Investment Apartments | Spring 2026

Market Report Spring 2026

We stand for real estate.

Stoffellagasse 7 1020 Vienna

Introduction

The apartment market in Vienna was influenced by unusually strong momentum in 2025 which, at many locations, even surpassed the most optimistic expectations. The rental segment, in particular, presented a picture that had not been seen in this form for many years: Vacancies had nearly disappeared, and rents had risen substantially stronger than purchase prices. The result was the highest acquisition yields for investment apartments in the past decade. Investment apartments have again moved stron- ger into the focus of investors in reaction to this market phase. The combination of high demand, limited supply and attractive yields underscores the importance of this segment as a stable and long-term investment form.

to see a demand overhang, which means rents should remain on an upward trend. At the same time, financing costs are, in many cases, lower than realisable rental yields. This constellation combines attractive income with high security. In this report, we want to analyse the key developments of the past year in the context of the current market climate. Our goal is to identify market trends and provide a decision-making tool that provides a well-founded basis for planned investments. We would be happy to personally discuss the opportunities available in investment apartments with you to help you reach the optimal decisions for your investments.

Signs also point to a generally positive en- vironment in 2026. The market will continue

Karina Schunker, MA MRICS

Andrea Pöchhacker, MSc MRICS

Ingrid Neugebauer, Mag. (FH) MRICS

Josef Michelfeit, MA

Managing Director EHL Wohnen GmbH

Authorized signatory Head of Residential Investments EHL Wohnen GmbH

Authorized signatory Head of Residential EHL Wohnen GmbH

Authorized Signatory Head of Rental Residential EHL Wohnen GmbH

Quarzweg 1 1210 Vienna

Ottakringer Straße 26 1170 Vienna

Facts & Figures

Average purchase prices of transactions (in Euros/sqm)

5.000

5.368

5.174

4.910

4.903

4.000

After a phase of weakness, Austria’s investment apartment market presen- ted a generally positive picture in 2025. The decline in transactions at the net purchase price (investor price) in recent years was less a result of weaker demand than a reflection of changes in the buyer structure. A growing number of clients took advantage of the exemption applicable to small businesses or consciously waived the input tax deduction to avoid the administrative expen- se. In many cases, the apartments were purchased for the owner-occupier price despite the intention to rent.

4.340

3.000

2.000

1.000

2021

2022

2023

2024

2025

Source: EHL Market Research | Q2 2026

This development was expected to continue during 2025 but, in reality, a contrary trend materialised: There was a substantial increase – roughly 40% year-on-year – in the number of sales for conventional investment apartment models at the net purchase price. This shows the growing connection between investment apartments with long-term investment strategies and demonstrates their function as a stable and predictable investment form in the current environment. The buyer structure has also changed. In addition to traditional private investors, a growing internationalisation is visible – especially from Central and Eastern Europe

and increasingly from the Arabian region. A younger investor group is also emerging which views residential properties as part of a long-term, sustainable asset strategy.

This trend is also reflected in the numbers: The land register showed a total of 452 investment apartments in 2024 and 647 in 2025. The 40% plus reflects not only the market’s reorientation but also the sound gain in momentum.

All in all, the analysis shows that residential properties play a central role as an inflation-

proof and stable investment form. The high demand for rental apartments represents one of today’s main drivers. The limited supply ensures steady growth as well as particularly attractive rental prospects in the investment property segment.

The market never disappeared. It just reorganised – and has recovered stronger than many expected.

Augasse 17 1090 Vienna

These facts and figures were prepared in cooperation with the Austrian land registry experts at IMMOunited GmbH. Data collection criteria: Net prices in the purchase contract | Apartments up to 100 sqm | Apartments up to € 1,000,000 net Data per sqm of living space | Price information net | As per registration date. Data as of: 31.12.2025

When housing is the best investment

Investment apartments have grown from a tax-saving model into a crisis-resistant in- vestment form that links asset appreciation with stable, steady income. That makes them a central element of modern asset planning. Especially in times of uncertainty, investment apartments offer additional stability as a real value that satisfies a basic need. The renewed growth in demand is currently contrasted by a progressively smaller supply. Building permits are declining, and housing is becoming a scarce commodity. These factors create excellent prospects for investment apartments: Stable and steadily rising rents together with long-term value appreciation make them indispensable in the current market environment.

