Buying a property in Austria and getting a residence permit in Austria
As mentioned, due to Austria’s high facilities and social welfare, and due to the fact that comparing to other countries that are in the same level as Austria such as Switzerland, Denmark and Norway the accommodation costs are very low in this country, Austria is a destination for many people who are interested in studying and investing. For this reason, buying and renting a property is always booming in this country. Fortunately, Iranians are among the people who are allowed to buy a property in Austria and can have a deed in their name. However, it should be noted that no matter how high the value of this property is, it is not possible to get a residence permit in Austria just through buying a property. Therefore, people who are interested in safe investment who want to invest with the lowest risk, can buy a property in Austria. Because they will always have a very good income from renting the property and can have a risk-free investment. By buying a property in Austria, the investor and his family (spouse and children under the age of 18) can only obtain a tourist visa.
In the Comments section, you can also ask your questions and answer them in a short time.
Topics reviewed in this article:
Buying a property in Austria and people who are eligible to buy a property
Austria is known as one of the most popular European countries for living due to its unique facilities and high security for living. Many nationalities, including Americans, Chinese and Russians, are interested in investing and buying a property in this country. But Austria allows a limited number of nationalities to buy a property and have a deed, which fortunately this includes Iranians. The government has direct control over the sale and purchase of real estate in Austria and the whole process until the issuance of the document are done under the direct supervision of the government, so the investor and the buyer will not have any worries about investing through the purchase of a property in Austria.
Buying a property in Austria and the costs of buying and renting a property in Austria
In Austria there are notaries that prepare the contract for both the buyer and the seller. 10% of the value of the property will be paid by the buyer at first, which will be maintained by these notaries, and the legal work of transferring the document and checking the tax liabilities of the property in question are checked by an expert, who has no tax debt. Experts value the property and the buyer pays with confidence. The process of buying a property in Austria and the issuance of a deed takes an average of 6 weeks from the beginning to the end. The costs of buying a property in Austria includes the following.
- Lawyer fees
- Notary fees
The cost of a notary public is 1% to 3% of the value of the property, and VAT of this amount must be paid by the buyer and seller, which is equivalent to 20%,
- Property transfer tax which is about 3.5% of the property’s value
This tax is 2% on transferring of a property between first-degree relatives.(if the buyer and seller are first-degree relatives)
- VAT
If the property is newly built, there will be a VAT that must be paid.
- Signature verification fee
The signature of the seller and the buyer will be confirmed by notaries or the court, which costs about 120 euros.
The average costs of buying an apartment in Vienna is around 6,000 euros per square meter in the city center and around 3,000 euros in the suburbs. In other Austrian cities, the cost of buying an apartment is relatively lower than in Vienna. The cost of renting a one-bedroom apartment in Vienna starts at 600 euros and will vary depending on the area and property’s conditions. The cost of renting a one-bedroom apartment on the outskirts of Vienna will be around 400 euros. You can buy a stylish and newly built apartment in the center of Vienna for about 400 thousand euros.
Leave a Reply
Want to join the discussion?Feel free to contribute!