Expensive Favoriten and Cheap Döbling. The Shocking Truth About Viennese Real Estate

Most of us live with stereotypes, and one of them is the attractiveness of a particular district as a place to live. Vienna is no exception. I have heard hundreds of times opinions such as: "The 19th district Döbling is, alongside the 1st district, the most expensive and prestigious, while the 10th district Favoriten is the least desirable and therefore cheaper than the others." However, my friends, this widespread opinion is not always true. In every district there are more or less attractive areas, and sometimes it happens that apartments in a 'prestigious' district are cheaper than in one that has a completely different reputation. This leads to mistakes when choosing a property: people who are guided by stereotypes overestimate or underestimate properties based solely on the district number, thereby losing time and money without obtaining the desired comfort and enjoyment of ownership.

Real estate specialists have a comprehensive set of tools for the objective assessment of any property. We have access to professional databases that allow us not only to review current listings, but also to analyze transactions that were completed years ago. We can download an extract from the land register or even a purchase agreement at any time, showing the exact price of the past transaction.

Let us take a look at numbers and facts. Over the past year and a half, the average price per m² in Döbling was 4–5 thousand euros for small apartments of up to 50 m², compared to 10–12 thousand euros for spacious and modern apartments from 100 m² upwards. The explanation is straightforward – large properties are in demand among wealthy buyers. Wealthy people, however, are not interested in small apartments in older buildings, hence the considerable price difference. Location also plays a role: living in Oberdöbling or Grinzing is a different experience from living near the Heiligenstadt railway station, even though these are all parts of the 19th district.

The same applies to other districts, including Favoriten, mentioned in the title. In the central part, the price per m² is 3–4 thousand euros, while near the Wienerberg park it is 5–6 thousand euros, and in new-build developments behind the Hauptbahnhof it is 6.5–7.5 thousand euros.

Of course, properties in Döbling are more expensive in comparable segments than in Favoriten. But when we compare properties from different segments, we find, for example, that new-build apartments in the 10th district can be one and a half times more expensive than existing properties in the 19th district.

A correct assessment of your existing or desired property can be provided by professionals, and entirely free of charge.

Alexander Predein, Real Estate Consultant, Doctor of Economics +436607406024 www.4m-immo.at