First Vienna Residential Market Report 2024

Cultural melting pot

Wasserturm Favoriten

DECK ZEHN, Laxenburger Straße 2 / BUWOG

The south has much to offer

Once a classical working-class district with a heavy industrial base, Vienna’s Tenth District has seen a formidable transfor- mation in recent years. Constant development in Favoriten has most likely contributed to the extent of contrast and variety becoming apparent in the district in all its facets. There is a slew of attractive urban development areas that have emerged, or are still under development, in this large district in southern Vienna, a district with many buildings dedicated to public housing and Wilhelminian traditional Viennese neighbour- hoods – developments with an impact on their surroundings. The visible change in the district’s image has been causing an increase in price trends on the housing market. Anyone returning to Favoriten after a while away will be amazed at the many new and emerging projects. That comes as little surprise as Favoriten ranks fourth in new site development amongst Vienna’s districts. Projects include DECK ZEHN at Laxenburger Straße 2 along the railway line serving the Hauptbahnhof main railway station as well as the Das Laxenburg project on Muhrengasse. The many current urban development areas also reflect the district’s innovative

potential: the two projects Am Kempelenpark and Neues Landgut go to show how it is possible to develop new green spaces despite dynamic residential development. The Rothneusiedl project aims to develop the district into a pioneer in climate protection – a lively urban quarter to be created here on a total area of 124 hectares over the next decade. There are other arguments in favour of Favoriten in addition to its proximity to downtown and excellent transport connections. A potpourri of culinary delicacies from a wide variety of cultures is available on the district’s shopping streets and markets, while green recreational areas such as Wienerberg, the historic Bohemian Prater, and the tranquillity of Oberlaa show the quieter, more family-friendly side of the district. The U2 metro extension to Wienerberg is another compelling argument for Favoriten, and is set to ensure further growth. The recent residential real estate price increases also indicate a continued upward trend.

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