The Property Banks Buyers Guide to Austria
Property in Austria is available to all EU citizens, with a
straightforward purchasing procedure and a wide range of mortgages
available it is easy to see why Austria is rapidly becoming a
property "hot spot." The process is generally very straightforward
Purchase Tax
3.5% land purchasing tax
Additional purchasing costs
· 1% registration at the land register
· 3,6% commission (incl. 20% Uts tax) this is standard throughout
Austria.
·Notary for the contract, depending on the price (usually 1%) if the
price is lower than €1,000.
·Translator at the notary will cost approximately €400
Other Expenses
The annual property tax in Austria is generally very low, as a guide
you can expect to pay around €200 per year for an apartment and
approximately €400 per year for a family house with 1000m2 of land.
€250 property insurance (depending on size and location)
An average sized house could expect to use per annum: - Electricity
and Water, depending on the usage, €80-150/ month approximately.
Communal Charges (if applicable)
These may vary according to the size and value of the property you
purchase. A guideline figure for 2/3-bedroom apartment would be €100
- 120 per month. However this is included in the running costs of
the apartment and includes heating water, garbage collection, a
janitor, general water, and water.
In all cases included:
· Exterior repair and decoration
· Building insurance
· Garden maintenance
N.B. All the above amounts can only be used as a guideline as actual
costs will vary depending on property size and usage. Please note
that some costs may be subject to 20% Ust. (The Austrian equivalent
of VAT)
Buying Guide
Who can buy
All EU Citizens
Tenure of Property
Almost all property in Austria is "Freehold"
Mortgage / Financial Advice
Mortgages are available from Austrian banks for both residents and
non-residents with variable interest rates and payment terms. The
bank will discuss the running period of the mortgage with you; there
is no restriction on the length of time you have to make the
repayments. Many of the mortgages will be offered with the choice of
monthly or quarterly repayments and the option of an early payback.
Our associates work with a number of different Austrian banks and
will guide you through the entire process. Maximum percentage on
mortgage deals - 70%. This is the same for both private and business
purchases. Interest charges - 3.5%.
There is an additional fee to the notary for legal costs if
purchasing a property with a mortgage; this will be approximately
1.1%.
Legal Documents
We would always advise that you use a notary to complete your
purchase and we can provide the names of several Austrian/English
lawyers on request, although each of our Associates has access to
lawyers.
Our Associates will prepare a Contract that will detail your
property, type, etc together with the price agreed, payment method
and any extras or alterations you may require. This Contract
Agreement is binding in Austrian Law and will be in both English and
German.
The notary will register your name and details into the Registry
Book at the local Land Registry Office within 3-4 weeks of signing
the contract.
Letting
The high winter season runs from 20th December - 10th January,
February and Easter.
The middle season runs from 1st December - 19th December, and March.
The low season runs from the middle of
January, and the end of Easter to April.
The high summer season runs from July - August.
As a guide you can expect to rent your property for 90 -120 full
days, depending on the area and marketing activity. The local
tourist office will be happy to help you promote your property.
Current Austrian legislation states that in order to buy property in
the Tirol region purchasers must be a permanent resident. However it
is possible to buy a property for rental purposes in certain areas
of the Tirol, please see the individual property details for more
information.