Population: 8,662,588 GDP: $386,227,000,000 Avg. Weekly Earnings: €531.00 Avg. Apartment Price (Per. Sq. M.): €10,807.00 For 120-sq. m. apartment in city centre Avg. Monthly Rent: €872.58
The next stop on our trip across Europe, analysing rent control policies and their effects on property markets, takes us to Austria. The Austrian housing market is complicated, even amongst European Union nations which boasts a number of improperly functioning housing markets. However, where many states in the EU began a comprehensive re-evaluation of their housing policy, Austria has failed to do so effectively.
Austrian tenancy protection laws and rent controls stem from the First World War, and despite the changing situation and the decreased shortage of housing, these rules are still in effect. As a result, there exists in Austria a two class society among tenants and landlords, of those whose tenancy is determined by ABGB (General Civil Code) or the newer MRG (Tenancy Statute).
Austrian tenancy laws are plagued by exceptions and counter-exceptions, and as a result, are quite complicated for the average tenant to understand and apply to their situation. Furthermore, …