Tranio conducted its eighth annual survey, analysing the investment and property purchasing patterns of Russian and CIS nationals abroad. The survey was primarily focussed on income property, looking at the top locations for investment, yield expectations, budgets, and preferred asset classes, as well as the general presence of Russian-speaking investors in local markets.
Tranio client Olga’s second property purchase abroad is an apartment in the town of Styria, located in the municipality of Bad Gleichenberg, Austria. She considered properties in Miami and Berlin but eventually settled on Austria, where she already owns an apartment. How did a small Austrian resort town captivate her?
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There is no unified procedure for property acquisition in Austria. Each federal state and municipality has its own rules and regulations. Nearly everything is different, from the treatment of foreign buyers to registration fees with Land Register (Grundbuch).
Austria is known for its economic and political stability, which makes it one of the safest countries in the world for property investment.
Austria is part of the Schengen area so non-EU citizens must have a visa or residence permit. The main rules on immigration in Austria can be found in the Settlement and Residence Act (Niederlassungs und Aufenthaltsgesetz).
Property expenses in Austria are not particularly high in comparison to other European countries. Essential charges include utilities and taxes while repairs, renovation and insurance depend on the owner’s budget.
Austria offers some of the most favourable mortgage terms in Europe. However, it bears noting that loans are not universally accessible to foreign citizens as many federal states have established restrictions with respect to foreign buyers.
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