Local and foreign citizens who want to buy a house in Austria can benefit from the support provided by one of our Austrian lawyers. The procedures and the formalities implicated can be entirely managed by our specialists. In this article, you can find information about buying a property in Austria helped by our experts who can also represent you with a power of attorney if you cannot be present during the process.
|Who can buy properties in Austria?
|Both EU and non-EU citizens, except in the cases where restrictions are imposed in specific regions of Austria.
Types of real estate you can purchase in Austria
– land plots,
– office spaces as long as these aren't state-owned
Legislation regarding the purchase of properties in Austria
Real Estate Law in Austria
|Conditions to buy a house in Austria
|Proof of residence in Austria
|Buying a house in Austria for residency
|Content of sale-purchase contract
– property history and description,
– name of the buyer and seller,
– type of payment, etc.
|Real estate diligence
|Real estate transfer tax rate in Austria
3,5% which must be paid by the buyers
|Real estate tax in Austria (YES/NO)
|Must be paid to the Austrian Land Register
|Mortgages available in Austria
Fixed-rate mortgages with finance up to 70% of the value of the property
|Who pays the real estate agent's fee in Austria?
Both seller and buyer
|Representation with a power of attorney
We represent customers when buying a property in Austria.
|Do I need to travel to Austria to buy a property?
|Reasons to choose our Austrian property lawyers
– experience in property transfers,
– representation with a power of attorney,
– legal advice before a property is purchased,
– affordable costs
|Between 1% and 3% rate, calculated on the property price
|Imposed only for new-built properties in Austria
Real estate agent fees (approx.)
No more than 4%, plus 20% VAT
|Property registration fee
|Mortgage length in Austria
No more than 30 years, with the possibility to make payments earlier
|Non-EU citizens and property purchase in Austria
Extra documents are solicited by the bank if a property is bought through a mortgage.
|Property price negotiation
In most cases, the real estate agent can negotiate the property price on behalf of customers interested.
|Sustainable properties in Austria
Green real estate property projects available in Austria
|Online viewing before buying a house in Austria (YES/NO)
|Around 10% of the total price of the property
Can be solicited by the mortgage provider in Austria
|Closing the deal
Right after the sale-purchase contract is signed in front of the notary and the price is paid
The new owner must go to the Austrian Land Registry and pay a specific fee for property registration.
|House insurance in Austria
|Extra legal support
|We can act on behalf of foreigners who do not need to travel to Austria to buy a property.
Real estate legislation regarding purchases by foreign nationals
Foreign nationals of European origins face fewer restrictions, leading to the current ease of purchase being comparable to that of a citizen of Austrian nationality. The case is different for foreign nationals from non-EU nations, since, upon deciding on a property one would wish to purchase, permission from the local authorities must be obtained before moving further with the purchase of real estate.
There are exceptions, as well as exemptions regarding local permission available in certain situations to buyers from outside the European Union; our lawyers in Austria will make sure to thoroughly investigate each aspect of the process for you. On the other hand, our immigration lawyers in Austria can provide legal support for relocating to this country in a safe and rapid manner.
Below you can read an infographic about how to buy a house in Austria:
Steps in buying a property in Austria
When you decide to buy a house in Austria, it is recommended that you consider the legal support offered by one of our specialists. With the help of an Austrian lawyer, you can get an idea of how to purchase a property in this country and what are steps to follow. Let’s review some of them:
- Offer and negotiation – Once you have found the property you want to buy, you can talk to a real estate agent who will help you in this endeavor. Thus, you can make an offer and even negotiate the price before the final decision. Normally, it can be reduced by around 5%-10% of the price.
- Verification of the property – Real estate due diligence is recommended before buying the desired property, and one of our lawyers can explain this process to you. Thus, rigorous checks can be made to see if the respective property is in order from a legal point of view.
- Documents verification – Our attorney in Austria can take care of verifying the history of the chosen property, and if legal problems are discovered, they can be solved in time.
- Pre-sale agreement – If the price has been set, you can go on to sign the pre-sale contract, as well as pay a deposit of 10% of the property price. This deposit represents a guarantee that the house in question is reserved to be sold.
- Signing the contract – The transaction takes place between buyer and seller, in front of the notary. At this moment, the sale-purchase contract is signed, and the persons who cannot appear can be represented with a power of attorney.
So, these are some of the stages for buying a property in Austria, helped by our local specialists. On the other hand, if you want to apply for residency in Austria, one of our immigration specialists can help you.
Below is a video presentation about how to buy a property in Austria:
How to buy a house in Austria? Some essential recommendations
If you are a foreign citizen looking for a property in Austria, we recommend that you collaborate with a specialist in the field. A real estate agent can provide you with the necessary support in this endeavor. In addition to this aspect, we advise you to consider the following things when you want to buy a house in Austria:
- You must know that prices are negotiable in Austria, so you can take this into account when you want to purchase a property in Austria.
