.

The ranking of the most expensive districts of Vienna also includes the 4th district – Wieden (EUR 10.167 per m2), the 7th district – Neubau (EUR 9.433 per m2), the 9th district – Alsergrund (EUR 9.060 per m2) and the 13th district – Hietzing (EUR 8.379 per m2).

The most affordable districts are Margareten (EUR 4.827 per m2), Simmering (EUR 4.954 per m2) and Favoriten (EUR 4.982 per m2).

Prices for apartments in other districts range from EUR 5,000 to EUR 8,000 per m2 and depend on the size, location, age and other characteristics of the apartment.

Average price of apartments in Vienna by district (April 2023) (in EUR/m²)

Statistics source: https://www.immopreise.at/Wien/Wohnung/Eigentum 

This analysis makes it clear that the property market in Austria is very diverse. Even in the most expensive city of Austria – Vienna, you can find a budget apartment, and vice versa – in lesser-known cities you can find luxury real estate.

VigoImmobilien team is ready to listen to all your wishes, help you understand all the intricacies of the property purchase process and find the most optimal and comfortable option for you.