Property buying guide Austria
Elizabeth Bagwell, Friday, 24 January 2014
This article is part of a series of 8 articles about buying property in Austria. The other articles in the series cover the following topics:
International investment in property in Austria has begun to blossom. Since joining the EU in 1995, the country has instituted a number of reforms making it easier and easier for international investors to buy property in Austria. There are now no restrictions on international investors buying property laid down by the federal government.
Restrictions on property purchase by foreigners
There are now no restrictions on international investors buying property laid down by the federal government. It is particularly easy for EU nationals to buy property in Austria as they are typically treated as if they were Austrian. Each individual local government has the right to restrict the purchase of property in their district, for example limiting the number of holiday homes. In practice, the limits rarely affect foreigners more than native Austrians. Very few councils have put such restrictions in place, but those that have are primarily popular ski destinations, with limited capacity for growth.
Taxes
Property taxes in Austria are fairly straightforward and relatively low. However, it's important to be aware that there are taxes at each stage in the property cycle: buying, owning and selling. Ensuring that your investment plan factors in all the relevant taxes can make the difference between a successful purchase and one you regret. Find out more about .
The costs of buying and selling a property in Austria
The total transaction cost, that is the cost of buying and then selling a property in Austria, is around 10% of the value of the property. This is primarily paid by the buyer, which means that as a potential investor you need to factor this cost into your plans. These costs are separate from taxation, and apply when you both buy and sell a property. Find out more about .
Austrian mortgages
Austrian mortgage providers typically ask for higher deposits than are common in most of Europe, and fixed interest rates are rarer. However, the stable economy and property market means that there are solid investments to be made, even when buying on credit. Find out more about .
Documents required
Cutting through the red tape to ensure a smooth transaction is largely about preparation. Different documents are required for each step of the process when you're buying a property in Austria. Our tells you which documents to prepare for each stage, from your initial mortgage consultation to signing the deed of sale.
Real estate agents
Finding the right estate agent can be the key to finding the perfect property. A well regulated country, Austria has few real estate scams so you'll be looking out for a great agent, rather than one that's simply honest. If your ability to visit Austria is limited, a search agent can provide invaluable assistance and help you find your dream property at the right price. Find out more about .
Buying process
Find out what to expect when buying a property in Austria with our . We aim to give you a clear outline of the process, allowing you to prepare your expectations for the exciting road ahead as you undertake the purchase of your property in Austria. In Austria, deeds must be signed in the presence of a notary. As a result, lawyers are often entirely absent from the property purchase process, their role being divided between the estate agent and the notary.
Which region to buy in?
Famous for its beautiful mountain resorts and charming historical cities, Austria is a popular tourist destination all year round. Choosing which region to buy in is, therefore, largely a matter of preference. Popular ski resorts and the capital, Vienna, tend to be most expensive but there are hidden gems everywhere. .
How long does it take?
Purchasing a property in Austria can be a quick or a slow process. The paperwork, from initial offer to owning the property outright, can be turned around within 16 weeks. Much of the work can be undertaken by your representative, typically a lawyer, notary or estate agent, meaning that you will usually only need to be present to view the properties and sign the deeds. It's important to know that deeds in Austria need to be signed in the presence of a notary or court official, and you cannot normally delegate this procedure.
This article is part of a series of 8 articles about buying property in Austria. The other articles in the series cover the following topics:
International investment in property in Austria has begun to blossom. Since joining the EU in 1995, the country has instituted a number of reforms making it easier and easier for international investors to buy property in Austria. There are now no restrictions on international investors buying property laid down by the federal government.
Restrictions on property purchase by foreigners
There are now no restrictions on international investors buying property laid down by the federal government. It is particularly easy for EU nationals to buy property in Austria as they are typically treated as if they were Austrian. Each individual local government has the right to restrict the purchase of property in their district, for example limiting the number of holiday homes. In practice, the limits rarely affect foreigners more than native Austrians. Very few councils have put such restrictions in place, but those that have are primarily popular ski destinations, with limited capacity for growth.
Taxes
Property taxes in Austria are fairly straightforward and relatively low. However, it's important to be aware that there are taxes at each stage in the property cycle: buying, owning and selling. Ensuring that your investment plan factors in all the relevant taxes can make the difference between a successful purchase and one you regret. Find out more about .
The costs of buying and selling a property in Austria
The total transaction cost, that is the cost of buying and then selling a property in Austria, is around 10% of the value of the property. This is primarily paid by the buyer, which means that as a potential investor you need to factor this cost into your plans. These costs are separate from taxation, and apply when you both buy and sell a property. Find out more about .
Austrian mortgages
Austrian mortgage providers typically ask for higher deposits than are common in most of Europe, and fixed interest rates are rarer. However, the stable economy and property market means that there are solid investments to be made, even when buying on credit. Find out more about .
Documents required
Cutting through the red tape to ensure a smooth transaction is largely about preparation. Different documents are required for each step of the process when you're buying a property in Austria. Our tells you which documents to prepare for each stage, from your initial mortgage consultation to signing the deed of sale.
Real estate agents
Finding the right estate agent can be the key to finding the perfect property. A well regulated country, Austria has few real estate scams so you'll be looking out for a great agent, rather than one that's simply honest. If your ability to visit Austria is limited, a search agent can provide invaluable assistance and help you find your dream property at the right price. Find out more about .
Buying process
Find out what to expect when buying a property in Austria with our . We aim to give you a clear outline of the process, allowing you to prepare your expectations for the exciting road ahead as you undertake the purchase of your property in Austria. In Austria, deeds must be signed in the presence of a notary. As a result, lawyers are often entirely absent from the property purchase process, their role being divided between the estate agent and the notary.
Which region to buy in?
Famous for its beautiful mountain resorts and charming historical cities, Austria is a popular tourist destination all year round. Choosing which region to buy in is, therefore, largely a matter of preference. Popular ski resorts and the capital, Vienna, tend to be most expensive but there are hidden gems everywhere. .
How long does it take?
Purchasing a property in Austria can be a quick or a slow process. The paperwork, from initial offer to owning the property outright, can be turned around within 16 weeks. Much of the work can be undertaken by your representative, typically a lawyer, notary or estate agent, meaning that you will usually only need to be present to view the properties and sign the deeds. It's important to know that deeds in Austria need to be signed in the presence of a notary or court official, and you cannot normally delegate this procedure.
On our Dutch website Affidata.com you will find all types of property for sale in Austria by private sellers and estate agents. Find a property in the Austrian Alps, Tyrol, Innsbruck or Vienna.
Applying for a mortgage can be daunting, even if you're a native and fluent in the local language. By providing this walk-through guide to Austrian
mortgages, including the costs and the application process, we hope to demystify the process and make financing your new property in Austria that much
simpler.