Property in Austria has been largely over-looked by UK investors. This is especially true of ski property in the Austrian Alps - as it has only recently allowed foreign investors to purchase property in Austria and the alpine regions of Salzburg, Carinthia and Styria.
Now that you can buy property in these regions of Austria - there are many bargains to be found. In particular well located Austrian ski property including chalets and apartments in Zell am See, Saalbach, Kaprun and in Flachau and the Ski Amade linked region.
The Austrian Alps really is the "home" of skiing. More than 70% of Austria is mountainous, and there is an endless diversity of skiing and Summer activities. This makes a property purchase in Austria even more appealing as you have year-round options including golf courses, lakes, mountain-biking, and wonderful baroque cities to visit like Salzburg.
Zell am See has a beautiful lake-side setting. You can purchase ski apartments in Zell am See in the centre of the old town from just 75,000 euros within a short walking distance of the ski lifts and restaurants.
Many of the low-cost airlnes now fly into Salzburg including Ryainair, Thompson and BA. Transfer times to ski resorts like Zell am See are about one hour. This makes purchasing property in the Austrian Alps convenient and easy to access.
Mortgages of up to 70% are available when purchasing property in Austria.
Additional costs when purchasing property in Austria:
The additional costs associated with buying a property in Austria amount to approximately 10% of the purchase price. These are one-off purchase costs and consist of:
- Notary’s fees of 1.8% of the purchase priceProperty purchase tax of 3.5%
- Entry in the land register of 1% of the purchase price
- The Marketing agent’s commission of 3% of the purchase price.
These additional costs are all set out very clearly on the offer document which you are asked to sign when submitting your offer. So you will know in advance exactly how much the property will cost you.
In Austria there is no such thing as a property being sold ‘subject to contract’. Therefore, it is crucially important that your finances are in place before you submit your offer as once the offer is accepted your deposit should be paid in about ten days. However, in Austria if the sale falls through this deposit is repaid to the buyer.
In recent research carried out by Channel 4’s ‘A place In The Sun’ - it was estimated that a property investment in Austria of £100,000 could be worth £311,000 in 10 years time. That’s an increase of 211%, putting it ahead of Cyprus, France, Spain and Italy.
www.channel4.com/4homes/ontv/place_in_the_sun/20_make_money-2.html
Austria has only been in the EEC for about seven years. Prior to that there were rules preventing foreigners from buying property there and although in some parts of Austria these have eased a little there are still restrictions. European citizens have the absolute right under the Treaty of Rome to buy and live permanently in any house they wish, but that does not apply to holiday property.
Each of the nine independent provinces of Austria is self governing so each has its own rules - it is permitted to buy a holiday home in Upper Austria (Salzburg province)with restrictions, but virtually impossible in the Tyrol. The "Grundverkehrsbehörde" in Tyrol does not give approval for 'holiday use' (Zweitwohnsitz) so you can only buy in this area if you are retiring there and living there as your main residence. There are other areas where you can buy freely and which are much more reasonably priced! For instance you can buy in the Carinthia province with no restrictions at all, and in the resorts around Salzburg such as Zell am See.
Austrian Mortgages
Austrian banks will fund up to 70% of the purchase price usually over 15-25 years and may take into account the rental income of the property in addition to your salary when determining the level of finance.
To make an enquiry about our property for sale in Austria please complete an Enquiry Form
