Interest from British buyers is snowballing in Austrian ski property, according to one developer.
Branson Atterbury, Marketing Director at Kristall Spaces, saus that the number of Britsh looking property in Austria this year has risen 22 per cent, driven by “reasonable prices and the strong Euro / Pound exchange rate”.
Indeed, buyers are now able to save up to £20,000 when purchasing a property priced at €400,000, a favourable rate that has also fuelled demand for property in Spain, France, Portugal and Italy.
The market fundamentals in Austria, though, are also appealing. Savills’ newest Spotlight Report “Alpine Property Market 2015/16” reveals that Austria’s strong domestic economy and record low interest rates have resulted in a national house price growth of 41 per cent since 2008, compared to falls of 0.9 per cent in France over the same period. Despite the increase, Austria’s ski properties are still up to 50 per cent cheaper than resort property in the Swiss and French Alps, triggering a growing interest from savvy UK buyers, who in practice find it difficult to buy a second home in Austria, unless it is in a resort.
Over the last 15 years €6 billion has been spent to give Austrian resorts the most updated lift infrastructure and resort amenities in the industry, notes Kristall Spaces, with snow machines on over 50 per cent of Austrian pistes and facilities such as night-skiing and child-friendly slopes.
The British-managed developer has just launched two new apartment schemes in Kühtai and St Anton, citing strong demand from UK buyers driven by affordability, demand from an international rental market and this substantial investment in ski resort infrastructure.
2020 Residences in Kühtai is a 16-apartment development, starting from €213,500 for a one-bed apartment, while the Mountain Spa Residences at St. Anton is a 28-apartment development boasting a ski-out location, with the Nassereinbahn ski lift is just 500 metres away.