According to the latest survey conducted by the Market Institut, specialized in market research and in-depth analysis of the market changes, on behalf of the Wienerberger brick manufacturer, the price for an average single family-home in Austria rose by about 39% from EUR 386,000 in 2018 to EUR 537,000 in 2022. Please note that the price of the land plot is included in the figure.
Despite the price surge and ongoing worries about the construction rate in the country, the majority of people in Austria would still prefer to own their own home. At the same time, there is also a small group of individuals, who choose not to build a house at all, and remain unchanged for years, according to Birgit Stayrmayr, Market CEO for research and in-depth analysis of changes in the Austrian real estate sector. The study was conducted among those who already own a property or are in the process of building or buying one.
One of the key reasons for home construction is energy conservation, which makes living more affordable and sustainable at the same time. Additionally, when having a spacious home, there is an opportunity to enjoy your own wellness area or swimming pool, among other extra amenities.
Amidst the increase of the costs, houses with smaller living areas are in high demand. That being said, currently, 36% of surveyed individuals do not want to have a property larger than 120 sq. m, while previously, 90% opted to reside in a home with an area that exceeded 150 sq. m.
Due to the ongoing trends on the Austrian real estate market, it is recommended to extend the construction period, which will ease the financial burden. It is worth noting that Burgenland is the most affordable province in Austria at the moment in terms of a family home purchase, with the average price at EUR 192,000.