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The Austrian Building Society Association (BVO) drew a positive conclusion for 2023. More than half a million – specifically 512,243 – new building savings contracts were concluded, an increase of around 30 percent compared to 2022. As reported, more than three million people in Austria have a building savings contract. According to figures from the National Bank, the number of building savers is at its lowest level since 1997.
In the loan business, the four building societies (Wüstenrot Bausparkasse, Raiffeisen Bausparkasse, Start Bausparkasse and sBausparkasse) recorded 2.125 billion euros. “In the midst of a difficult environment, this gave strong impetus to residential construction and secured jobs in the construction industry,” said Christian Vallant from Raiffeisen Bausparkasse.
- Read here: Pros & Cons: Does the building saver have a future?
According to a study by the market research institute Integral, around a quarter of 1,000 Austrians surveyed (between 18 and 75 years old) plan to open a new or additional building savings contract in the next one to two years. 38 percent of those surveyed currently have a building savings contract. For 44 percent of 18 to 29 year olds, the reason behind the savings plan is the desire to use the money for future housing needs. Three quarters of those surveyed prefer to own a home rather than rent.
A large majority of respondents view building savings as simple, safe and ideal for children and young people. The low government premium of 1.5 percent is a dampener. More than half of those surveyed said they could imagine saving more than 100 euros a month if the premium were higher.
Relief in credit rules required
The building society association wants to turn several screws: In addition to increasing the building savings premium to three percent, the banks are also demanding an increase in the maximum loan limit. This should be 350,000 euros per person instead of the previous 260,000 euros. In order to make it easier to purchase home ownership, the KIM regulation – which provides for stricter credit rules – is also to be relaxed.
- More on the subject: Will there be further relaxation of home loan rules?
According to the association, the state also benefits from building savings: in 2023, around 64 times the state building savings funding could be made available for housing construction in the form of building savings financing. In the previous year, 33.1 million euros in state building savings bonuses generated financing payments of 2.125 billion euros.
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