On a beautiful warm summer day and after a nice filling breakfast we got going early yesterday to embark on our Sunday excursion to the south-western part of Styria. I wasn’t particularly well-rested after a full day yesterday that included a hike, a local driving tour and a birthday party, but I was keen to explore the area west of Leibnitz, Styria’s foremost winegrowing region together with my brother Ewald, his wife Anneliese and our friends Luis and Isabella.

Distances in Europe are always on a different scale than in North America. Southwestern Styria is only about one hour from my home town of Weiz and nevertheless it is considered a different geographic region from my home area of East Styria. Southwestern Styria enjoys a favourable climate with Mediterranean influences and the temperatures are on average higher than those in the surrounding regions. The area is particularly well-known for its rolling hills, many of which are used as vineyards for growing mostly white, but also some red wines of the Zweigelt or Blauburgunder variety. The most well-known wine of this area is called “Schilcher”, a rose-coloured wine, whose special designation can only be applied to wines that were grown in this particular area and made from a type of grape called the “Blaue Wildbacher”.

We stopped our vehicle on a parking lot just steps away from the “Weinbauschule Silberberg” (the Silberberg School of Viticulture). This particular schools features a 1.5 km long wine educational trail that provides informational background about the history of wine, about details related to wine-growing as well as a collection of old wine farming implements and tools. A 5 m high statue of St. Urban, the patron saint of the vintners, stands at the beginning of the wine educational trail, and further up the hill there is an oversized metal sculpture of an insect called the wine pest that was brought in from France in the 1800s and almost completely deciminated Styrian wine cultivation.

We slowly hiked up on pathways along the vineyards and had a beautiful view south, and westwards towards the mountain chain separating the Austrian provinces of Styria and Carinthia. Schloss Seggau (Seggau Castle), dating back to the 12th century, was clearly visible nearby, a structure that was once used to defend Austria’s border against invading Turks and Hungarians, but today has found new use as a hotel and conference centre.

Once we reached the top of the hill we climbed up the “Kreuzkogelwarte”, a lookout tower at an elevation of 496 m that provided a continuous 360 degree view of the surrounding countryside. North of us was the provincial capital of Graz with a backdrop of the mountains of Northern Styria, south of us Slovenia, and west of us the Austrian province of Carinthia.

My brother pointed out a particular hill that also featured a vineyard and was apparently the property of famous Austrian tennis player Thomas Muster, who hails from the nearby district capital of Leibnitz. Thomas Muster, a former number 1 player, was one of the most gifted clay court players in the history of tennis and achieved 44 ATP tour titles throughout his career during the 1990s. Today Thomas Muster heads up his own fashion label called TOMS, runs a vineyard, has gotten involved in the production of high-quality Alpine spring water called TOMS Water, and not surprisingly, developed a tennis racquet called TOMS Machine in collaboration with the Kneissl company, released in 2005. A great tennis career can open many doors…

We continued our hike of the surrounding hills and walked by a so-called “Buschenschank”, a rustic local restaurant owned by a vintner who is able to sell his own wine as well as a variety of self-produced culinary products. This is a typical Austrian gastronomic establishment that was originally limited to selling only this-year’s wine and had strict limitations as to what type of foods they could serve. Today, many vintner’s obtain a full restaurant license in order to sell regular hot foods as well.

After an enjoyable hike along the ridge of a vineyards we started our descent into the valley and spent about 45 minutes walking down a forest road and then headed into a cool forest that took us back to our vehicle. A fifteen minute drive later we arrived at our lunch destination: “Buschenschank Koschak” is a popular local destination for good wines and excellent local Styrian food. We had reserved a table and sat outside under trellises covered with grapes and vine tendrils.

It was seriously time for a traditional Styrian meal: I started with a “Fritattensuppe” (a clear beef broth that features thinly cut pancake strips), my favourite Austrian soup. Then all five of us shared a big platter of Austrian Fried Chicken as well as a Rosemary Chicken with Rice. Austrian fried chicken is very crispy and less greasy than North American varieties and is a staple of traditional Austrian Sunday lunches. Traditionally, the largest meal is eaten at lunch time in Austria, although modern work routines have changes the traditional rhythms of food preparation and consumption as well.

