Vienna property prices on the up

Vienna property prices are still on the up, according to the latest figures.

The prices for houses and apartments in the Austrian capital increased last year and are that growth continued through the first half of 2012, reports Austrian Times Online News.

In the Mariahilf district, the average price per square metre has now hit 4,100 Euro, an increase of 16 per cent compared to last year, while real estate values in the capital's outskirts, such as Korneubug, have climbed by 17 per cent.

Both rises were topped by the prices of apartments in Wiener Neustadt, though, with values leaping by 25 per cent.

On a countrywide level, the growth in prices is varied across the provinces. The area of Modling, for example, has property worth an average of 3,000 Euro per square metre, compared to property in Waidhofen, Lower Austria, worth an average of 590 Euro per square metre.

Property expert Alexander Ertler said: "The fear over losing money through inflation and mistrust in the financial markets is encouraging increasing numbers of Austrians to invest and try and find security in the property market."