Hausgrundweg 3 1220 Vienna

Classic investment apartment model

Investments as a small businessperson

Capital investment with a long-term perspective and clear tax framework.

The basic principle underlying investment apartments involves a capital investment in real estate combined with the use of advan- tageous tax regulations to create long-term value stability. Wealth can be accumulated here through the structural mixture of rental income, depreciation and input VAT. The foundation of a sustainably successful investment is, however, based on steady market demand and developments that can be realistically estimated. The demand for housing remains consistently high, not only in Vienna but also in Austria’s western provincial capitals. Demographics are one of the main catalysts for this trend – on the one hand, through the influx of residents from surrounding regions who are looking to enjoy the superior infrastructure, conve- nience shopping and connections offered by larger cities and, on the other hand, by persons relocating to study or work. These factors produce a broad and stable

demand base across various target groups, but project developers are still acting with greater caution due to the general econo- mic environment. Rising construction costs, more demanding financing requirements for new residential buildings and general uncertainty have led to the postponement or cancellation of numerous projects. In view of these circumstances, the situation can only be expected to ease gradually in the coming years. The consequence is the concentration of demand on a limited supply. That will lead to greater pressure on prices, a development that has also become more visible in the condominium segment. On the rental market, the supply shortage has been evident for some time. Rents rose by roughly 5% on average and up to 12% at very good residential locations from 2024 to 2025, depending on the submarket. Vacancy rates declined during that time, and apartments were frequently

re-let during the previous notice period for a nearly seamless change in tenants. Similar developments can be expected in 2026, which means a further increase in the need for additional housing in the rental segment. Another important factor is the quality of the building. Sustainable, energy efficient concepts are becoming a more important factor and represent a central decision criterion for many buyers. In addition to ecological aspects, they make an essential contribution to the long-term value stability and attractiveness of a property. All things considered, the current market conditions – which are influenced by high demand, limited supply and stable financing conditi- ons – continue to present a solid basis for investments in residential properties.

A flexible model for private investors with a view towards later owner use or brief rental

• Purchase at the investor price plus 20% VAT • Deduction of input VAT from taxation authorities possible

• Mandatory rental for 20 resp. 25 years • Taxable (VAT) rental, excl. owner use

• Purchase at the owner-occupier price, excl. VAT • VAT-free rental as a small businessperson

up to annual revenue of € 55,000 • No tax benefits but high flexibility

Attractive yields through rising demand for housing

Sustainability pays

Declining new construction versus constant high demand for living space. • Ongoing shortage of living space – high demand especially for urban locations with good infrastructure • High earnings security through rental income • Long-term value appreciation for investors

Tax benefits for sustainable construction models, greater impor- tance for investment apartment buyers. • Accelerated depreciation: applicable to all buildings built on or after 30.06.2020 and to both investment apartment models • Super-accelerated depreciation: applicable to buildings completed by 31.12.2026 with appropriate certification (e.g. klimaaktiv > Bronze)

Booming rental market drives growth in revenues and yields

Average net purchase prices for sold investment apartments in comparison (in Euros/sqm)

7.000

6.695

6.303

5.749

5.000

5.258

The rental market – not only in Vienna but also in other major Austrian cities – is currently characterised by a strong demand overhang. Investment apartment buyers benefit from minimal vacancies, record level rents and considerably higher yields. And the outlook is positive.