The obligatory side dish is a mixed salad containing lettuce, tomatoes, beans and other varieties of vegetables, marinated with vinegar and pumpkin seed oil. Pumpkin seed oil is a popular Styrian speciality, a specialty oil made from the roasted seeds of pumpkins. Styrian pumpkins are unique: the seeds have lost their wooden shell due to a mutation about 100 years ago and only a tiny silver-coloured membrane protects the seed. This soft consistency of the seeds facilitates efficient pressing of the oil. The final product is a thick, dark green oil that has a nutty flavour and is used primarily as a salad oil, but also to refine soups and other dishes. You can even get a “pumpkin seed parfait” as a dessert, which is exactly what my brother ordered after we were finished.

Incidentally, pumpkin seed oil is the only Styrian delicacy that I buy in Austria to bring back to Toronto, or I might request someone traveling from Austria to bring me a bottle. As a passionate salad eater, Austrian pumpkin seed oil is my favourite salad dressing, bar none. And just recently I found a German delicatessen store that apparently carries Styrian pumpkin seed oil right here in Toronto. So thanks to Toronto’s multicultural culinary landscape I might actually be able to get my favourite Austrian delicacy right here without having to beg an Austrian visitor to bring me a bottle.

After a great meal I got really tired, especially considering the fact that I only had a few hours of sleep last night. I slept all the way home in the car and once we got back to my brother’s house, I crashed for a few hours. I woke up at about 7 pm, and just before having a light dinner, I hopped on Anneliese’s bicycle and went cycling for an hour throughout my home town.

Sunday night Austrian towns are traditionally very quiet since everyone is getting ready to go to work the next day, so the roads were nice and peaceful. When I came back my brother and sister-in-law were ready to go to bed so I turned in early to rest up for today. Well, unfortunately the weather today did not cooperate as planned and the entire morning was grey and drizzly. At noon time I visited my friends Andrea and Herbert, whose daughter Nina had stayed with my husband and me last year to as part of her Canadian stint to work as a nanny.

Andrea is the older sister of one of my best friends from school, and I had not seen her for at least 23 years. It was great to see her again, we had already chatted numerous times for free using www.skype.com, and I knew she had the same love for languages, travel and cosmopolitan thinking as me. She graciously invited me to join her family for lunch and I was listening intently to Andrea’s and Herbert’s travel stories from Rumania. Just in the last few weeks they had spent some time in Bucharest and in Transsylvania and learned much about Rumania’s interesting history as well as about the tyrannical Ceauscescu regime. We all agreed that we view traveling much differently as we get older, that today we really see travel as an opportunity to learn and to understand the world and its historic and environmental contexts.

We decided that we would jointly visit another local tourism attraction tomorrow: the “Katerloch”, a famous local limestone cave that is a popular regional tourist destination.

After a little walk in town I met my friends Luis and Isabella and their friend Wolfgang to play a couple of hours of tennis in an indoor tennis facility. The tennis club also features a bistro where we enjoyed a couple of pizzas afterwards and a beer. I thought to myself “these Austrians know how to live”. None of the Canadian tennis clubs that I have been at feature a bistro or any kind of gastronomic establishment. So I realized these Austrians have their priorities straight: you can work out and burn calories, but you have to cap it off with a nice tasty meal and a local beer because “Gemütlichkeit” (loosely translated as warm cordiality in a cozy environment) is an important factor here.

After about an hour I thanked my friends for a great tennis match and a cozy evening and headed back to my brother’s house to reconnect with him and to rest up for another eventful day tomorrow.

