Housing market picks up

Housing market picks up: Who wants to move now

Something is happening on the second-hand market: "Because the investors have gone, there is now something to buy again," says Zoidl.

(Bild: stock.adobe.com/KerkezPhotography.com)

Projects have been canceled or postponed, interest has plummeted! After a period in which new construction projects went nowhere, the real estate market is now picking up speed again. It is striking that anyone looking to buy an apartment is currently looking at existing properties. A real estate expert analyzes the situation.

In recent weeks, banks have registered more interest and more deals on the real estate market, where the slump in demand for new construction projects seems to have bottomed out.

In the second-hand housing market, prices have already fallen significantly - we are talking about 10 to 15 percent.

Mario Zoidl, Obmann der Fachgruppe Immobilien- und Vermögenstreuhänder OÖ in der Wirtschaftskammer

"Ownership is more in demand again," confirms Mario Zoidl, "but the trend is more towards second-hand properties because they are cheaper and therefore more affordable."

Mario Zoidl is spokesman for the real estate trustees of the Upper Austrian Chamber of Commerce.

(Bild: Wenzel Markus)

Why has interest increased? The spokesman for the real estate trustees is thinking of apartments in urban areas that are between 40 and 50 years old and have already undergone a general refurbishment.

"You don't need to expect any surprises in the next few years," explains Zoidl, who can also see a clear trend among prospective buyers: "Many of those who are looking now are not unskilled craftsmen and also have people in the family who can lend a hand." Previously occupied properties often need to be renovated before moving in, be it modernizing the bathroom or kitchen.

Apart from the growing interest, there are also signs of an increasing supply of the apartments in demand: "The investors are gone." The rise in interest rates has caused them to increasingly turn to other forms of investment.