4.540 4.568

4.197

3.000

3.657

1.000

Vienna

Graz

Linz

Klagenfurt

Two years of rents clearly above the inflation rate have pushed Vienna’s apartment rental market to an absolute record level. Square metre rents have risen to a new high, vacancies in modern apartments are nearly non-existent, and vacant units are generally re-let within a very short time. The underlying reasons include a substantial decline in the supply of new space as well as the strong demand resulting from population growth and the still difficult lending conditions for apartment purchases. Investment apartment buyers benefit from this market situation through unusually positive framework conditions with very low vacancy rates, solid cash flows with a potential for improvement on re-letting and – since apartment prices have not risen as much as rents – substantially

higher yields than during the housing construction boom years up to 2022.

recovery of new construction. The 15th and 16th districts profit to a lesser extent from location-related effects because the supply of apartments in the popular 14th district is currently much lower than two or three years ago. Renters are also more willing to compromise regarding transport connections – instead of the previously essential close proximity to an under- ground station, good tram connections are now also acceptable. The re-letting situation is also very positi- ve: Price adjustments of 5% to 10% at inner city locations are possible, even when the apartment is not a first-time occupancy. Rental adjustments have also been seen at peripheral locations – whereby the lower the supply, the higher the increase.

2024

2025

Source: EHL Market Research | Q2 2026

For standard market investment apart- ments – modern, well equipped units up to 50 sqm at above-average locations – square metre prices of € 15 to 17 (net), excluding operating costs – have become the norm. A three-year comparison shows an increase of over 20%, and market data lead to expectations that this upward trend will continue into 2026 and at least up to the end of 2027.

Local differences in rent levels are currently minimal because the low

supply has also led to strong demand at decentralised locations. Projects in the districts north of the Danube River and in parts of Favoriten and Simmering benefit from this situation due to the recent

Ljuba-Welitsch-Promenade 22 1030 Wien

The top eight key factors for optimal rental

2. Exterior shading & air conditioning

1. Efficient floor plan

Functionality is more important than pure size: When an apart- ment ideally covers all functions from sleeping to working and limited common areas are required, the total living space is gen- erally smaller, but the square metre rent can be slightly higher.

Shading options, ideally outside screens or venetian blinds, have become an important decision criterion and provide heat as well as sight protection. Apartments on upper floors, and especially on the top floor, should at least be equipped with the technical connections and preparations for the installation of air conditioning.

3. Sufficient open areas & storage space

The strong demand overhang in the rental apartment segment ensures that (almost) every unit can be let over the short term. However, an investment apartment should meet tenants’ demands as best as possible to generate sustainably optimal results. EHL’s rental specialist, Josef Michelfeit, has compiled a list of the eight most import- ant key factors that define a good investment apartment.

Today, open space is taken for granted in new buildings. Even a small balcony with nearly two sqm has a certain value, but open areas of roughly five sqm or more are optimal. Tenants are unlikely to accept a higher rent for much larger areas. In addition to open areas, cellar compartments are a must, while smaller storage areas in the apartment for frequently needed items are desirable.

4. Practical kitchen

The stove should have four hobs, while a dishwasher in a two-room apartment can be smaller than standard. A large dual refrigerator-freezer can bring numerous plus points with prospective tenants at relatively low additional expense.

5. Mainstream instead of extravagance

6. Compact units

From the flooring to the kitchen furniture: Every stylish luxury is more an expensive rental obstacle than a plus point. To- day’s market calls for understated furnishings that reflect the taste of a broader target group.

Tenants compare the total cost and not square metres. Com- pact units (two-room apartments with 38 to 45 sqm, three- room apartments with 55 to 70 sqm) can therefore be rented more profitably. Lower operating costs, for example through energy-efficient building technology, are also reflected in higher earnings.

7. Public transportation or parking spaces

8. Separation of short-term rentals

The importance of parking spaces has generally declined in areas with good access to public transportation. Garage spac- es are extremely important, however, where these transport options are limited, especially for investment apartments in the suburbs. For investment apartments with three rooms or more, investors should consider purchasing a parking space, even in locations with good connections.

