First Vienna Residential Market Report 2023

Cultural hotspot

Schottenfeldgasse 35 / EHL

Volkstheater

Between Biedermeier and alternative lifestyle

The Seventh District has a unique combination of art, culture, and cuisine with the many galleries, hip designer boutiques, and trendy restaurants lined up one next to the other. Not only the culinary offerings make a stroll through the district worthwhile; the Biedermeier buildings and many magnificent Wilhelminian-style houses typical of parts of Neubau also add to the district’s attractiveness. One of the cultural hotspots is the MuseumsQuartier with two of Vienna’s major museums, mumok and Leopold Museum. The main court surrounded by cafés is a popular year-round place to meet and hold events. The densely developed Seventh District may not be known for expansive parklands, but there are some smaller green areas such as Siebensternpark and Gutenbergpark that serve as ideal oases of peace and relaxation. The wide range of services in the district combined with excellent infrastructure make Neubau a truly popular residential area. This also comes with constantly ris-

ing housing prices and therefore also incomes amongst Neubau residents; over the years, the district has developed into one of the top residential addresses in the city. The historically most densely built-up Spittelberg location in the southern part of the district is especially expensive and sought- after. This area has not only gained a reputation for its pub scene, the Volkstheater and MuseumsQuartier are also located here. The area around Neubaugasse to become the U2-U3 junction in the next few years is also a popular residential area. The heavy demand for living space in the entire district has been difficult to satisfy in recent years due to the limited space available for new construction. Like most of Vienna’s inner districts, construction activity is limited to individual vacant lots, renovation projects, and loft conversions. The only exception in terms of project develop- ment is the area around the former Sophienspital hospital with 180 new apartments to be built on 13 hectares by 2025.

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