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Apartment sales drop in Austria

According to the brokerage firm Re/Max, the number of the real estate sales in Austria has declined around 8.3% in the last year. The exact number of properties which were sold and bought accounts to over 80,000 units, which translates into 16 billion euros. Apartments were the most popular type of property sold last year, accounting for 28,000 of the units sold, but there has still been a 9.3% decrease from the last year.

"Many investors, who wanted to secure their financial assets by purchasing property, have already done it in the previous years", says the chief of the Austrian department of Re/Max company, Bernhard Reikersdorfer.

Reikersdorfer also believes that one of the reasons behind the decrease is the difficulty for many young families to get credit from the banks to buy a house. In Vienna the sales-offers declined, and so the purchase of condos also declined around 9.6%. The lack of offers had also an effect on the prices of the properties available. The average prices for apartments rose around 10%.

The new owners of the properties had to put their hands deep in their pockets, when the average price in Vienna was around 200,000 Euros. Half of the apartments in Vienna cost between 105,000 and 270,000 Euros.

The difference in the prices and the sizes of the properties were also huge. In the central area of the Austrian capital, a square meter costed 10,000 Euros and in the 10th district, Favoriten, which lies only around 10km away, the price went down to 1,916 Euros.

Vienna also got came out top as the most expensive state for buying property in Austria this year with Salzburg and Vorarlberg following it's lead with average prices of 191,000 and 187,000 Euros respectively. The cheapest properties can be found in the states of Steiermark where the average price is 109,000 Euros and Burgenland, with an average price of 72,000 Euros.

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