Neighbouring units with special permits for short-term rental are generally not welcomed but accepted by potential tenants. When the units are separated (e.g. a separate floor for short-term rentals), almost no one is disturbed.

Donaufelder Straße 104 1210 Vienna

Simmeringer Hauptstr. 19—21 1110 Vienna

Well equipped – better rented

Essentials - what an investment apartment always needs

A modern bathroom

A fully fitted kitchen

The bathroom is a source of functionality as well as comfort and represents a central component of housing quality. A heated towel holder improves comfort, while modern fittings, light coloured tiles and a large mirror create an at- tractive, timeless appearance. The basic furnishings should also include installed shower partitions, lighting above the mirror and a toilet paper holder. That will prevent tenants from damaging the building substance, for example through drilling on tiles.

No designer concepts but a well thought-out, functional and timeless plan. A robust worktop, sufficient storage space, solid sink fittings and energy-efficient appliances make the room conformable and suitable for everyday use. The design should be low key and ageless – white exteriors are frequently used to reflect the taste of the largest possible tenant group and allow for flexible combination with individ- ual furniture and accessories.

An owner who furnishes an investment apartment today is not only adapting living space but developing an investment product for rental. The focal point should be a hou- sing concept that meets the target group’s needs over the long-term – both as regards the furnishings and location as well as the apartment size. In Austria, furnishings are not mandatory but they still have a major influence on rentability and the contract – and, in turn, also on the expected yield. Smaller apartment types are generally rented by singles, pairs, students or persons working temporarily in the city. Growing concentration has led to greater demand for efficient floor plans, sufficient storage space and a clear, timeless style. At the same time, robustness and easy care take priority due to the frequent user turnover. The most important equipment features that should never be omitted are the kitchen and bathroom. Tenants view these furnishings as standard. Both areas should have a suitable

quality because they are a fixed part of the apartment and changes are only possible at considerable expense and interference with the building substance. In addition, the tenant is responsible for maintenance of these items and required to carry any repair or replacement costs. Oak parquet remains very popular with tenants as a flooring alternative. Invest- ment apartments, in contrast, tend to rely on durable options like vinyl flooring to minimise normal wear and tear.

Mollgasse 15 1180 Vienna

Erdbrustgasse 31 1160 Vienna

Euribor simply explained

Real estate financing: building the foundation now

• The key interest rate used by banks in the eurozone for lending • Basis for interest rates on housing loans (e.g. 3-month or 12-month Euribor) • Close connection with prime rates – a change in the key interest rate by the ECB generally leads to a similar, direct change in the Euribor

Variable interest rates

Fixed interest rates

• The interest rate is adjusted continuously (generally linked to the Euribor) • Advantage: A decline in the Euribor also leads to a decline in the repayment rate • Risk: An increase in the market interest rate leads to a higher interest rate and total costs

• The interest rate remains constant for the agreed term (e.g. 10, 15, 20 years) • Advantage: Plannable monthly rates and high budget security • Disadvantage: Generally higher initial interest rate than for variable financing

In Austria, the purchase of investment apartments is closely connected with solid financing. Interest rates have stabilised after the strong fluctuations in recent years and resulted in more reliable conditions for investments. The persistent supply shortage on the apartment market has also led to an increase in the value of housing. The basic structure of real estate financing is clear: A loan covers the large part of the purchase price, while equity provides a major foundation for stable financing conditions. Careful planning is decisive to benefit from stable rental income and value appreciation.

and provide an initial orientation for interest rates, repayment periods and financing op- tions. Personal advising is, however, central for a well-founded decision. This information can be provided by the borrower’s bank, which is already familiar with the individual’s financial situation, or by an independent financial advisor who compares various offers and can frequently obtain better conditions. Financing normally follows a clear procedure. In addition to information on the property, the employment relationship and other personal

ility of the property on this basis and then prepares a financing offer.

