According to the Local, although Tyrol is the region with the second-lowest average salary in Austria (EUR 27,312), it has some of the most expensive real estate in Austria. With that in mind, in 2020, the average price per sq. m nationwide amounted to EUR 4,831 for an apartment and EUR 3,360 for a house. However, the province of Tyrol registered the highest average price for an apartment at EUR 5,504, which was 14% above the average, and ahead of Vienna at EUR 5,340.
As of Q1 2022, the average asking price per sq. m for an apartment in Tyrol is EUR 7,685, as reported by Immopreise, which continues to beat Vienna with EUR 7,555. Moreover, houses in Tyrol are known to be rather expensive, for instance, in Kitzbuhel, one of the most sought-after areas of the region, the average cost per sq.m is a whopping EUR 16,159.
This surge in the local real estate value is attributed to the location of Tyrol in the Alps, which offers a lifestyle that appeals to many people, with skiing in winter and lakeside sunbathing in summer. In fact, this region is a very popular destination for the acquisition of second homes among international property buyers. Amidst the pandemic, many professionals have the ability to work remotely and opt to invest in a home
set in the mountains.