The Real Deal New York

From the March issue: Second-home buyers are flocking to Austria in larger numbers, attracted by vacation properties priced lower than other European destinations, according to industry executives. Restrictions in the past against foreigners owning property in several Austrian provinces have kept home prices low compared to other countries. Even though many of those restrictions have been lifted in recent years, prices still remain competitive. In the province of Salzburg Land, prices range from $241 to $362 per square foot, the International Herald Tribune reported. Homes in French Alpine resorts sell for four times as much. Many buyers are investors, said Guy Taylor, a developer with Austrian Chalets, a Britain-based company. The area is desirable because it has a long rental season, as Europe’s second most-popular ski location and a summer destination. Real estate investments have done well there even as values in the rest of the world have declined: Property values in Salzburg rose 4.5 to 5 percent last year and are expected to increase 3 percent this year. Compiled by Sara Polsky