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Real Estate Industry
Signa's Major Project "Lamarr" in Vienna Seeks New Owner
The prestigious "Lamarr" real estate project on the bustling Mariahilfer Strasse, a flagship property of the troubled Signa Group, is now officially on the market.
March 6, 2024
Austrian Technology at the Center of Gigantic Construction Projects in Dubai
The Austrian company Doka is continuing its international success story and will once again demonstrate its expertise in high-rise construction. The planned Azizi Tower in Dubai, which is to be completed within the next four years, aims to become the second tallest building in the world.
March 5, 2024
Financial Turbulence and Internal Conflicts Shake Signa Group Severely
The Signa Group's financial crisis reached a new peak when creditors filed claims totaling EUR 6.3 billion against Signa Prime, of which only EUR 2.6 billion were recognized by the restructuring administrator Norbert Abel. The hearing at the Vienna Commercial Court revealed that the group's financial difficulties are deeper than previously thought, with a significant proportion of the claims in dispute.
February 26, 2024
Signa Group's Luxury Properties up for Sale: A Glimmer of Hope for the Redevelopment
Signa Prime Selection AG, a major player in the luxury real estate market, is currently facing financial difficulties that could now be alleviated by the planned sale of some of its most prestigious properties. Karl-Heinz Götze, the insolvency manager of the credit protection association KSV1870, sees this step as a crucial "piece of the puzzle" for an orderly resolution of Signa Prime's insolvency proceedings.
February 14, 2024
Signa-Retail Company Lamarr Declares Bankruptcy
The highly anticipated Lamarr Kaufhaus project on Mariahilfer Straße in Vienna, set to include a flagship department store and hotel, has filed for bankruptcy. This development comes as a significant blow, as the project, originally slated for completion in 2025, has faced financial turmoil. The insolvency was confirmed by the Creditors' Protection Association KSV 1870 on Friday.
February 4, 2024
Austrian Justice Minister Zadić Plans Reforms in Connection with the Signa Insolvency
The insolvency of the Signa real estate company has far-reaching consequences, which are now also prompting the Austrian Ministry of Justice under the leadership of Green Justice Minister Alma Zadić. In a five-point plan in response to Signa's insolvency, Zadić plans to significantly tighten the penalties for failing to submit balance sheets.
January 24, 2024
Signa Crisis: Call to Investors for Financial Support
Signa Holding, a prominent real estate company, is facing financial difficulties. Erhard Grossnigg, the Chief Restructuring Officer of the Signa subsidiaries Prime and Development, has sent a letter to investors urgently requesting additional funding.
January 4, 2024
Emirati State Fund Mubadala Fails with Claim Against Signa Holding
The Abu Dhabi sovereign wealth fund, Mubadala, has failed with a significant claim against the insolvent Signa Holding. The request to claim a payment of 713 million euros was rejected in emergency arbitration proceedings.
December 21, 2023
New Second Home Tax in Vienna in 2025
Vienna is implementing new measures to regulate second homes. From 2025, an annual tax will be introduced for people who have a secondary residence in Vienna but do not have their main residence there.
December 21, 2023
Vienna Commercial Court Establishes Creditors' Committee for Signa Holding
The Austrian Signa Holding, founded in 2000 by René Benko, is currently facing major challenges. The Commercial Court of Vienna has set up a creditors' committee for the ongoing reorganization proceedings to examine the non-transparent structures of the Signa Group and to decide on the reorganization plan offered by Signa.
December 18, 2023
The Future of a Crumbling Empire: René Benko's Signa Group in Insolvency
The insolvency of the Signa Group, an Austrian company active in various sectors, including the real estate market, has far-reaching implications. Read more about the future of the Austrian flagship company!
December 6, 2023
Signa in Upheaval: Rene Benko's Retreat and the Future of the Real Estate Giant
Significant changes have now taken place at the real estate and retail group Signa. Company founder Rene Benko is stepping down and handing over the reins to restructuring expert Arndt Geiwitz. This step follows pressure from investors and is intended to initiate a comprehensive restructuring of the group. Benko's removal from power was already apparent in the industry, but it has now been officially announced that Geiwitz will take over as Chairman of the Shareholders' Committee and the Advisory Board. However, the circumstances surrounding Benko's voting rights remain uncertain.
