Property markets

The OeNB has established a real estate hub to provide the public with high-quality data on, and sound analyses of, developments in the Austrian residential and commercial real estate markets.

What do we provide?

• data-driven analyses of residential and commercial real estate markets
• monitoring of risk indicators (including credit quality data) to assess risks to financial stability
• contributions to financial stability through communication as well as microprudential and macroprudential measures
• contributions to research on the property sector
• a comprehensive database on the property market via our dashboards

Why we monitor risks

The OeNB is legally obliged to contribute to financial stability, inter alia by proposing risk warnings and recommendations to the Financial Market Stability Board. That is why we must identify potential risks to financial stability at an early stage – also in the property sector. 

Real estate and financial markets are closely linked: Around two thirds of the loans granted by Austrian banks are related to real estate, such as private residential real estate loans or commercial real estate loans. If people default on real estate loans, this can have a negative impact on banks and, consequently, on financial stability.

For this reason, we provide in-depth analyses of developments in the Austrian property markets and in real estate loans in detail. If necessary, our experts may also propose measures to safeguard financial stability. International organisations such as the International Monetary Fund and credit rating agencies also attach great importance to monitoring property markets. The OeNB’s analyses of the Austrian residential and commercial real estate markets and the resulting policy measures therefore also help maintain the Austrian banking sector’s very good credit rating.

• The share of people who live in rented homes in Austria is around 50%, which is high by international standards. 
• In Austria, around 81% of residential properties are registered as primary residences, while the remainder is divided between secondary residences and properties with no registered address.
• Residential property prices in Austria rose by around 120% between 2010 and mid-2022, while incomes rose by around 40%. Since mid-2022, the gap has begun to narrow.

• By far the most significant asset class is commercially funded housing, such as apartment buildings. Other sectors such as hotels, offices, industrial and warehouse properties, as well as wholesale and retail premises, play a smaller role.
• Since 2000, the ownership structure of commercial property has increasingly shifted in favour of profit-oriented and institutional investors.
• The OeNB’s index for commercial real estate prices recorded a significant rise up to mid-2022, before a marked correction set in following the shift in interest rates.