Focus on real estate market analysis
Real estate market trends inevitably affect the economy as a whole and may have implications for financial stability. That is why the Oesterreichische Nationalbank (OeNB) has widened its monitoring activities to include property market analyses.
Based on these analyses, the OeNB publishes quarterly property market reviews (entitled “Immobilien aktuell,” available in German only) with an alternating focus on domestic real estate market trends and trends on real estate markets in other EU countries, particularly in Central, Eastern and Southeastern Europe (CESEE). Complementing these reviews, the OeNB provides data sheets on the domestic residential property market and on the residential property markets in other EU countries, as well as other publications related to the real estate market.
Property market reviews (German only)
“Immobilien aktuell – Österreich” (Austrian Property Market Review) analyzes domestic real estate market trends. “Immobilien aktuell – international” (International Property Market Review) offers a concise overview of trends on real estate markets in Central, Eastern and Southeastern Europe (CESEE) as well as in Austria and the other EU countries. These publications also contain harmonized time series that allow trends to be compared across the EU. “Immobilien aktuell – Austria” and “Immobilien aktuell – international” are issued alternately, one every quarter.
Residential property price index*
Data on residential property prices are essential for measuring and assessing developments on the residential property market. For over 15 years, the OeNB has been cooperating with the Vienna University of Technology (TU Wien, Prof. Feilmayr) and DataScience Service GmbH (DSS) to calculate the jointly developed residential property price index and its subaggregates. The quarterly data available on this website date back to 1986, thus allowing for long-term analyses.
The data are available in Excel and are updated on a quarterly Basis.
Data on residential property prices – 2019-Q4 (XLSX, 62 kB)
Brunauer, W., Feilmayr, W., Wagner, K. Der österreichische Wohnimmobilienpreisindex: Methodische Verfeinerung 2017. In: Statistiken – Daten und Analysen Q4/17 (German only) (PDF, 0,2 MB)
OeNB fundamentals indicator for residential property prices
The OeNB’s fundamentals indicator for residential property prices is a monitoring tool that allows potential undesirable developments on Austria’s real estate markets to be detected at an early stage.
The data are available in Excel and are updated on a quarterly basis.
Results of the OeNB’s fundamentals indicator – 2019-Q4 (XLSX, 0.1 MB)
Schneider, M. 2013. Are Recent Increases of Residential Property Prices Justified by Fundamentals? In: OeNB Monetary Policy & the Economy Q4/13 (PDF, 0.8 MB)
The data sheets below contain a selection of key data outlining current developments on residential property markets in Austria and the EU. The data are available in PDF and Excel.
Austrian data sheet (XLSX, 0.5 MB)
Austrian data sheet (PDF, 0.3 MB)
Austrain data sheet – time series documentation
Austrian data sheet – structural data (PDF, 0.3 MB)
International data sheet (XLSX, 0,1 MB)
International data sheet (PDF, 0,5 MB)
*As part of its price stability assessments, the OeNB compiles this index for statistical purposes only. This index should therefore not be used as a reference value for financial instruments and financial contracts. The OeNB does not assume liability for the correctness of the published data and may revise these data at any time.
Selected Studies and Analyses
Household's housing expenditure in Austria, Germany and Italy (PDF, 354 kB)
Beer, Wagner – Monetary Policy and the Economy Q4/17
Simulating the impact of borrower-based macroprudential policies on mortgages and the real estate sector in Austria – evidence from the Household Finance and Consumption Survey 2014 (PDF, 372 kB)
Albacete, Lindner – Financial Stability Report 33, 2017
The distribution of residential property price changes across homeowners and its implications for financial stability in Austria (PDF, 570 kB)
Albacete, Fessler, Lindner – Financial Stability Report 31, 2016
How Do Households Allocate Their Assets? Stylized Facts from the Eurosystem Household Finance and Consumption Survey (PDF)
Arrondel, Bartiloro, Fessler, Lindner, Mathä, Rampazzi, Savignac, Schmidt, Schürz, Vermeulen – International Journal of Central Banking, Vol. 12, No. 2, 2016
Current risks in CESEE Residential property market: evidence from the OeNB Euro Survey (PDF, 653 kB)
Beckmann, Hildebrandt, Jäger-Gyovai – Focus on European Economic Integration Q3/15
Foreign currency borrowers in Austria – evidence from the Household Finance and Consumption Survey (PDF, 490 kB)
Albacete, Lindner – Financial Stability Report 29, 2015
Housing Markets in Austria, Germany and Switzerland (PDF, 488 kB)Schneider, Wagner – Monetary Policy & the Economy Q1/15
Risk-Bearing Capacity of Households – Linking Micro-Level Data to the Macroprudential Toolkit (PDF, 2.3 MB)
Albacete, Eidenberger, Krenn, Lindner, Sigmund – Financial Stability Report 27, 2014
Intergenerational Transmission: How Strong is the Effect of Parental Home Ownership? (PDF, 2.4 MB)
Wagner – Monetary Policy and the Economy Q2/14
Household Vulnerability in Austria – A Microeconomic Analysis Based on the Household Finance and Consumption Survey (PDF, 1.8 MB)
Albacete, Lindner – Financial Stability Report 25, 2013
Are Recent Increases of Residential Property Prices Justified by Fundamentals? (PDF, 846 kB)
Schneider – Monetary Policy and the Economy Q4/13
Residential Property Prices in Central, Eastern and Southeastern European Countries: The Role of Fundamentals and Transition-Specific Factors (PDF, 1.5 MB)
Hyunh-Olesen, Steiner, Wagner, Hildebrandt – Focus on European Economic Integration Q2/13
Housing Cost Burden of Austrian Households: Results of a Recent Survey (PDF, 1.4 MB)
Beer, Wagner – Monetary Policy & the Economy Q4/12
A Residential Property Price Index for Austria (PDF, 2.8 MB)
Brunauer, Feilmayr, Wagner – Statistiken – Daten & Analysen Q3/12
Residential Property Markets in CESEE EU Member States (PDF, 1.5 MB)
Hildebrandt, Martin, Steiner, Wagner – Focus on European Economic Integration Q1/12
Real Estate Inheritance in Austria (PDF, 730 kB)
Fessler, Mooslechner, Schürz – Monetary Policy & the Economy Q2/10
Housing Wealth of Austrian Households (PDF, 691 kB)
Fessler, Mooslechner, Schürz, Wagner – Monetary Policy & the Economy Q2/09