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Austria is known for its economic and political stability, which make it one of the safest countries in the world. Much of its territory is occupied by the Alps, attracting many tourists throughout the year. Austria is also famous for sophisticated architecture, spectacular lakes and thermal health resorts.

According to Knight Frank, while property prices increased 5.0% in 2013 against 2012, the growth is slowing and contracted from 2.5%, growth in Q1 2014 to 2.4% Q1 2015. Events in Eastern Europe are affecting the traditionally stable market.

The square metre in Vienna has a starting price of €3,000 and can go up to €11,000–14,000 in the historical centre. A 60 sq m two-storey apartment sells for about €200,000 while a three-storey villa in the luxurious Hietzing area will cost €3M.

Gratz, the second biggest city after Vienna, is an important cultural centre. Prices there start from €2,200 per square metre and in Mozart’s city of Salzburg, €2,800/sq m.

Houses around the country’s picturesque lakes and ski resorts often cost more than €1M because of their year-round popularity with tourists. For example, many snowboarders flock to the Tyrol each winter and during the summer it is popular with nature-lovers for a peaceful and spectacular getaway. For these reasons, rental property is very profitable and buying prices are high. For instance, there is a six-bedroom chalet in Kitzbuhel on the market for €5.49M.

Property prices in 2015,
EUR/sq mSource: Immopreise.at

Federal state Apartments Houses
Burgenland 1 400 – 1 500 960 – 2 600
Vienna 2 700 – 12 780 N/A
Upper Austria 3 000 – 4 400 1 000 – 3 600
Salzburg Land 4 500 – 6 200 1 600 – 6 300
Carinthia 1 900 – 3 200 1 750 – 2 500
Lower Austria 1 600 – 1 800 0420 – 3 700
Tyrol 3 700 – 4 700 1 400 – 7 700
Vorarlberg 3 300 – 3 600 2 200 – 4 200
Styria 2 800 – 3 200 0 700 – 4 200