The best offers for fixed interest mortgages in Austria currently equal approximately 3.3%. Variable financing generally reflects a lower level but is connected with higher fluctuation risks. The overall planning should also include additional costs like proces- sing, land registry recording, notarised certification and appraisals.

Financing remains the key to investment apartments. Increasingly stable interest rates and the rising demand for housing create attractive options for investments in a market characterised by long-term stability.

documents are required. The bank evaluates the buyer’s creditworthiness as well as the recoverab-

Digital comparison platforms and AI-sup- ported tools are becoming more important

Heiligenstädter Str. 103 1190 Vienna

Average rental prices and net purchase prices on first-time occupancy in Vienna (in Euros/sqm)

16,00

Vienna is approaching the next price wave – why investors should buy now

7.000

14,87

6.695

6.000

6.303

6.069

13,90

5.855

5.000

12,87

4.829

4.000

12,42

3.000

2.000

2021

2022

2023

2025

2024

2026 will mark a strategic turning point for investors in Vienna’s apartment market. The parameters have shifted notably – in favour of anticyclical actors who take an early position.

Rental prices

Purchase prices

Source: EHL Market Research | Q2 2026

Inner city districts

Outlying districts Market conditions are also shifting notably outside the beltway. Districts like Ottakring and Hernals have seen strong growth in demand since 2024 and have been joined by Liesing since 2025. The indicators also support investments at these locations. The increase in purchase prices is below ave- rage at nearly 1.75% to roughly € 5,800/ sqm, while rents rose on average to roughly € 14.50/sqm. Moderate purchase prices together with rising rents make yields over 3.6% possible. Good initial yields and efficient inner city connections have moved Simmering into the focus of investors. The districts north of the Danube are also witnessing an all-time high because the decline in building permits leads to expectations that the comparatively broad apartment supply will decrease and a shortage is approaching.

The prices for investment apartment transactions again point to an upward trend. Average selling price rose by roughly 6% from € 6,303/sqm in 2024 to € 7,000/sqm in 2025. The rental market was even more dynamic: Average net rents increased from € 14.87/sqm to € 16.20/sqm, or by 8.6%. This development is the result of steady high demand combined with a sharp drop in new construction. Noticeably higher rents can also be expected for first-time occupancies in 2026. The main contributing factors include continued migration to Austria and demographic developments, both of which add to the demand for housing. The market’s structural problem lies less in quality and more in quantity. The massive drop in building permits has largely reduced the new supply entering the market, and available units are therefore quickly

absorbed. The demand for rental apartments remains high, marketing periods are short, and the income situation is correspondingly stable. That creates a constellation for investors that has been absent for some time: Initial yields over 3% are now possible depending on the location. In some cases, they even exceed financing costs and further shift the ratio between income and debt service in favour of investors. Consequently, the premium investment apartment market is again able to offer secure income, rising market rents on re-letting and the potential for solid value appreciation. Early positioning makes it possible to participate in the future market momentum.

Central locations will remain stable in 2026 and benefit from an outstanding urban infrastructure and constant high demand from a high-end, in part international clientele. The supply is limited to individual urban development areas in the 2nd and 3rd districts as well as a few projects which, in total, add to the prospects for value appreciation. Acquisitions at these locations are based less on the expected yield and more on the location quality. Ne- vertheless, the yield situation has improved significantly. The structural shortage at inner city locations has led to far above- average investor purchase prices of roughly € 7,000/sqm and is the basis for long-term value appreciation. The rental trend is also positive: First-time rentals bring € 19.20 to € 24.60/sqm net, which means initial yields of over 3% are also conceivable at good locations.

Mauerbachstraße 17 1140 Vienna

All investment projects at ehl.at/vorsorge

Parkside Green Residences

1190 Vienna Number of flats: 43 Completion: Q4 2026 Heiligenstädter Straße 103

Bawawitzkagasse Barawitzkagasse 24, 1190 Vienna Number of flats: 26 Completion: Q4 2026

A22

Mollgasse 15, 1180 Vienna Number of flats: 48 Completion: Q4 2027

Selected investment projects in Vienna

21.

