House prices in Salzburg and Vienna rose by 20%

House prices in Salzburg and Vienna rose by 20%

The real estate market in Austria is on the rise. Prices have remained at a stable level since 2009. In cities such as Salzburg and Vienna, there was an increase in property prices by 20%, according to The New York Times.

"People want to invest their money in real estate, so they took it from the banks, which previously lost confidence. So we are seeing really strong growth in property prices, especially in the apartment," said Berndt Kretschmer, the head of real estate sales at the Salzburg company Stiller & Hohla, the Austrian affiliate of Christie’s International Real Estate.