Preface
levels as a positive signal for new commit- ments, while yields have finally returned to a level that supports a reasonable scope of credit financing. In addition, business models like the separation and sale of individual units are enjoying a renaissance. The square metre prices for investment properties are now substantially lower than apartment prices in long-term comparison, and that leads to interesting earnings opportunities. The geopolitical situation represents a major challenge for the real estate sector at the present time, but we can still look to the future development of Vienna’s investment property market with optimism. The current price level offers good entry opportunities for high net worth investors. Especially in uncertain times, the old stock market maxim “buy when the guns are roaring” also provides anticyclical earnings prospects for investment property owners. Our specialists will be happy to advise you.
The investment property market started 2026 on a strong note during January and February. Easing on the interest rate front and moderate economic growth supported an increase in transactions. The situation changed radically, however, with the begin- ning unrest in the Near East: The blockade of the Strait of Hormuz triggered a sharp rise in energy prices which, in turn, created a risk for the ECB’s 2% inflation target and led to a reaction in the form of interest rate hikes. These events substantially weakened the recovery of the investment property market which took hold this past summer. Austrian investors traditionally dominate the investment property market in Vienna. Although rising interest rates also affect the- se owners, their reactions to the changing operating conditions have been reserved to date. In contrast to the commercial property business with its greater international capi- tal involvement, interest in the investment property market remains relatively high.
This also reflects the views of many poten- tial investors who see the existing price
Yours
Michael Ehlmaier
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