Nationwide, the increase was 9.6 percent, according to a current analysis by the real estate agent network Remax. Apartments have risen in price by a total of 35.3 percent over the past five years.
However, the market has been cooling off since the summer due to rising interest rates, high energy and living costs and stricter lending regulations. “Supply has increased noticeably since July, and demand – starting from a very high level – has fallen by a quarter,” says Remax boss Bernhard Reikersdorfer. It is to be expected that the price curve will weaken significantly in the coming months and that there will be declines in individual regions.
In the first half of the year, apartment prices rose the most in Vienna (plus 16.9 percent), in Burgenland (16.7 percent) and in Upper Austria (11.5 percent).
Source: Nachrichten