November 9, 2023
Austria Wants to Be One of the Most Sustainable Destinations in the World
The extent to which the issue of climate change now affects all areas of our lives was also evident at this year's Expo Real in Munich.
Birgit Adelsberger · October 8, 2023
Austrian Group Shows at Expo Real 2023 how Sustainable Real Estate Works
Sustainability was a big topic at this year's Expo Real in Munich. Many of the conferences, which again featured high-caliber participants, addressed the topic of ESG (Environmental Social Governance) in connection with the various aspects of the real estate industry.
Birgit Adelsberger · October 8, 2023
Buying Real Estate in Austria - Things You Should Consider First
Not only in the capital Vienna, which is almost regularly awarded for its high quality of life, in many regions of Austria nature, culture and safety are felt everywhere in daily life and allow a certain lifestyle. That's why expats often choose to establish residence in Austria, even after their professional activities here have ended.
Birgit Adelsberger · September 15, 2023
Discrimination on the Housing Market: A Growing Problem in Austria
A recent SORA study conducted on behalf of the Ombud for Equal Treatment highlights a serious problem in Austria's real estate market: racism and discrimination. People with foreign-sounding names or accents have significantly fewer chances of being invited to view an apartment compared to people with typical Austrian names.
September 14, 2023
Real Estate Prices in Austria Increased: Housing Increasingly Less Affordable
The cost of residential real estate in Austria has risen dramatically in recent years, significantly affecting affordability for many households. According to a recent analysis conducted by UniCredit Bank Austria, residential property prices in the euro area have risen faster than incomes. Austria has been particularly affected by this development, where property prices have actually fallen by almost 40 percent compared with incomes.
August 31, 2023
City of Vienna Pushes for Rent Cap
The City of Vienna has called for an Austrian-wide rent price cap since it does not want to implement these regulations on its own. The rent price cap is heavily debated in Austria at this moment because the guideline value for rents might increase too much in April.
March 2, 2023
Austrian National Council Ends Brokerage Fees
A long debate will end on Wednesday as the Austrian national council will end the fee for brokers in the real estate market. Until now, new tenants used to pay the brokerage fee when they moved into their new apartment. The situation has changed now.
February 28, 2023
Austrian Government Considers Rent Cap
In consideration of a looming rent increase in April, the coalition parties Austrian Peoples Party (OEVP) and the Green Party are now also interested in a possible rent cap.
February 6, 2023
The Hike of Real Estate Prices Is Ending
The rise of prices for real estate is slowly coming to an end. The Austrian Real Estate Association (OVI) reported in front of journalists that the prices have hit the ceiling now. However, this is not a drop in prices but just a stabilization of them. The demand for real estate has gone back in the last months.
January 10, 2023
Real Estate in Austria: Highest Annual Increase in Purchase Prices of Houses and Apartments Since Records Began
Prices on the Austrian residential real estate market show a year-on-year price increase of 12.3% for 2021. This is the highest annual increase since the index series began in 2010 and is significantly higher than in previous years.
March 29, 2022
Marina Tower: Completion of the Highest Residential Tower in Vienna
The highest residential tower in Vienna with 140 meters and 41 floors is successfully completed in these days.
February 10, 2022
Demand for Luxury Real Estate in Austria Increased by 12 Percent Due to the Corona Situation
Luxury real estate demand increased by 12 percent in Austria in 2021, according to the Engel & Völkers Group. Read more about the luxury real estate trends in Austria and around the world.
January 17, 2022
New 153-Meter Luxury Tower V22 in Vienna to be Completed by 2025
Construction is currently underway on a new 153-meter luxury tower in Vienna's 22nd district. The project, known as VIENNA TWENTYTWO or V22, is expected to be fully complete by 2025. Learn more about one of Vienna's largest urban development projects and see what it is expected to look like upon completion.
