Three Trends in the Viennese Real Estate Market

It depends, is in my opinion the right answer, because one must differentiate which area of the real estate market the client is particularly interested in.

Buying or selling, investing or renting – the individual market segments have developed very differently even during the COVID-19 crisis. With more than 18 years of market experience as a property developer, investor and real estate agent, we identify the latest real estate trends at an early stage.

You can also benefit from our experience within the framework of a no-obligation initial consultation. For residential properties in Vienna and the surrounding area, we offer a market analysis with a free property valuation.

If you are interested, we will purchase your residential property in Vienna and the surrounding area, or market it as a real estate agent to our 40,000 registered clients.

This client base consists largely of cash buyers, or financing arrangements have already been clarified. For this reason, we can guarantee every Viennese residential property owner 3 purchase offers within 3 days.

"Land registry instead of savings account" is the motto of the buyers' market

There are currently many prospective buyers in Vienna looking for one- and two-room apartments that are subsequently intended to be rented out. Concrete gold is considered a safe haven in times of crisis, but many buyers are already speculating on the end of the pandemic. They want to rent the small apartments out to tourists again on a short-term basis and use the time until then for the necessary renovation work.

Being within 20 minutes of the city centre seems to be quite important for tourists. Some buyers therefore specifically search for areas where the underground lines are being extended.

Also affecting the buyer's market is the trend that more and more apartment dwellers wish for a house with their own garden. This turning point, which brought price increases in the commuter belt, can likely be attributed to the lockdowns.

The balcony has also become noticeably more important to prospective tenants and buyers.

Different building uses

Before the coronavirus, there were private investors who had their apartments rezoned. The offices could then be rented out short-term to tourists without the consent of all the apartment owners in the building, for example via Airbnb. Some of these properties were rented out again on a long-term basis, or are listed for sale.

Hotel buildings have been standing empty for months or have only a few business guests. Large investors in the real estate sector are also aware of this, and are looking for hotel buildings in central locations in order to rent them out as premium serviced apartments after purchase. Using hotel rooms as home offices is also conceivable. For some hotel buildings, a mixed-use concept could become the future. In this solution, a smaller team takes care of hotel guests on the lower floors, while the upper floors are rented out on a long-term basis. These tenants would also be permitted to use the hotel's services and amenities.

Individual ongoing projects also reflect the effects of the pandemic. A dream castle is to become a private clinic, and fine loft apartments have been created in a historic mill in need of renovation. The right property for a film studio is still being eagerly sought for a regular client. Four-metre ceiling heights due to the cameras and good parking facilities are rare search criteria. Cameras and video marketing are also a current topic in the real estate industry, as a property video can authentically convey the living feel of an object.

Our investment property clients report with equal enthusiasm about rising prices and about virtual house viewings using a virtual reality headset.

We remain eager to see what developments the future still holds for the real estate market. After all, the virtual reality headset only replaces the first viewing — but not the crystal ball…

Your contact: Gergely Nagy [email protected] +43 664 5630323 www.4m-immo.at