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Aug 12, 2015

For better yields in Austria look outside Vienna, to Salzburg or Graz

Last Updated: Aug 12 2015
VIENNA - InnereStadt Apartments COST (€) YIELD (p.a.) PRICE/SQ.M. (€)
55 sq. m. 448,085 1,057 2.83% 8,147 19.21
120 sq. m. 1,216,680 2,184 2.15% 10,139 18.20
250 sq. m. 4,247,500 4,873 1.38% 16,990 19.49
VIENNA - other areas apartment
50 sq. m. 210,050 740 4.22% 4,201 14.79
85 sq. m. 410,210 1,166 3.41% 4,826 13.72
120 sq. m. 574,080 1,672 3.49% 4,784 13.93
200 sq. m. 710,640 1,679 2.83% 5,922 13.99
SALZBURG - Apartments
50 sq. m. 163,950 726 5.31% 3,279 14.51
85 sq. m. 316,880 1,079 4.09% 3,961 13.49
120 sq. m. 546,600 1,607 3.53% 4,555 13.39
GRAZ - Apartments
40 sq. m. 105,920 486 5.51% 2,648 12.15
75 sq. m. 192,525 789 4.92% 2,567 10.52
120 sq. m. 369,600 1,152 3.74% 3,080 9.60
Vienna: Innere Stadt, Währing, Döbling, Margareten, Josefstadt, Heitzing, Mariahilf
Salzburg: Salzburg (Stadt)
Graz: Graz (Stadt)
Source: Global Property Guide Definitions: Data FAQ See also: Update Schedule

For a long time home prices have been rising in Vienna.  Result: gross rental yields - the return on investment on a property before all expenses - is now very low, at around 3.5% for a 120 square metre (sq. m.) apartment in a non-InnereStadt area, or 2.1% elsewhere. 

You would not buy an apartment in Vienna now for the rental return.

That has implications for the wisdom of investing in Vienna.  Generally, when yields reach a nadir, it is a sign that the market is about to turn - although some international cities like Monaco appear comfortably to weather minuscule yields for long periods of time.

Innere Stadt is Vienna’s most luxurious and least populated district, with roughly 17,000 inhabitants. But with a workforce of around 100,000, it is Vienna’s largest employment locale.

Apartments in Innere Stadt change hands at around EUR 10,000 to EUR 17,00 per sq. m., whereas in the other areas apartments cost around only EUR 4,000 to EUR 6,000 per sq. m. 

Innere Stadt apartments fetch higher rents, ranging from EUR 18 to EUR 20 per sq. m. per month. These have not increased in the past two years. In the other upscale districts of Vienna, rents range from EUR 14 to EUR 15 per sq. m. per month.

Salzburg apartments cost around EUR 3,300 to EUR 4,600 per sq. m. Rents on Salzburg apartments are close to Viennese levels, at around from EUR 14 per sq. m. per month.  Salzburg gross rental yields range from 3.5% to 5.3%.

Apartments are most affordable in Graz, where apartments cost, on average, EUR 2,600 to EUR 3,100 per sq. m. In Graz, rents range from EUR 9.50 to EUR 12.50 per sq. m. per month. 

Gross rental yields are the highest in Graz - slightly higher than in the smaller Salzburg - ranging from 3.7% to 5.5%. The smallest apartments return the highest rental yields.


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