Real estate in Austria: purchase prices of houses and apartments up 10.7% – Vindobona.org
The House Price Index (HPI) shows a price increase of 10.7% for the first half of 2021 compared to the same period of the previous year, according to Statistics Austria.
In the 1st quarter of 2021, house and apartment prices increased by 9.7% compared to the same quarter of the previous year (+ 6.2% compared to the previous quarter) and by 11.7% in the 2nd quarter ( + 4.2% compared to the previous quarter).
“Prices in the residential real estate market continued to recover in the first half of 2021. With an increase of 10.7% compared to 1H 2021, the growth in prices for houses and apartments was well above the 6.1% average over the past three years. Favorable credit and continued strong demand have driven up prices, whether for a house or apartment, urban or rural. The rise in the consumer price index, which focuses on prices for consumer goods and not on assets, was significantly lower at 1.9%. over the same period, ”said Statistik Austria Managing Director Tobias Thomas.
Existing housing and new apartments and houses have risen sharply in price
Existing condominiums purchased by households for residential purposes recorded the largest price increase of + 14.4% compared to H1 2020 (Q1: + 12.4%, Q2: + 16.4%).
Existing housing is down slightly to + 11.5% (Q1: + 12.1%, T2: + 11.0%).
Together, this translated into a 13.1% increase in the old housing sub-index in the first half of 2021 (Q1: + 12.3%, Q2: + 14.0%).
The “purchase of new housing” sub-index, which tracks the price evolution of new apartments and prefabricated houses, increased by 4.3% in H1 2021 compared to the same period in 2020 (Q1: +3, 1%, T2: + 5.4%).
Homeownership prices up 4.4%
The owner-occupied housing price index (OOH) is an extension of the housing price index.
It includes expenses related to the acquisition and ownership of housing, such as acquisition costs, insurance and repair and renovation costs, in addition to the acquisition of new and existing housing.
It rose 4.4% in H1 2021 (Q1: + 3.4%, Q2: + 5.5%) and posted an index level of 143.67 points in Q2 2021.
The home acquisition price sub-index increased by 5.9%, here the increase in construction costs in the item “Self-construction and heavy renovations” (Q1: + 3.7%, Q2: +7 , 2%) is noticeable.
Maintenance expenditure on owned housing increased by 2.2% in the first half of 2021 (Q1: + 1.8%, Q2: + 2.5%).