December 7, 2021
Budapest Office Property "BudaPart Gate" Acquired by S-Immo
S Immo AG has acquired the "BudaPart Gate" office building in Hungary's capital, Budapest. Read more about the transaction and BudaPart Gate.
November 15, 2021
Südbahnhotel am Semmering: Former Grand Hotel Has New Owner
The former luxury hotel an hour's drive south of Vienna, which has been little used for decades, has been bought by the foundation of a Viennese entrepreneur and is to be revitalized. The focus is to be on cultural events. However, it will take years for the hotel to be fully developed.
November 5, 2021
Real Estate in Austria: Purchase Prices of Houses and Apartments Up 10.7 Percent
The Austrian House Price Index - prices on the residential real estate market - continue to rise. With an increase of 10.7% compared to the 1st half of 2020, the price increase for houses and apartments was significantly above the average of recent years. Detailed information on the house price index can be found below.
September 23, 2021
Real Estate: Property Becoming Increasingly Expensive in Austria
Real Estate prices continue to rise in Austria despite the COVID-19 pandemic. While the property market is becoming increasingly expensive, rents in Vienna remain fairly affordable. Learn the new cost of buying property in Austria and how it compares with the rest of Europe.
August 5, 2021
How Expensive is Rent in Austria?
The rent costs in Austria vary depending on the duration, region and type of rental segment. Find out more about the exact amounts you have to pay across Austria!
May 25, 2021
Weekly Briefing: Vaccination for Everyone in Austria
Austria has ended its drastic measures to contain Covid-19 and re-opened borders as well as restaurants, cultural establishments and alike. Vaccines will soon be available to everyone, even to teenagers. Find out more about this week's developments.
May 20, 2021
Austrians Cannot Afford Own Home
Fewer and fewer Austrians can afford to own their own home. Compared to 70 percent of the European population owning its own home, only 55 percent of Austrians are able to. Read more about the results of a recent housing study below!
May 19, 2021
Austrian Residential Property Market: Prices Continue to Rise
The real estate market in Austria continues to boom. Last year again surpassed the record set the year before, with both sales and the value of properties sold continuing to rise in 2020 compared with 2019. The most expensive district outside Vienna remains Kitzbühel in Tyrol. Housing prices in a five-year comparison: Austria: +26%, Vienna: +21%, Burgenland: +47%, Vorarlberg: +45%, Carinthia: +18%. Find out how the Austrian real estate market works.
April 28, 2021
Two of Austrian Biggest Commercial Real Estate Companies Could Turn to One
The Austrian commercial real estate company Immofinanz AG has decided to make a voluntary public takeover offer for the s Immo AG. The two companies have considered a merger in the past, but the intentions never succeeded. Whether or not the public takeover offer will be going through this time depends on the General Meeting of s Immo and antitrust approvals.
March 18, 2021
Austria's Real Estate: Single-Family Houses Expensive, Offices Cheap
Also as a result of the Covid-19 crisis, living spaces with a garden, a balcony or a terrace see a significant increase in demand, while office spaces and other commercial real estate loses value. Another new aspect of the real estate market in Austria is the rise in demand for single-family houses in the outskirts of bigger cities.
January 5, 2021
Investor Survey: Vienna Among Top 3 Locations for Real Estate Investments
Despite the Covid-19 crisis, Vienna is still one of the most attractive European metropolises for real estate investments. According to a recent survey among investors, London, Berlin and Vienna make up the Top 3 locations in which real estate is highly sought.
October 19, 2020
Student Apartments Are Getting more Expensive in Austria
In 4 out of 6 student cities across Austria, the rent for single apartments which are mostly used by students are increasing. Only in Graz and in Linz the cost of the rent is experiencing a slight decline.
August 27, 2020
Austrian Real Estate Companies with Devaluations in Central and Eastern Europe
Austrian real estate companies CA Immo and s-Immo felt the pressure of the Covid-19 crisis and had to face significant revaluations of their properties in Austria, Germany and Central Eastern Europe.
