Imperial charm
Schulerstraße 1-3 / BUWOG
Graben
Vienna’s radiant downtown
Vienna’s historic downtown, the First District benefits from its magnificent buildings and many sights such as St. Stephen’s Cathedral, Opera, Burgtheater, and Hofburg. This explains not only the district’s extraordinary ambience that inspires residents and visitors alike, but also the high price levels on the housing market: the prices in Vienna’s downtown are in stark contrast to those in the neighbouring districts for reasons including the highly limited volume of new buildings in Vienna’s most prestigious, and also densely developed, location. Project development has once again decreased significantly following completion of high-quality construction projects around Börse- platz, Parkring, and Schellinggasse. Even so, there are other projects in progress such as Werder Six and Am Werdertor (both on Werdertorgasse), Kayser on Franz-Josefs-Kai, and prestigious loft conversions on Stubenring
and Eßlinggasse. The high level of demand despite the high prices comes up against a low supply of new buildings. The apartments in the First District are heavily sought-after with buyers from all over the world, resulting in prices per square metre in the five-digit range comparable to other metropolitan cities in Europe. Plans to restrict car traffic in the city centre are another positive factor from the housing market perspective as shown in increased prices around Rotenturmstraße, which has been traffic-calmed for a few years now. The leisure and culinary opportunities on the hip Donaukanal, or Danube Canal, in particular contribute to favourable development towards Schwedenplatz and Franz-Josefs-Kai.
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