Austrian innovations in the real estate market

Austria wants to abolish the property transfer tax for people buying their first home to make the housing market more attractive and properties more affordable. The country has already abolished the 3.5% fee on the purchase price, and plans to expand the mortgage and rent support program. All changes are a consequence of rising interest rates, as well as rising prices, which have continued for many years and have made the ability to purchase property very difficult for many in Europe. Stricter regulation of Austrian mortgages introduced last year also contributed to a sharp fall in new home purchases and lending.

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