editorial
03
Ideally, modern architecture should always take people into account. — Richard Meier
Dear Reader,
outlooks on the residential market in this fourteenth edition of the First Vienna Residential Market Report – a joint publication by BUWOG and EHL Immobilien. The residential market in Vienna is gaining momentum once again – 2026 will be a year of new opportunities for developers, construction companies, and everyone looking for a place to call home. Well-founded market analysis and a clear assessment of risks and opportunities have become more important than ever after the challenges of recent years. This is particularly true in an environment shaped by geopolitical uncertain- ties, a strained global economic outlook, changing living habits, and evolving requirements for residential property. This report aims to provide orientation, transparency, and a reliable basis for informed decision-making. Over the years, the First Vienna Residential Market Report has established itself as an authoritative point of reference, particularly in times of change and uncertainty. Our market expertise is based on continuous annual data collection and in-depth research, the findings of which flow directly into our projects and services, creating clear added value for our clients and business partners. Key questions are at the heart of this report: Will residential prices in Vienna rise again in 2026? Is now the right time to sell? And how is demand evolving across the individual districts? The report with its broad range of analyses and insights offers valuable guidance for home seekers with many new project launches in 2026 to look forward to, as well as urban planners, municipal authorities, academic institutions, and institutional investors alike. With renewed confidence and growing optimism, we look ahead to the new year. As always, we hope you enjoy reading this issue and wish you every success in 2026 on the Vienna residential market.
Vienna’s residential market has undergone significant change over the past few years. The economic slowdown during the crisis years has led to a noticeable decline in new construction activity across Austria. Today, however, the picture is beginning to brighten. Growing demand, more attractive financing conditions, and moderate con- struction costs in 2025 are opening up new opportunities especially for planning new projects while offering grounds for optimism in the creation of the additional housing that is so urgently needed. The market showed signs of stabilisation in 2025, but the year was still far from easy. Low completion figures increasingly made themselves felt, particularly in the light of the ongoing imbalance between (affordable) supply and demand. As a result, shortages became especially pronounced in the highly sought-after rental apartment segment. Parts of the industry were confronted with project suspensions, delays and, in some cases, insolven- cies. Construction activity in Vienna was therefore unable to keep pace with the growing demand for housing. The situation proved particularly challenging in the privately financed segment where pressures intensified further. All eyes are now on 2026. The mood within the industry has brightened significantly, and the first signs of a turnaround are on the horizon. While the year ahead will still require considerable effort and commitment from all market participants, demand is expected to continue rising, and a further decline in construction activity is not anticipated. Many companies have announced new project launches over the past year, an important initial step towards deliver- ing the housing urgently needed. At the same time, lower interest rates combined with sharply increasing rents are prompting more people to reconsider home ownership. This shift plays a key role in revitalising the property market in Vienna, generating momentum for both buyers and project developers.
We are delighted to once again present you with a compre- hensive overview of the latest developments, trends, and
Yours sincerely,
Mag. Daniel Riedl FRICS Director, Vonovia SE
Andreas Holler BSc Managing Director of BUWOG Group GmbH
KommR Mag. Michael Ehlmaier FRICS Managing Director of EHL Immobilien GmbH
Karina Schunker M.A. MRICS Managing Director of EHL Wohnen GmbH
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