Real estate prices could decline in 2024

The level is only likely to remain stable in prime locations. Meanwhile, the domestic market is becoming less attractive for those surveyed. “The real estate market was considered very stable for years, but there is currently a slight trend reversal,” said Stephan Größ, head of the real estate sector at EY Austria. Those surveyed only expect stable price developments in prime locations.

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Vienna remains the most attractive location

Vienna is still considered the most attractive location in Austria, especially for office, residential and retail properties. Behind them are Salzburg, Graz, Linz and Innsbruck. Otherwise, those surveyed expect falling prices in all classes – be it residential, office, commercial, hotel or logistics properties.

In residential construction, for example, 46 percent of those surveyed expect prices to fall in average locations, and 62 percent even expect lower prices for properties in the periphery. In prime locations, however, 41 percent see stable prices. The same picture emerges for retail, office properties and the hotel industry.

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In general, the domestic real estate market has become less attractive for those surveyed. Only 18 percent classify the market as “very attractive” in 2024, compared to 20 percent the year before and 52 percent in 2022. Another 43 percent see the market as “attractive” this year, compared to 70 percent last year. “This year, for the second time in a row, the market is assessed as being significantly more cautious than in previous times,” said Größ.

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