19.

20.

18.

17.

Vorgartenstraße Vorgartenstraße 69, 1200 Vienna Number of flats: 8 Ready for occupation

Am Donaufeld

Fahrbachgasse Fahrbachgasse 6-8, 1210 Vienna

Drygalskiweg Drygalskiweg 59, 1210 Vienna Number of flats: 74

LeopoldQuartier Obere Donaustraße 23, 1020 Vienna

Josephine

Wiedner Hauptstr. Wiedner Hauptstraße 140, 1050 Vienna

16.

Donaufelder Straße 104, 1210 Vienna Number of flats: 30 Completion: Q4 2027

Stoffellagasse 7, 1020 Vienna Number of flats: 62 Completion: Q4 2026

22.

14.

Number of flats: 92 Ready for occupation

Number of flats: 253 Ready for occupation

Number of flats: 42 Ready for occupation

Completion: Q4 2026

U2 U5

15.

13.

1110 Vienna Number of flats: 33 Completion: Q3 2027 Simmeringer Hauptstr. 19-21

Ruthnergasse Ruthnergasse 18, 1210 Vienna Number of flats: 38

Quarzweg Quarzweg 1, 1210 Vienna

HGW³

ROOMEO

Augasse

12.

Ten Living

MAJA

11.

Hausgrundweg 3, 1220 Vienna Number of flats: 30 Completion: Q4 2027

Ludwig Reindl Gasse 1, 1220 Vienna Number of flats: 156 Completion: Q4 2027

Augasse 17, 1090 Vienna Number of flats: 81 Completion: Q4 2027

Feßlergasse 14-16, 1100 Vienna Number of flats: 39 Completion: Q2 2027

Gudrunstraße 120, 1100 Vienna Number of flats: 102 Ready for occupation

10.

Number of flats: 27 Ready for occupation

Completion: Q1 2028

23.

A23

A21 A2 S1

Erdbrustg. 31, 1160 Vienna Number of flats: 126 Completion: Q4 2026 Stadtvillen Wilhelminenberg

Gingko & Tanne Töpfelgasse 8 - 10, 1140 Vienna Number of flats: 26 Completion: Q1 2028

Zuhause in Hawei Mauerbachstraße 17, 1140 Vienna Number of flats: 14 Completion: Q2 2026

Ottakringer Str. Ottakringer Straße 26, 1170 Vienna Number of flats: 60 Completion: Q3 2026

Studenygasse Studenygasse 16, 1110 Vienna Number of flats: 64

Stock im Weg Josef-Kraft-Weg 10, 1130 Vienna

Liesing Gardens Draschestraße 74, 1230 Vienna Number of flats: 35 Completion: Q2 2026

Kult 23

Canavesegasse Canavesegasse 4, 1230 Vienna Number of flats: 18 Completion: Q1 2028

Living in ´23

Grand Garden Roseggergasse 2-8, 1160 Vienna Number of flats: 124 Completion: 2028

Vienna FIFTEEN Sechshauser Straße 3, 1150 Vienna Number of flats: 65 Completion: Q4 2027

Gastgebgasse 21, 1230 Vienna Number of flats: 38 Ready for occupation

Hungereckstraße 46-48, 1230 Vienna Number of flats: 17 Completion: Q1 2027

Number of flats: 41 Ready for occupation

Completion: Q2 2028

Momentum is accelerating along the southern axis surrounding Vienna. Locations like Vösendorf, Mödling and Baden connect sustainable new construction quality with fi- nancially strong rental demand. Mödling, in particular, is developing into a real hot spot with its historical city centre, with prices slightly below € 6,000/sqm and rents up to € 17/sqm, which provide for yields of roughly 3.4%. Attention is also shifting to northern areas like Korneuburg, Stockerau and Gänserndorf, while Krems generates additional demand based on its standing as a university city. Prices differ widely by micro-location, from nearly € 4,150/sqm in smaller cities up to € 6,460/sqm with a view over the vineyards towards the Danube Lower Austria

Rising demand outside Vienna’s borders

value of these regions in recent years and revising their former status as a peripheral location. Rents currently range from € 12.75 to € 14.50/sqm and recently rose by 15% over the previous year. In connec- tion with moderate purchase prices, yields of over 3.5% are possible and position the region as a high-growth investment market.

