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Value of flats in Vienna has increased in the past five years by 38.9%.

The value of flats in Vienna has increased in the past five years by 38.9%.

The findings were reported this week by real estate firm which said that particularly in demand were objects that included a balcony or terrace and which were located on the roof of the house.

Managing director Alexander Ertler said: "above all locations where it is green and there is lots of open space and a clear view of the sky offering a chance to escape a bit and relax are particularly in demand."

They worked together with a group from the FH Kufstein Polytechnic where they found that on average there had been at least a 30% increase in value.

Flats with a terrace have on average around 26% higher value than average and those with a balcony around 16% more.

In part the prices being pushed up by the scarcity of in particular properties in a good location in the more expensive regions such as the first district.

In the inner city the price to own property is between 8,500 and 9,000 euros per square metre.

At the other end of Vienna in for example Simmering it is between 2,000 and 3,000 euros per square metre in comparison.

But the price increase has also hit the rest of Vienna for example outside the Gurtel - in Rudolfsheim-Fünfhaus the increase is around 44 per cent.

In Wieden the price had increased by around 71.6 percent.

Other statistics reported by the company were the fact that the larger the flat the better the price that could be reached per square metre.

Cheapest properties were those that were built in the 1960s and the 1970s whereas the most expensive were the new buildings and the really old "classic" properties.

Ertler believes however that the prices will stabilise and that at the moment the tendency was away from flats and more towards houses on the outskirts of the city.

But alongside the cost of ownership rents are also at a record high.

The worker's chamber (AK) is already alleging that many people are being charged far too much for their rent and is urging action to tackle the problem.

Vienna Times

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