Vienna, Austra Photo: Herr P
The agency’s analysis of the Australian National Bank figures show that Austria’s housing market went largely unscathed by the recession. Indeed, since the collapse of the Lehman Brothers, which sparked the credit crunch around the globe, mainstream prices of real estate across the country, prices have soared 34.7 per cent.
The capital city of Vienna bucked the worldwide trend even more, with values leaping 55.1 per cent, adds Knight Frank .
As a result, Vienna property is becoming increasingly popular among investors, with Asian buyers in particular attracted by the city’s cultural significance. Other overseas buyers in the market come predominantly Eastern Europe, Russia and America.
International investors tend to target Districts 2 through 9, which surrounded the central District 1, which mostly consists of luxury apartments.