Financial experts recommend buying: demand for used houses will increase in 2024

Financial experts recommend buying: demand for used houses will increase in 2024

According to a report from immobilien-redaktion.com,

The housing market has changed significantly in 2023, primarily due to a decreasing demand for property. This is mainly due to increased inflation, economic uncertainties and tighter credit conditions. Younger people in particular are increasingly shying away from purchasing property. The increased demand for sustainability and energy-efficient properties has also led to increased renovation of existing properties. Newly built properties, however, fell, which is due to increased construction costs. This development is expected to lead to a decline in housing supply and an increasing housing shortage in the coming years.

A market recovery is expected in 2024, which will lead to a “back to normality” trend. This will allow potential buyers to take more time to make a decision. However, pressure on the rental market will increase due to the low number of sales. Especially in Vienna and Lower Austria, housing remains of great importance as a safe and long-term investment.

In Salzburg, Tyrol and Vorarlberg, property prices remain stable at a high level despite lower demand. In contrast, the average price per square meter for real estate in Upper Austria has increased. In Styria and Carinthia there are signs of a return to price stability and affordability, with used properties in rural areas in particular having become cheaper.

These developments are expected to have an impact on the Austrian real estate market, including increasing housing shortages in certain regions and increased demand for energy efficient and sustainable properties. For potential buyers, 2024 presents a good opportunity to look around the market and benefit from price stability.