Good Timing
for a Property Purchase

Buy or not buy? This is a question on the minds of many real estate seekers today. The trend indicates that while rents are increasing, property prices remain stable for the time being.

Buying real estate is one of the most significant moments in life. Whether you plan to move in yourself or prefer to invest and rent out, today, there are far more hurdles to overcome before making a decision than just a few years ago. Even when the location, amenities, and infrastructure are ideal and the property fits the budget, many hesitate: Is now really the right time to buy real estate? Or would it be better to wait and see if the property market stabilizes further?

Property Prices in Vienna Remain Stable

A look at the development of housing costs in Vienna shows a varied picture: While rents, particularly for private apartments, have increased, real estate purchase prices have fallen for the first time since last year. The latest property price index from the Austrian Chamber of Commerce forecasts no major changes in price trends over the coming years. In fact, in the new-build sector, slight price increases are expected due to a reduction in construction activity and a tightening supply of properties.

Don't hesitate too long

So, what should you do when you’ve finally discovered your dream property after extensive searching? The fact is: If you’re uncertain but economically able, you shouldn’t wait too long. OTTO real estate expert Sonja Kaspar agrees: “The risk of not finding an equivalent apartment or house in the future is significantly higher than the probability that prices will decrease further.”

Exemption from Land Registry Fees

For individuals seeking a property for themselves and who have the necessary capital, it’s worth calculating whether buying a suitable property might be more cost-effective than renting – especially when looking for something long-term. In the case of smaller apartments, there is even potential for savings: Currently, land registry fees are waived for purchases up to € 500,000 provided that the property is registered as the buyer’s primary residence and they remain there for at least five years.

Advantage for Investors

Quick decision-makers are also in a better position with investment properties, says Kaspar. “Investment apartments are still a favored choice.” She recommends that investors take advantage of the ongoing rental boom. “Larger apartments are currently in high demand among families who, due to strict credit regulations, cannot switch to home ownership in this category.” Kaspar doesn’t foresee this changing anytime soon: “Owners of larger apartments will continue to find tenants quickly.”