My brother and sister-in-law had taken the next day off and we were planning an excursion further afield: our destination was a mountain peak called Mangart in Slovenia, located about a three-hour drive from my home town. The beauty of Central Europe is its diversity of landscapes and its small distances, and in just a few hours of driving through the Austrian province of Carinthia we arrived in Val Canale, an area where Austria, Italy and Slovenia meet. Incidentally this is also the only area where the Germanic, Romance and Slavic language families come together right next to one another. We passed by the picturesque Predil Lake and continued our climb into the high mountains and crossed the Italian border into Slovenia.

But as it can be with the best laid plans of mice and men, our hiking trip to the Mangart Mountain was not to be: our car overheated and there was no way we were going to make it any further. We had to stop, let the car cool down and turn around to go back down the mountain. Fortunately, our disappointment did not last long since we came up with an alternate plan: we took the cable car up to Monte Lussari whose summit area features a tiny mountain village with a small pilgrimage church. An absolutely stunning 360 degree mountain vista opens up from the top of this mountain and we enjoyed a hearty lunch on the balcony of a rustic restaurant, taking in the phenomenal Alpine panorama.

On our way home we stopped in the town of Tarvisio, a border town that has benefited for a long time from the traffic between Austria, Slovenia and Italy. We stopped at the market, my brother picked up a few Italian delicatessen and we enjoyed our stroll through town. After our return in the late afternoon I embarked on a little local excursion and drove to the Teichalm – Sommeralm area close to my home town.

This region is now marketed as the “Almenland’, which literally means “Alpine meadow country”. The Tourism Region Sommeralm -Teichalm represents the largest contiguous high-altitude alpine meadow area in Europe. It features a lake, many hiking trails, ski lifts and phenomenal views into the surrounding countryside. In addition, the area is used as grazing pastures for hundreds of Alpine oxen, animals whose tender and tasty meat is prized highly by chefs and restaurant owners throughout the entire area.

Poor weather returned on Friday, so I spent a quiet day making visits to acquaintances and doing errands. The highlight of the day was a classical concert organized by the local Weiz Lions Club: a charity concert and fundraiser that featured musicians and an orchestra from AIMS, the American Institute of Musical Studies, a Graz-based organization that offers intense summer vocal, piano and music programs to international students, most of whom come from the United States.

We listened to pieces by Mozart, Strauss and Verdi and were thoroughly impressed by the young sopranos, tenors and musicians who put on an outstanding performance. The event even raised 15,000 Euros for the local charity. I interviewed several of the young music students after the concert and they were thoroughly enjoying their international exchange program and sure to return home with memories of a lifetime.

Finally, the sun had returned and my second last day in Austria was going to be gorgeous. My second photo safari through my home town resulted in several encounters with acquaintances whom I had not seen for more than 20 years. Old memories were stirred up even more when I connected with my school friends Klaudia and Doris. During our walk up to the local Weizberg we also had a celebrity connection: Arnold Schwarzenegger’s mother, father and brother are buried in the Weiz cemetery. His parents lived in this town for many years, and his father was a local police officer.

Of course we reminisced about our high school adventures and after a scrumptious garden lunch we went to go hiking on the nearby Schöckel mountain. The Schöckel is the largest mountain in the region around Weiz and provides a phenomenal 360 degree panorama over the entire region. Southerly views extend into the Slovenian and Hungarian plains, and northerly vistas feature the high Alpine peaks of Northern Styria. To the east and to the west the scenic Styrian hill country opens up. The three of us climbed up the steepest portion of the mountain, securely equipped with our Nordic walking poles. Several restaurants offer refreshments and hearty Austrian food at the summit area, and high-speed excitement is provided by the summer tobogganing track that runs down the mountain, a nice adrenaline kick I just had to experience.

After our hike back down we stopped off at Doris’ house, a beautiful property in the countryside, that features a brand new pond and large garden. Doris even equipped us with delicious freshly picked peaches from her father’s orchards. Klaudia and I headed back to Weiz and an hour later we met up again for a backyard barbeque at my brother’s place. Klaudia’s entire family, her sister Andrea with daughters Nina and Katja as well as the two grandparents joined us for a delicious dinner that showcased my brother’s culinary skills in a multi-course feast.

