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P
ositioned in the heart of Europe, Vienna was once the capital of
the great Austro-Hungarian Empire, which dominated the centre of
Europe from 1867 until its demise in 1918 following World War I.
What remains is a compact city of around 1.7 million inhabitantswho live surrounded by the well-tended glories of the past and
buoyed by Austria's economic strength at a time when many of its European
neighbours are suffering from the Eurozone crisis.
Vienna's house prices rose by 9.6 per cent during the year ending March
2012, according to figures from Oesterreichische Nationalbank, the
Austrian central bank, and by 4.3 per cent during the first quarter of 2012.
If the euro were to split up into national currencies, Austria would
probably be one of the countries that would stay in the core, and thats
important to people, says Joachim Wrang-Widn, Regional Director for
Europe, the Middle East and Africa at Christies International Real Estate.
That financial resilience is one reason the city's property prices are rising,
but there are others.
Vienna has become a magnet for foreign money, and as new money has
flowed out of the worlds emerging nations in Viennas case, particularly
out of Russia it has gone into the old core capital cities, like London
or Paris and Vienna, explains Peter Marschall, owner of Marschall
Immobilien GmbH, a Vienna-based property agency that specialises in
high-end residential property in the city.
The city ranks second in the Economist Intelligence Unit's Global
Liveability Report for 2012. Reasons for the city's popularity include its
central European location, which puts neighbouring countries and cities
within easy driving reach, the high quality of life, the richness of its cultural
and artistic heritage and the limited amount of property available.
You have very tight restrictions on what you can build because basically
every single building in the city is listed, which means you cant tear it
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Joachim Wrang-Widn
Marschall Immobilien GmbH
Peter Marschall
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Wrang-Widn
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Hofburg Palace by night
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INVESTMENT VIENNA
1Non EU-nationals need a residence permit granted by the
government, among other requirements, in order to buy
property in Austria.
225 per cent tax is payable on the profit of all home sales,
regardless of length of ownership.
25%
3Parking can be a problem. Don't expect to find a city-centre
apartment with several car-parking spaces.
4Building conservation is high on the agenda. Permission is
needed to renovate old buildings, and the authorities can be
strict.
5Air-conditioning, modern lifts and concierge services are not
common in most properties.
Vienna State Opera House by night, photo ThinkstockThinkstock
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Left & Right Page: Vienna penthouse listed with Christies International Real Estate
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Philipp Hanusch16
Peter Marschall
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the 2nd, 3rd, 4th, 7th, 8th and 9th districts that are close to the border with the
first district are also considered prime locations, says Marschall, as well as the
area around the Wiener Naschmarkt in the 5th and 6th districts.
A district to look out for is the 2nd it has been turning into a hip and young
district, attracting young successful individuals and people from the art world,he says. There is a dynamic and cosmopolitan lifestyle and prices appreciate
accordingly.
Luxury properties come in three main types. In the inner city are apartments or
villas in listed buildings, usually featuring high ceilings of 4.5 metres or more,
original and often grand sweeping staircases, marble fireplaces and intricately
patterned parquet floors.
These properties have often been modernised on the inside to the highest
standards while retaining their original outward appearance. Three to four
bedrooms is typical, though some with eight bedrooms or more also occasionally
come on to the market.
Within a 30- to 45-minute drive of the city centre are the grand estates, often
situated on large tracts of land, which offer privacy and opportunities for
entertainment on a grand scale.
Modern buildings or old buildings that have been rebuilt in a contemporary
style are to be found on the city's outskirts. These properties are very
often located on elevated spots and offer grand views across the city, says
Marschall.
A recent addition on the scene are luxury penthouses which may be conversions
of the attic levels of old building or new builds erected on old roofs, says Wrang-
Widn, adding that there is limited availability in this sector.
But you will find palaces for sale in the absolute historic midst of the city," he
says. "If you want to have a ball for 200 people, not a problem. If you want to
have eight interconnected rooms where you can entertain, its not a problem.
Those estates or palaces come for sale every now and then.
Designer villa listed with Marschall Real Estate
for US$4.6 million; www.marchall.atMarschall
460www.marschall.at