First Vienna Residential Market Report 2023

Cultural melting pot

Kurpark Oberlaa

Deck Zehn / BUWOG

A bit of everything: from urban development to „Supergrätzl“

Favoriten in Vienna’s south side is a district in transition. Once a traditional working-class district with a preponderance of in- dustry, the Tenth District has been seeing steady development for a number of years. The district’s reputation for consisting of large residential council blocks belies its variation and diversity. Favoriten needs a closer look to understand it in its entirety as it has something of everything to offer: it would be fair to describe the high streets and markets as places for cultures to meet and mingle while the green recreation areas such as Wienerberg and almost village-like Oberlaa reflect the atmospheric family-friend- ly side of Favoriten. The former Ankerbrotfabrik bread factory, Hotel Schani, Amalienbad bathhouse in all its glory, and the Tichy ice cream parlour are well-frequented spots famous beyond the district’s borders. The many new developments and busy construction activity reflect Favoriten’s place as the district with the second highest rate of new space development after Donaustadt. Projects in- clude DECK ZEHN at Laxenburger Straße 2 and The Metropolitan at Karl-Popper-Straße 5, both along the railway line serving the

Hauptbahnhof main railway station. The current urban develop- ment areas testify to the district’s enormous innovative poten- tial: the Am Kempelenpark and Neues Landgut projects are a tour de force in creating new green spaces alongside dynamic residential developments. Apart from that, the City of Vienna has brought the first „Supergrätzl“, or archetypal traditional Viennese neighbourhood, into the capital in a pilot project in Favoriten: the Supergrätzl project entails developing a traffic, open space, and greening plan for the area between Gudrunstraße, Leebgasse, Quellenstraße and Neilreichgasse similar to Barcelona’s Super- block, which has attracted a great deal of international attention. Favoriten’s proximity to downtown and its excellent transport links also add to the district’s attractiveness. Located on the border to Margareten, Matzleinsdorfer Platz has been redesigned and is seen as the new gateway to the south and one of the city’s major new traffic junctions. The U2 metro line extension to Wienerberg will also attract further growth in the district. These developments have recently led to price increases for residential real estate in Favoriten.

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