PENZING
Investment property prices Yields
EUR 2,400 to 5,100/sqm 1.9 to 3.1 %
Monthly rents (net) in EUR/sqm
Apartments Offices Retail space
Ø 12.70 10.0 to 15.0
10–25
A locations B locations
5–9
In the 14th District, new construction has been the primary source of momentum for the apartment market. Successful major projects – like the Kennedy Garden which was completed this year – provide important impulses for the supply and support the district’s above-average development. 14., Penzing
Much more than just “close to Schön- brunn“
current market situation.
Most of the investment property transactions in 2022 were located in the eastern section closer to the district centre. Alt-Penzing has benefited particularly from its location between the western gateway and the West Railway Station. This middle class quarter offers not only the well-known proximity to Schönbrunn Palace and Park but also excellent connections to the public transporta- tion network with the U4 underground line. The measures implemented to calm traffic following the completion of the two major new construction projects – Kennedy Garden and Alice im Cumber- land – will further improve the quality of life. The “demolish and rebuild“ business model domi- nates the market along the main traffic arteries, whereby investment properties as well as newer properties like businesses, auto repair shops or hotels are giving way to new residential constructi- on. Market activity in the peripheral sections of the district, for example Hütteldorf and Hadersdorf, is slightly weaker. The largest transaction in the 14th District at nearly EUR 12 million took place in the Linzer Strasse, but an investment property at the foot of the Wolfersberg was sold for more than EUR 5 million.
Penzing has experienced a real residential boon in recent years. More new construction projects than in any other district were realised here in well-established, traditional residential areas. Along the nearly two kilometre route between the Hietzing U4 underground station in the south and the U3 underground station in the north, more than 2,000 new apartments were and are under construction on former industrial grounds, logi- stics areas and military facilities – and have been well received by the market. „Demolish and rebuild dominate along the Linzer and Hütteldor- fer Strasse.“ The impulses arising from this revival, which also apply to the existing supply, have made an important contribution to the above-average performance of the investment property market. With square metre prices of EUR 2,400 to 5,100, Penzing is slightly more expensive than the neigh- bouring Rudolfsheim-Fünfhaus and Ottakring and steady investor interest is visible even in the
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