2023-06-13 22:00:00
49 percent of the purchase amount comes from own funds. The median financial framework is between 400,000 and 800,000 euros.
Switching from renting to owning a home is still a concrete wish for many Austrians. This is shown by a representative customer survey by Engel & Völkers, which provides meaningful insights into the current living situation, purchasing motives and the financial possibilities of those surveyed. The online survey includes the representative sample of 807 participants throughout Austria.
Of those surveyed, 66.3 percent stated that they currently live in their own home. In addition, 23.4 percent of respondents are currently planning to purchase their own home while still renting. The survey also revealed that 22.6 percent of the survey participants are also landlords.
65.5 percent of those surveyed want to change their living situation
The average household size of the respondents was determined to be 2.6 people. The survey clearly shows that older people are generally slightly more satisfied with their living situation than younger people. Of all those surveyed, 65.5 percent stated that they wanted to change something in their living situation. The majority of them aim for a local change or an enlargement.
The survey results also show that 43.1 percent of all respondents would decide to purchase real estate for their own use. In second place, second homes are mentioned as a motive. Investment properties and retirement provision together make up around a quarter of the answers.
Own use is a popular buying motive in all age groups, while in the age group from 18 to 35 years the purchase as an investment property and retirement provision are also proving to be important buying motives. For the 35 to 55 age group, the motive for buying a second home also dominates. A change of job has no particular relevance as a purchase motive in any age group.
Location of the property important factor when buying
Another interesting result of the survey is that 96 percent of all respondents name the location as one of the most important factors when buying a property. Energy efficiency was considered important by 40.5 percent of the people. The relevance of the equipment when buying a property was ranked last.
The assessment of the financial framework for the purchase of a suitable property yielded the following results: For the respondents, the median is realistically between 400,000 and 800,000 euros, while the average is between 534,558 euros and 1.19 million euros. According to the legal regulations in Austria, a minimum share of 20 percent equity is required when buying a residential property. On average, respondents would spend 49 percent of the purchase amount from their own funds.
32.2 percent of those surveyed also state an increasing willingness to invest in the purchase of real estate over the past three years. For 19.3 percent, however, it decreased in the period mentioned.
In addition to Vienna and abroad, alpine regions, above all well-known places in Tyrol such as Innsbruck, Seefeld or Kitzbühel, as well as Salzburg are among the most desirable places. The keywords “garden”, “quiet location” and “modern” dominate when it comes to the ideal of home ownership.
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