Real estate prices plummet as buyers flock to the city of Vienna
Real estate in Vienna is selling at a record low.
The average price of a home in Vienna fell below 30,000 euros ($34,300) on Thursday.
That’s a 20 percent decline from the peak in February, according to Zetal.
In February, the median home price in Vienna hit 38,500 euros ($42,300).
That was a 50 percent increase from February 2015.
And the median house price in January fell by 5.5 percent to 25,000.
“It’s not as if prices are going up in Vienna,” Zetale said.
It’s the same story across Austria, which has had a strong housing market since the 1980s.
The average value of a house in Vienna rose in the past year to 2.6 million euros ($2.75 million).
But it’s still not enough for people who want to live there.
“The market is very volatile,” said Alexandra Fink, an analyst at the Vienna Realtors Association.
A person living in Vienna can expect to pay roughly 1,500 to 2,000 euro ($1,950 to 2-3,000) a month for a one-bedroom apartment, according, Zetaled.
Some people live in houses that are larger than 5,000 square meters, which are often located in larger neighborhoods.
They may be tempted to move there to enjoy better facilities and lower rents, Zetsal said.
But in the city center, a one or two bedroom apartment costs more than 4,000 to 5,500 euro ($6,500-7,000), Fink said.
In the suburbs, people can pay less than 5 euro ($5) a square meter for a house.
But even in the suburbs where the median price is lower, there are still many houses that can be rented.
Zetale says people are looking to buy and sell apartments in Vienna.
“They are looking for a place to rent and they are looking at rents in Vienna that are lower than other European cities,” she said.
The average monthly rent for a single-family home in Austria is about 5,200 euros ($6.40), according to data from Zetals Realty.
The median monthly rent is about 4,300 euros ($5.40).
“There are people who can afford to rent in Vienna, but that is not a great place to live,” Zetsaled said.