First Vienna Residential Market Report 2024

Bourgeois idyll

Tigergasse 23-27 / BUWOG

Schlesingerplatz

Suburban flair in Vienna’s smallest district

Picturesque alleys and squares alongside a multitude of historic apartment buildings from the 18th and 19th centuries give Josefstadt a historical charm. Josefstadt is also Vienna’s smallest district by far in terms of area, and just behind downtown in numbers of residents. This idyllic setting more typical of a small town is extremely popular as reflected in the high demand for living space in the district. The Eighth District also has a wide range of cultural and culinary attractions with home-style taverns, classy fusion restaurants, and hip pizzerias providing an impressive range of opportunities to eat out. Founded in 1788, the Theater in der Josefstadt is the oldest theatre in Vienna; the Volkskundemuseum, or Austrian Museum of Folk Life and Folk Art, on Laudongasse is one of the largest international ethnographic museums with exten- sive collections of folk art alongside historical and contemporary everyday cultures in Europe.

The district benefits from its first-class location with Vienna downtown and universities reachable on foot, and the excellent public connections with a new Rathaus U2-U5 junction at the town hall in the foreseeable future to round it all off. There is also plenty of greening and traffic- calming activity happening here in projects such as the Pfeilgasse conversion into a greened cycleway and Lerchenfelder Straße redesign towards a climate-friendly area during the next few years. Housing demand in the district greatly outstrips the tiny real estate market. Josefstadt has some of the lowest construction activity in the city, which is mainly due to the lack of free space available. This has led to a great excess in demand. Most of the potential loft extensions have already been completed, and regulations on listed buildings severely limit potential for additional living space. This has also led to living space prices continuously rising, especially at those locations bordering on Vienna downtown; these locations are in high demand at correspondingly high prices.

Powered by