River in Krems. For investors, a corridor is developing along these axes with growing popularity and solid performance.

Burgenland

Demand in the northern section of Burgen- land presents a differentiated picture. Eisenstadt, the provincial capital with its historical core and excellent connections to Vienna, is characterised by stable but com- paratively moderate demand. In contrast, more dynamic impulses can be found in lo- cations near Lake Neusiedl and in the areas adjoining Parndorf. This blend of touristic attraction, good infrastructure and econo- mic impulses has significantly increased the

Vienna’s greater catchment area offers stable market conditions with more moderate prices, rising demand and a potential for attractive yields in 2026 – above all in locations with good infrastructure.

The area surrounding Vienna is one of the regions where entry prices, demand and yields remain in equilibrium. Price adjust- ments in the city are higher due to the short supply, while the greater catchment area offers additional opportunities for investors who are looking for security as well as an attractive entry level. Northern municipalities like Korneuburg, Klosterneuburg and Krems as well as the southern areas from Mödling to Wiener Neustadt have become particularly popular. The northern section of Burgenland – especially near Lake Neusiedl – is becoming even more important. It benefits from close proximity to Vienna, good infrastructure and a high quality of life. The purchase prices at well-connected locations currently range from € 3,800 to € 4,200/sqm net, which produces a higher yield in comparison to Austria’s capital city.

The demand for rental apartments, especi- ally two- and three-room units, is consist- ently high along efficient traffic axes and in regional centres. These locations increasingly meet com- muters’ demands and offer stable rental prospects at moderate entry prices. Gross yields of roughly 3.5% to 4.5% can be reali- sed in selected projects and are supported by indexed rental contracts and moderate rental growth. A careful review of both the location and product is decisive. The long-term demand is particularly stable at locations with a com- muting time of under 45 minutes to Vienna, good connections to the public transporta- tion system and low operating costs.

Helenenstraße 1 2500 Baden

Franz-Liszt-Gasse 8 7100 Neusiedl am See

Sourcenstraße 13a 2340 Mödling

Graz remains on a growth course. According to the Austrian Federal Statistical Office, the sustained population growth recorded in 2025 confirms the city’s role as one of the most dynamic housing markets in Austria. The demand for living space remains high and is supported by constant regional mig- ration. Average purchase prices have risen significantly from € 3,660 to € 4,197/sqm, which represents a plus of 14.8%. Rents are also moving in a positive direction: In 2024, they rose up to € 13.75/sqm in new buil- dings and currently equal € 14.50/sqm. Graz

Western provinces, strong university cities and new opportunities for student housing

Linz

Linz is progressively reacting to the steady demand for housing: Over 1,100 apart- ments were completed in 2025, nearly three times as many as in the previous year. However, the pressure on prices remains. Purchase prices rose by 9.3% from € 5,260/sqm in 2024 to € 5,750/ sqm. Strong momentum is also visible on the rental market: First-time rents ranged from € 11.50 to € 14.20/sqm in 2024 and currently reflect € 13.00 to € 16.00/sqm, especially in good locations like the inner city or Neue Heimat. Similar to previous years, Linz presents itself as a growing market for investors. This applies, above all, to the two-room apartment segment, which is particularly popular for student housing. The apartment market remains stable but is not very dynamic. Its lakeside location on the Wörthersee is a source of unbroken popularity, especially in the secondary resi- dence segment. First-time rents rose from € 11.50/sqm in the previous year to € 12.80/ sqm, while purchase prices have risen only marginally to € 4,570/sqm. Klagenfurt

