First Vienna Residential Market Report 2024

Biedermeier style and hipster central

Spittelberg

Lindengasse 60 / BUWOG

Cultural hotspot with alternative flair

Creative hipness with a lively scene full of shops and eateries combine with art and culture including some of the city’s major cultural institutions. The Seventh District has everything a hipster could ever want. Due to a diverse range of attractions combined with the excellent infrastructure, however, Neubau’s appeal extends beyond young target groups, making the Seventh District extremely popular on the residential housing market. This also creates an unusual demand situation with constantly increasing housing prices in line with the income of the residents; the past few years have seen the district turn into one of the city’s top residential addresses. The most expensive residential area in the district is still picturesque Spittelberg with its many historic Biedermeier-style houses. This southern part of the dis- trict lies within walking distance of the First District, and is home to the Volkstheater and MuseumsQuartier. The locations around Neubaugasse are also in great demand after seeing much revi- talisation in recent years, a trend set to continue with the future U2-U3 metro junction.

The limited space available for new development has caused scarcity in new housing to satisfy the heavy demand for living space in Neubau. Construction activities in the district are re- stricted to smaller, more exclusive projects such as renovations and loft conversions. The It’s 7 and Bernard 27 projects on Zoller- gasse and Bernardgasse, respectively, are two such examples. The only exception in terms of large-area project development is the area around the former Sophienspital hospital with a new urban district to house around a hundred and eighty new apart- ments as well as educational and leisure facilities to be built on the thirteen-hectare site by 2025. Neubau may be quite densely built and lack larger green areas, but the district still has a selection of small green areas and parks. Apart from that, the district is trying to become more climate-friendly; after Zieglergasse, Bernardgasse is also planned to become a residential street with a pleasant microclimate and plenty of green space with thirty-six new trees, water sources, and spacious green spaces providing cooling in the summer and contributing to climate protection.

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