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Building boom in Austria

Comfortable and luxurious holiday homes are in high demand
In proportion to the number of inhabitants, Austria has the highest tourist activity in Europe. In the state of Tirol for example there are 30% more tourist beds than in the whole of Switzerland. The number of overnight stays in Austria is still slightly increasing every year, but what is really striking is the explosive growth of the demand for self-catered accommodations instead of holidays in a hotel or a guesthouse.

This demand is fostering the building lust. The trend that we are seeing is that people want to stay in a cabin or an apartment in the higher segment. A comfortable interior decoration, luxurious bathrooms or even an in-house wellness are all examples of what holidaymakers are asking for these days.

This development is of course very interesting for a potential buyer of a holiday home in Austria. A cabin built in a modern style generates an excellent rental income and very high yields. Often a well thought-out management concept is offered with plenty of own possibilities for use. Buying a beautiful and newly built apartment or a cabin is the perfect combination of an excellent investment and holiday fun for your own.

Buying a new home in Austria is not complicated
Purchasing a new home in Austria is not complicated at all. The law is transparent and offers an excellent protection for the consumer. All construction works comply with the law on project development (BTVG). This means, amongst others, that the progress of the construction is inspected by a structural inspector certified by the government, that the payments of the instalments are done via a third-party account and that the amount is only due once the construction phase in question is completely finished.

Financing your purchase with a mortgage
The purchase of a house is often financed with a combination of a mortgage and own resources. The low interest rates may be of disadvantage to your savings, but they are very interesting when you decide to take out a mortgage. The Austrian banks finance up to 70% of the amount at an interest rate ranging from 2%-2.5%.

Source: NextHome B.V. | Austrian Alpine Chalets

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