Vienna sees shock spike in prices and rents

Overseas buyers are moving into Vienna. "The Viennese residential property market is experiencing a sharp rise in both rental and purchase prices, particularly in the more desirable city districts," international agency Engel & Völkers told OPP this week.

"For many years Vienna has been seen as a stable property market but we are currently experiencing a genuine boom", Helfried Mück, Managing Partner of Engel & Völkers Vienna told OPP.

Vienna's prestigious 1st district has seen rental and purchase prices surge by 15% year-on-year in 2011. And similar increases have been recorded in the "green areas" to the west of the city Centre on the edge of the Vienna woods.

Source: OPP.org.uk