August 25, 2020
Properties for Development in Austria: Location, Location, Location
Property prices in Austria (average property prices and house price index) continued to show high price dynamics last year. The current average prices for plots, houses and apartments for development can be found below.
May 30, 2020
Financier Ronny Pecik Appointed Chief Executive Officer of Immofinanz
Croatian-Austrian star investor and largest single investor becomes CEO of commercial real estate group Immofinanz AG.
April 23, 2020
Patrick Zehetmayr Appointed Boss of Erste Group's Commercial Real Estate Activities
The Salzburg native, who has almost 30 years of experience in banking and real estate business with Erste Group, was chosen to lead Erste's commercial real estate coverage and financing.
February 19, 2020
Apartment Prices: Austria in Top Third of Europe
A recent study by the consulting firm Deloitte shows that Austrian apartments are still relatively affordable in comparison to other European countries, both in terms of purchase and rent.
August 9, 2019
Where Are Austria's Properties Most Expensive?
Particularly sought-after locations can be found in urban areas and tourist centres. The two well-known winter sports resorts of Lech am Arlberg and Kitzbühel, with a price per square metre of 1,806 euros and 1,646 euros respectively for building plots, are at the top of the list. In Vienna, the districts of Döbling with 1,416 euros and Währing with 1,301 euros per square metre were in the lead.
June 13, 2019
Expansion and Modernization of Hilton Vienna am Stadtpark
The Hilton Vienna Parkview, the third-largest Hilton Hotel in Europe with a total usable space of around 50,000 square metres on a total of fifteen floors, is being developed and comprehensively modernised by the Vienna Invester Group as a developer and Hilton International while it continues to operate. The modernisation work will start at the beginning of 2019 and completion is scheduled for the end of 2020. With the completion of the expansion, the current capacity of 579 rooms is to be expanded to 660 rooms. So far, no information has been provided on the investment sum.
December 14, 2018
Immofinanz Acquires Eight Shopping Centres in Slovenia, Serbia and Croatia
The real estate company Immofinanz has purchased eight retail parks in Slovenia, Serbia and Croatia. The aim is to drive forward the expansion of their retail park brand Stop Shop. The purchase price totals approximately EUR 90.5 million.
November 15, 2018
The AMBASSY for Ambassadors
In Vienna's embassy district, surrounded by over thirty diplomatic missions, an interesting urban residential object is being created in three lifestyle categories, "The Ambassy Parkside Living".
April 23, 2018 · Sponsored Content
Annual Report of the European Commission: How did Austria do?
The European Commission presented its annual reports on 27 EU member states. How did Austria do? Well, it kinda ended up with a black eye. The report took a pop at Vienna for a number of structural shortcomings, including tax burden on labour, pension and healthcare expenditures, house prices, restrictive regulation in the services markets, stagnating productivity and and not enough action on spreading digital technologies. That isn’t a particularly good report card for the previous coalition government of ÖVP und SPÖ. Let’s see if the new coalition government of ÖVP und FPÖ can make the grade the next time around.
March 11, 2018
Erste Group Provides Blackstone with a 5-Year EUR 91 Million Facility
Erste Group provides Blackstone with a 5-year EUR 91 million facility to acquire 12 logistics assets. The 265000 sqm portfolio covers 12 standing logistics investments located in Hungary (5), Romania (4), Poland (2) and Slovakia (1), as well as land reserves.
February 22, 2016
Biggest Viennese Real Estate Deal Ever - Sale of The Mall Closed
Bank Austria - via its subsidiary BAI - closed the sale of "The Mall", the largest and most modern shopping mall in the heart of Vienna. The buyer is a consortium led by Morgan Stanley Real Estate Investing (MSREI). UniCredit Bank Austria did not disclose the price, but claims that the transaction is Vienna's largest real estate deal ever.
December 16, 2015
Bank Austria Sells Prominent Property "The Mall" to Morgan Stanley Consortium
UniCredit Bank Austria AG announces that the purchase agreement for the shopping centre The Mall at Wien Mitte was signed with Morgan Stanley Real Estate Investing (MSREI), pending approval by the antitrust authorities.
October 22, 2015
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