Since the publication of our last Market Report in autumn of 2022 the real estate market has undergone a strong change – just think of the Ukraine war, the record inflation, and most of all of the turn in interest rate. While the traditional Viennese Zinshaus held up well under these circumstances in contrast to other asset classes, we now observe a substantially weaker market momentum after years of hectic bustle.
The whole transaction volume of the year 2022, which means asset deals plus share deals, amounted to slightly above EUR 2 billion by February 2023, but in 2021 the volume was EUR 2.4 billion. The volume of the asset deals with a total of approximately EUR 1.7 billion was in 2022 slightly below the value of the previous year, but we still expect a larger number of later recorded transactions. Remarkable is the fact that despite difficult framework conditions in the second half of 2022, by February 2023 a total transaction volume of approximately EUR 850 million was realized based on the land registry. This corresponds to an increase by 8 % compared to the same period in 2021.
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Your research specialist at OTTO Immobilien:
Martin Denner , BSc
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