Together with EHL Immobilien, the BUWOG Group presented the now 6th edition of the First Vienna Residential Market Report at a press conference on 1 March 2018.
Numerous journalists accepted the invitation to the Architekturzentrum Wien for the press conference, where Daniel Riedl (CEO of the BUWOG Group), Andreas Holler (head of development in Austria at the BUWOG Group), Michael Ehlmaier (managing partner of EHL) and Sandra Bauernfeind (managing director of property management at EHL Immobilien) reported on the latest developments on the Vienna residential market.
The joint report by the BUWOG Group and EHL Immobilien contains a concentration of expertise on real estate: from ownership structure, the demographic development of Vienna and Viennese households including the Sinus Milieus®1 dominant in the districts, to residents and income and development potentials of entire districts and micro-locations (hotspots) as well as new projects that are under construction or in planning, all aspects of the residential market are highlighted. Thus the First Vienna Residential Market Report provides a detailed overview of all 23 districts of Vienna and also serves as an orientation for apartment seekers and investors. The sale and rental prices contained in the report are not offer prices, but closing prices, that is, the prices actually valid upon conclusion.
This year, as well, the First Vienna Residential Market Report was published in German and in English due to significant international demand.
New residential construction slowly approaching demand
At present, housing production is gradually approaching the level of population growth. According to experts, however, it must be kept in mind that the gap in supply in past years in connection with the continued growth in the city of Vienna is still there, thus the demand for housing also remains high.
It is therefore essential for developers to undertake measures to increase the level of efficient housing. Examples of this include, on the one hand, making more efficient use of existing housing in the form of densification, residential towers and other methods. In addition, it is important to construct housing in such a way that the financial options of the future residents are taken into account, which presents developers with challenges in view of increased building and land costs. Daniel Riedl therefore emphasises that it is important to move to locations where the land costs are still within a range that allow the apartments to be offered at a reasonable price later on. Government approaches to site mobilisation would also help relieve the housing market.
The First Vienna Residential Market Report 2018 for reading
The First Vienna Residential Market Report 2018 is available as a download and for reading online under this link.
1Sinus-Milieus® group together people and consumer segments with similar views and ways of life, consumption and work, including basic orientation and values (outlook on life, family, politics, religion, etc.), lifestyle, taste, management style, communication structures, residential and employment environments. Surveyed by INTEGRAL Markt- und Meinungsforschungsges.m.b.H.
Credit: BUWOG / Stephan Huger