Home ownership is still difficult to afford in Austria despite the higher incomes and recently sunken property prices. According to a study by Bank Austria, prices for a home have dropped by 3.5 percent since 2022, while the available household income rose by 23.5 percent in the same period. However, the living space currently still costs around 30 percent more than in 2008.
- Read here: Housing prices: Austria is in the top European field
“The decline in real estate prices, high income growth and the relaxation of monetary policy have made the acquisition of home ownership in Austria more affordable in the past two and a half years,” says Bank-Austria chef economist Stefan Bruckbauer. “However, compared to 2008, the beginning of the real estate boom, real estate prices have increased significantly more than the income,” he added. The dream of your own home remains difficult for many households in this country.
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Image: Volker Weihbold
Source: Nachrichten
