Vienna - the stately city

7/30/2019 Vienna - the stately city

1/8


2/8


3/8

|LUXURYPROPERTIES

138

P

ositioned in the heart of Europe, Vienna was once the capital of

the great Austro-Hungarian Empire, which dominated the centre of

Europe from 1867 until its demise in 1918 following World War I.

What remains is a compact city of around 1.7 million inhabitantswho live surrounded by the well-tended glories of the past and

buoyed by Austria's economic strength at a time when many of its European

neighbours are suffering from the Eurozone crisis.

Vienna's house prices rose by 9.6 per cent during the year ending March

2012, according to figures from Oesterreichische Nationalbank, the

Austrian central bank, and by 4.3 per cent during the first quarter of 2012.

If the euro were to split up into national currencies, Austria would

probably be one of the countries that would stay in the core, and thats

important to people, says Joachim Wrang-Widn, Regional Director for

Europe, the Middle East and Africa at Christies International Real Estate.

That financial resilience is one reason the city's property prices are rising,

but there are others.

Vienna has become a magnet for foreign money, and as new money has

flowed out of the worlds emerging nations in Viennas case, particularly

out of Russia it has gone into the old core capital cities, like London

or Paris and Vienna, explains Peter Marschall, owner of Marschall

Immobilien GmbH, a Vienna-based property agency that specialises in

high-end residential property in the city.

The city ranks second in the Economist Intelligence Unit's Global

Liveability Report for 2012. Reasons for the city's popularity include its

central European location, which puts neighbouring countries and cities

within easy driving reach, the high quality of life, the richness of its cultural

and artistic heritage and the limited amount of property available.

You have very tight restrictions on what you can build because basically

every single building in the city is listed, which means you cant tear it

18671918

170

2011320123

9.62012

4.3

Joachim Wrang-Widn

Marschall Immobilien GmbH

Peter Marschall

2012

Wrang-Widn

Wrang-Widn

Wrang-Widn

1015

Hofburg Palace by night


4/8

139

|LUXURYPROPERTIES

INVESTMENT VIENNA

1Non EU-nationals need a residence permit granted by the

government, among other requirements, in order to buy

property in Austria.

225 per cent tax is payable on the profit of all home sales,

regardless of length of ownership.

25%

3Parking can be a problem. Don't expect to find a city-centre

apartment with several car-parking spaces.

4Building conservation is high on the agenda. Permission is

needed to renovate old buildings, and the authorities can be

strict.

5Air-conditioning, modern lifts and concierge services are not

common in most properties.

Vienna State Opera House by night, photo ThinkstockThinkstock

SWITZERLAND

ITALY

SLOVENIA

GERMANY

AUSTRIA

Vienna


5/8


6/8

Wrang-Widn

2001

100

141

|LUXURYPROPERTIES

Left & Right Page: Vienna penthouse listed with Christies International Real Estate


7/8


8/8

143

|LUXURYPROPERTIES

Philipp Hanusch16

Peter Marschall

4.5

3045

Peter

Marschall

Wrang-Widn

200

the 2nd, 3rd, 4th, 7th, 8th and 9th districts that are close to the border with the

first district are also considered prime locations, says Marschall, as well as the

area around the Wiener Naschmarkt in the 5th and 6th districts.

A district to look out for is the 2nd it has been turning into a hip and young

district, attracting young successful individuals and people from the art world,he says. There is a dynamic and cosmopolitan lifestyle and prices appreciate

accordingly.

Luxury properties come in three main types. In the inner city are apartments or

villas in listed buildings, usually featuring high ceilings of 4.5 metres or more,

original and often grand sweeping staircases, marble fireplaces and intricately

patterned parquet floors.

These properties have often been modernised on the inside to the highest

standards while retaining their original outward appearance. Three to four

bedrooms is typical, though some with eight bedrooms or more also occasionally

come on to the market.

Within a 30- to 45-minute drive of the city centre are the grand estates, often

situated on large tracts of land, which offer privacy and opportunities for

entertainment on a grand scale.

Modern buildings or old buildings that have been rebuilt in a contemporary

style are to be found on the city's outskirts. These properties are very

often located on elevated spots and offer grand views across the city, says

Marschall.

A recent addition on the scene are luxury penthouses which may be conversions

of the attic levels of old building or new builds erected on old roofs, says Wrang-

Widn, adding that there is limited availability in this sector.

But you will find palaces for sale in the absolute historic midst of the city," he

says. "If you want to have a ball for 200 people, not a problem. If you want to

have eight interconnected rooms where you can entertain, its not a problem.

Those estates or palaces come for sale every now and then.

Designer villa listed with Marschall Real Estate

for US$4.6 million; www.marchall.atMarschall

460www.marschall.at

Vienna - the stately city

Documents

Transcript of Vienna - the stately city