The Austrian housing market has gone through the roof in the past year and this is currently leading to scarcity in the Austrian housing market.

Favourite country for a second home

Buying a holiday home at home and abroad is wildly popular. Austria has topped the lists for years as a favourite country for a second home. This is quite understandable, as the country has a huge tradition as a leading holiday destination, attracting holidaymakers from all European countries.

The high demand for homes in Austria has already led to a veritable building boom in recent years. In addition, existing, mostly somewhat dated hotels, are being converted into luxury apartments. The trend here is a strong focus on appearance, comfort and boutique-style.

The need to buy holiday homes in Austria does lead to scarcity. The demand for houses in Austria increased by 6.7% in 2022 while the supply increased by only 1%. This has also resulted in a considerable increase in prices. On average in Austria 7.1% with outliers to Styria at 9.4% and Carinthia even at 12.4%.

Source: Statistik Austria, OeNB, Remax
This article was written by: Jeroen van der Werff (NextHome B.V.)