- Make sure that the chosen property is in order from all points of view, namely that it is connected to utilities, has a good structure that does not require urgent work, has a good history, etc.
- If you want to buy a property in Austria through a mortgage, make sure you can afford it. There are many banks that ask for a deposit before obtaining a mortgage loan.
- You can also access the Austrian land registry for more information about the property you want to buy, with the help of our lawyers in Austria.
Mortgages for buying a property in Austria
You have the possibility to purchase a property with the help of a mortgage in Austria. Fixed-rate mortgages are the most common in Austria and thus those interested can be financed around 70% of the price of the respective property. Such a loan can extend over 15-30 years. On the other hand, you can also access adjustable-rate loans with lower initial rates, because you also have this option available from many banks in Austria. You may contact us for additional information if you want to buy a house in Austria.
We recommend those interested in a mortgage for buying a property in Austria contact our legal representatives who can take care of the involved formalities and all legal aspects.
Taxation for buying a property in Austria
When the buyer and seller manage to reach an agreement, the following step is to prepare the contract and sign it in front of a public notary. This task can be handled by our lawyers in Austria up to the point of finishing the transaction.
As a general rule, legal fees add up to amount to approximately 10.5% of the offer. These fees vary from province to province, but generally include:
- property transfer tax of 3.5 %;
- registration fee of 1.1%;
- notary fees between EUR 300 and EUR 600;
- 20% VAT rate only for newly-built properties,
- authentication fee and expenditures to the notary;
- broker’s commission fee of 3% or 4%, plus 20% VAT.
- Stamp duty on the purchase of 0.5 – 1%.
We suggest the legal support of our local specialists if you want to buy a house in Austria and understand the taxation matters after the transaction.
Those interested in immigration to Austria can contact our lawyers and benefit from the legal services offered. We can guide you on the formalities involved, as well as prepare the necessary documents. We mention that it is important to have health insurance prepared to cover expenses in case of emergency medical treatments. Also, the authorities have the right to ask for a clear criminal record at the time of relocation to Austria and visa application.
Is it hard to buy an apartment in Austria?
As a foreign citizen who wants to buy an apartment in Austria for the first time, this process can be quite difficult. Starting from this idea, the advice is to turn to specialized legal services to prevent possible problems. Also, many real estate firms operate in this sector and that can be useful in this direction. An agent can make some proposals depending on the purchase plans you have for Austria, regarding a property. To be able to buy a house in Austria, you must consider the following aspects:
- A lawyer in Austria with experience in real estate can guide you in purchasing a property. He or she can do rigorous checks involving the history of the respective property.
- In certain cases, the price of an apartment can be negotiated, but even here you will need support and legal advice.
- A technical inspection is recommended before buying an apartment in Austria. Our specialists can tell you what it is about.
- Are you interested in a specific area to buy an apartment in Austria? It is recommended to analyze the surroundings, to see if there are schools nearby, shops, pharmacies, hospitals, etc.
- Real estate agencies work on a commission basis, so, in addition to the taxes that must be paid when buying a house in Austria, it is recommended to take this aspect into account.
- Foreign citizens who are represented by power of attorney for the purchase of an apartment in Austria have the opportunity to see the apartments, even from a distance. It is suggested that you talk to your agent and see if what you have chosen is according to the plans.
Do not hesitate to ask questions about any concerns you have. It is very important to make the right choice and a tailor-made purchase. One of our property lawyers in Austria will be at your disposal with information and details.
We can also help foreigners living in this country and interested in obtaining citizenship in Austria.
Can a price offer be made before buying an apartment in Austria?
Yes, with the help of the real estate agent you work with, you can make a price offer after you have received information about the initial price. Normally, in Austria, it is possible to negotiate 5%-10% lower than the initial offer, but everything depends on the owner and his willingness to negotiate. You should also know that negotiations and information are transmitted with the help of the agent who deals with you or who represents you. On the other hand, in certain cases, the respective negotiation can even last several months, but it depends on certain decision-making factors in this direction. We invite you to contact one of our specialists to find out as much as possible about what the negotiation process entails and what the terms in which this can be done.
Who else can buy property in Austria, apart from foreign individuals?
In addition to foreigners and locals interested in properties in Austria, those who own companies can opt for such purchases. It can be said that legal entities, partnerships, associations, foundations, and other similar structures can own real estate. The purchase of a property such as an office building, warehouse, residential building, commercial building, and even land plot by a business entity comes to the attention of our specialists with experience in this field. We also recommend in this case the legal services offered by our law firm in Austria.
For all other aspects of the process, please contact our law firm in Austria to assist you in buying a property in Austria.