I’ve been watching Vienna’s property market with growing curiosity. It’s no secret that the real estate scene has hit a rough patch. Even seasoned developers like BUWOG and EHL are feeling the squeeze.
Andreas Holler from BUWOG mentioned that many of their projects are still in the early stages, and Daniel Riedl from Vonovia didn’t mince words—he said it’s simply not worth building right now. That’s a bold statement, but it reflects the mood across the industry.
However, the numbers back it up. According to the Vienna Residential Market Report, only about 13,200 units will be completed this year. That’s a jaw-dropping 46% drop compared to the boom year of 2019. It’s not just a slowdown—it’s a full-on bottleneck.
What worries me most is the ripple effect. Fewer flats mean tighter supply, and EHL and BUWOG forecast a coming shortage of flats, particularly condominiums and privately financed rental flats. The landscape is shifting fast.
EHL paints a stark picture: buyers are increasingly being forced to commit to properties off plan, putting money down before a single brick is laid. Banks are imposing pre-utilisation quotas, adding further pressure. With interest rates climbing, the dream of owning a condo is slipping out of reach for many.
Still, I’m holding onto a sliver of optimism. The market may be cooling now, but that doesn’t mean it’s frozen forever. If completions continue to decline into 2025 and 2026, we might see a rebound—driven by scarcity, innovation, or maybe just sheer necessity.
Until then, I’ll be watching, waiting, and hoping that Vienna’s housing story finds its next chapter.
If you notice any inaccuracies in my writing, please get in touch with me. I will be happy to correct it.
