LUXURY REAL ESTATE IN AUSTRIA FOR LIVING AND INVESTMENT

Thanks to low unemployment rates and consistent social benefits, according to the World Bank, Austria is among the top 20 globally in terms of GDP per capita. That being said, approximately 72% of individuals aged 15 to 64 in Austria have a paid job, above the OECD average of 66%. The local security system is contribution-based and covers sickness, accidents, pension and unemployment insurance.

The country boasts a robust export-focused industry and multiple specialised small and medium businesses, which represent about 25% of Austria's GDP. There are favourable business conditions due to the fact that taxation for companies in Austria (a total tax burden of 22.5%) is lower than in France, Germany and the US in 2021, as per the BAK Taxation Index.

Austria boasts a favourable location in Central Europe, while Vienna offers excellent transport connectivity to South-East and Eastern Europe. As a result, the capital serves as a headquarters for many companies with activities in CEE, as well as multiple offices of the UN and other international organizations.

Vienna International Airport, with approximately 260,000 flight movements per year, is the largest airport in Austria and a major hub in Europe. In 2022, it was awarded the "Best European Airport 2022" award from the Airports Council International. Other large airports within the country are located in Salzburg and Innsbruck.

Austria houses over 380 resort destinations, treating its visitors to all-year-round recreational and leisure activities, such as trekking, golf, sailing, skiing and snowboarding. The majority of resort real estate is being sold while still off-plan, which makes it more affordable than during the final stages of construction or upon completion.

The Construction Law of Austria also binds developers to fulfill the agreement and meet the set deadlines. When leasing a resort property, you will not have to handle landlord responsibilities, as a resort company will handle the property management for you.

According to the Property Index 2022, Austria ranks as the second most expensive property market, with the average price set at EUR 4,872 per sq. m for a new apartment. At the same time, the investment yields range from 3 to 6% per annum.

With such a surge in price, it is worth investing in a property in Austria and generating extra income from a subsequent resale or lease. Among the most popular property types are upscale residences with balconies/terraces in the Alps and lake regions, amidst the trend for remote working.

In 2022, Vienna was ranked as the 'world's most livable city', according to the Economist's Intelligence Unit Report. At the same time, Austria was among the top 10 happiest countries in the world, as revealed by the World Happiness Report 2021 by the U. N. Sustainable Development Solutions Network.

The country is famed for its exceptional healthcare services, its efficient public transport infrastructure and minimal pollution. On top of that, Austria is in the top-5 most peaceful countries in the world, as reported by the Global Peace Index.