Amraser-See-Straße 4 6020 Innsbruck

Western Austria is a market of contrasts but less dynamic than expected in 2026. Salz- burg, Tyrol and Vorarlberg remain under the influence of high prices, structural shortages and selective demand. The “revival“ appears to be more a stabilisation at a high level. Innsbruck is an ideal example for Tyrol: Rents up to € 25/sqm reflect the chronically strained market. The gap between supply and demand is wide – investments here are more a result of shortage than growth. Vorarlberg remains a special case in spite of the upward trend in transactions. As the most expensive Austrian province, the market is heavily influenced by secondary residences in the Alpine region. Investment properties are generally attractive but the supply in the

rentals. For investors, the picture is clear: Investment apartments are considered a safe form of investment but offer limited yields. Capital is tied up in high-price locations and attractive entry alternatives are rare. The opportunities lie in niches. Student housing is becoming a more important factor in Innsbruck with participation models for student residences and yields over 4.5%. The south is more differentiated: Graz has become popular as an expanding university city with stable demand and solid yields. The location quality has also been strengthened by an improvement in the connections to Carynthia and northern Italy.

The west is stable, but yields are weak; Innsbruck scores with niches, Graz with growth and perspectives.

regular apartment is limited and the high price structure makes it difficult to generate an appropriate yield on classic

Münzgrabenstraße 173c 8010 Graz

All investment projects at ehl.at/vorsorge

Auberg+

Parzhofstraße 25, 4040 Linz

Selected investment projects in Austria

Number of flats: 41 Ready for occupation

BASE CAMP

Am Fliegenspitz

Amraser-See-Straße 4, 6020 Innsbruck Number of flats: 80 Completion: Q3 2027

Guntramsdorfer Straße 2, 2340 Mödling Number of flats: 116 Completion: Q4 2026

12 11

Peterstalstraße Peterstalstraße 31, 8042 Graz Number of flats: 10 Completion: Q3 2026

Liechtensteinstr. Liechtensteinstraße 61, 2345 Brunn am Gebirge

The Vineyard

10 LEBENSWERT

Franz Josef-Straße 17-19, 2344 Maria Enzersdorf Number of flats: 87 Ready for occupation

Münzgrabenstraße 173c, 8010 Graz Number of flats: 27 Completion: Q1 2027

Number of flats: 11 Ready for occupation

Ensemble Krems Steindlstraße 6, 3500 Krems Number of flats: 62 Ready for occupation

Bella Vita

HELENE

Franz-Liszt-Gasse Franz-Liszt-Gasse 8, 7100 Neusiedl am See

MUR/PUR

Brauquartier Brauquartier, 8055 Graz

GUT HABEN

14 Unserseins Süd

Ackergasse 14, 2700 Wiener Neustadt Number of flats: 49 Ready for occupation

Helenenstraße 1, 2500 Baden Number of flats: 16 Completion: Q4 2026

Lagergasse 56, 8020 Graz Number of flats: 38 Completion: Q4 2027

Harter Straße 155, 8054 Graz Number of flats: 42 Completion: Q3 2028

Feschnigstraße 159-179, 9020 Klagenfurt Number of flats: 107 Completion: Q2 2028

Number of flats: 26 Ready for occupation

Number of flats: 73 Ready for occupation

Draschestraße 74 1230 Vienna

Gastgebgasse 21 1230 Vienna

Feßlergasse 14-16 1100 Vienna

Our view is always directed ahead.

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EHL Wohnen GmbH Rathausstraße 1, 1010 Vienna T +43 1 512 76 90 wohnung@ehl.at www.ehl.at

Cover: LeopoldQuartier LIVING | Obere Donaustraße 23, 1020 Vienna | © Squarebytes This report is a translation. In the event of doubt the German-language version is to be used. The information and forecasts in this report are provided without guarantee, warranty or liability. The electronic version of this report is available for download under www.ehl.at/research

We stand for real estate.

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