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 [more]