Immobilienerwerb in Österreich

S. 1069. Real Estate Transactions in Austria

Until 1994 when Austria joined the European Economic Area (EEA) and later the European Community (EU) in 1995 freedom to buy land was restricted to Austrian citizens and all transactions regarding foreigners had to be approved by a regional real property transfer commission. All of the nine Austrian states have special statutes dealing with the acquisition of real estate in Austria. The federal states are competent to enact legislation with respect to real estate either used for farming and forestry or for construction and regarding real estate transactions involving foreigners. All of these nine statutes regulate the above-mentioned real estate transactions. Due to Austria`s accession to the EEA and EU, the nine statutes have been amended to accommodate the four basic freedoms (free movement of goods, persons, services and capital). On 1 January 1995 Austria has joined the EU and therefore the free movement of capital with respect to real estate investments has had to be fully applied.

However, regional laws in the nine Austrian states still differ when it comes to buying land for investment or holiday (secondary residence) and first home. Real...