Many have already suspected it in view of the numerous construction sites. But now we know exactly thanks to the first nationwide report on new construction. The professional association of real estate trustees in the Chamber of Commerce recently presented this with the real estate database expert Exploreal.
This year, 51,500 apartments were and will be completed in Austria, more than ever before. Compared to 2021, this represents an increase of 18 percent. “We have reached a peak this year,” says Vice Chairman Gerald Gollenz.
New construction projects with five residential units or more are recorded. Attic conversions are available for three residential units or more. This developer database also provides information about the size of the apartments built.
On average, a newly built apartment in Austria has 68 square meters. Not surprisingly, the smallest apartments (because they are the most expensive) in Vienna are 57 square meters. In Carinthia they are the largest with an average of 76 square meters.
61 percent of the apartments in multi-storey residential buildings are built by commercial property developers. Non-profit property developers contribute the remaining 39 percent.
Lower Austria has the highest proportion of large apartments at 29 percent. The real estate experts explain this with the proximity to Vienna and the expensive apartments there. Many families who couldn’t find anything suitable at affordable prices in Vienna would find what they were looking for in neighboring Lower Austria and then buy larger ones.
New construction activity was recorded from 2020. According to this, 138,600 residential units have been and will be completed in larger properties this year in Austria. Three trends are clearly evident in new construction: nothing works without open spaces such as balconies, loggias, terraces and gardens. Corona and working from home also fueled this. Smaller apartments are also increasingly in demand as prices are rising.
Thirdly, construction financing by investors dominates, since a lot of money is freely available and price increases are tempting.
Conclusion: “An incredible amount is being built,” says Managing Director Matthias Grosse of Exploreal. (haase)
Source: Nachrichten
