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Strong demand pushes residential property prices in Austria above the EU average

The Oesterreichische Nationalbank (OeNB) has published its International Property Market Review for the first quarter of 2019. It examines residential property price growth in Austria, Central, Eastern and Southeastern Europe (CESEE) as well as the rest of the EU. Residential property prices in Austria continued to rise +8.0%, year on year in the third quarter of 2018. At nearly +10% year on year, the pace of the residential property price increase was particularly marked outside of Vienna (i.e. in Austria excluding Vienna).
According to data published by Eurostat, the rise in property prices in most CESEE countries outstripped the EU average of 4.3% in the second and third quarters of 2018. Price growth is driven by the continued strong demand for residential property in Austria and favourable economic conditions in the CESEE. The Netherlands, Ireland, Portugal, Spain and Luxembourg also recorded increases in residential property prices in the second and third quarters of 2018, although prices in Italy decreased.

Further information is available at https://www.oenb.at/en/Media/20190319_1.html