Trends: Investors drive up prices for small, urban apartments in the air. But change is less apartment buildings the owner. 09.12.2011 |
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The trend that investors stash their money in droves in real estate, has this year not only continued but intensified. "Who wants to buy a Vienna apartment in a good position, it must often spend ten to 15 percent more than a year ago," says real estate agent Margaret Funk. After the house prices were rocketing in recent years in the height, the experts had expected for this year with smaller increases or stagnation at high levels. This was not confirmed. "The housing prices there are more and more outliers on top," said Michael Pisecky, CEO of S-Real.
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Because there are many more buyers than houses, more and more homes are sold via auction process. In such processes, the price is usually made higher than traditional transactions. "Actually, you should if you have a home, think and act counter-cyclically to sell them," says Pisecky. For the price increases could not go to this extent.
Since the rents do not rise so steeply, the buyer must make do with increasingly lower returns. Also the fact that the cities should record immigration and a growing number of households (see article below) instead of only limited help in the future: "There are not enough people who could not afford much higher rents," says the SReal-CEO.
Prices are expected to stagnate in the future
In the apartment buyers in Vienna was the proportion of those who set the property for investment purposes, higher than the proportion of those who want to live in the home, radio reports. The falling prices are high, they would rather not. "I expect the future to a standstill." Before the steep price rises could still continue for a while.Affected by increases here are mainly those objects that are in vogue among investors, so 50 to 70 square meters large inner-city apartments and land, so Re / Max CEO Bernard Reikersdorfer. The number of property sales is likely to be in his opinion this year by two to three percent higher than last year - then 93 800 real estate changed hands. The value of this property but is likely to be five percent lower than in 2010. Was unchanged at 17.3 billion euros this. Cause for the decline are not falling prices, but the fact that cheaper properties changed hands. So fewer apartment buildings were traded, because hardly anyone wants to part with those, but for more small dwellings.
The tenants have to adjust, at least on the open market, where there are no rent-also limits on price increases, but not to the same extent. But they have become more demanding: "In bathrooms, kitchens, floors and windows, they expect good quality and they get increasingly" says Funk. Since the ratio of purchase price and the rent would remain long in proportion, Reikersdorfer expected in the near future with more of a flattening of the price rise.
Elderly like to buy land
Even plots that are increasingly targeted by the investor as if to a lesser extent apartments. "You do not throw off current yield and are therefore only suitable for people who have a lot of money on stocks," says Funk. If you buy land on credit, it is usually to build a house for his own use. "But there are older people with money, which the current yield is not important, and who do not want the rent," says Pisecky."The older generation has a lot on land," says Reikersdorfer. Are in demand primarily land with planning permission, but without building obligation, Reikersdorfer reported. So those who let it lie idle and could develop only in ten or twenty years.
With strong increases in value the buyers may not necessarily be expected. "The reason there are only pieces in a good location and good infrastructure," says Pisecky. The same is true for single-family homes: Steep price increases give it only in locations with good transport links. Was from price declines in remote areas but little to remember: ". Because prices are rising so strongly in the cities, many people move to the country" This is also where the demand keep stable.