My last full day in Austria had arrived and Ewald and Anneliese had planned a special outing: an excursion to one of Austria’s most famous fortresses – the Riegersburg. In existence for more than 850 years and located in the border region of the old Austro-Hungarian Empire, this impressive fortification has withstood many attacks from the east and was never conquered. It has often been referred to as the “strongest fortification of Christianity”, having successfully defended repeated attacks by Turks and Magyars.

With its numerous fortified gates, its unique location on an extinct volcanic cone, its extensive defensive walls, wooden drawbridges and moats, the Riegersburg is an authentic medieval fortress that has seen architectural additions from the Renaissance and Baroque eras. An exhibition in the fortress explains the historic era of the 16th and 17th century and sheds light on feudalism as well as two fascinating female characters who inhabited this fortress more than four centuries ago: Baroness von Galler and the “flower witch” Katharina Paldauf.

Our East Styrian tour continued through volcano country with a drive to Schloss Kapfenstein, another medieval fortress that has been expanded into a castle and today holds an upscale restaurant and hotel. This castle is also located on the extinct cone of a former volcano. We enjoyed a tasty lunch in the outdoor patio of the castle, against the gorgeous backdrop of the distant Carinthian and Slovenian Mountains.

My last evening in Austria was capped off with a visit to our friends Luis and Isabella, and all five of us enjoyed the late evening sun in their beautiful backyard. Luis even took me on a little motor scooter adventure around town. Back at Ewald’s place we spent a few more hours reminiscing until I had to pack my bags for my departure to the airport in Vienna Monday morning.

These nine days have been one of the most wonderful travel experiences in my life. They were greatly enhanced by my connections with family and friends, but in addition, my eyes were truly opened to travel opportunities in my birth region of Austria.

Styria, with its medieval cities, imposing churches, monasteries and fortresses offers a great variety of destinations to history and architecture lovers. Music, visual and performing arts are ever present, even in small communities. Outdoor lovers will find a whole smorgasbord of activities, from hiking to mountain biking, skiing, horseback riding, mountaineering, hang-gliding, river rafting and many other varied pastimes.

The diverse landscapes featuring fertile plains, rolling hills full of orchards and vineyards, high Alpine peaks and meadows, pristine rivers and scenic lakes enchant at every corner. And food, wine and beer lovers will definitely enjoy the diverse culinary offerings. In addition, Styria offers affordable prices and great value to international travelers. I realized my birth region is right up there at the top of any destinations I have visited in the last few years.

This trip truly opened my eyes to the astounding beauty and variety of the area where I was born, and even though Styria might not be as well known as other regions of Austria, my nine days back home were far too short and I already have a whole list of things to do and see next time I am over in the old country.

Austria, which is officially known as the Republic of Austria, is a country situated in the central part of Europe and has the famed classical Vienna as its capital city. It is a country that is largely mountainous because it is situated in the Alps, with only about a quarter of its area considered low lying.

Austria is not only generally blessed with cold weather but is also known to have a social market economy that is well developed. The estimated 8.29 million residents of the country have a high standard of living as well.

A country with such rich culture

Austria has one of the most improved and richest cultures in the world. They are known to produce the best music composers of all time. Vienna-with its rich culture in the field of arts, literature, and music-is one of the world’s premiere cities. Indeed, the whole of Austria smells of good arts and philosophy.

Nevertheless, the Austria real estate is also reeking of ingenuity and prominence in terms of the architectural and engineering aspects of its real estate properties. Austrian homes are perfect examples of a good combination of classicism and modernity that makes these properties real hot among the old and young property lookers. After all, these infrastructures are very popular for their grand facade.

What to consider before investing in Austria real estate

Austria has special rules that govern purchase of real estate properties that everyone must follow, especially for foreign buyers. If you are a foreigner, you may need to visit the office of the locality where you are planning to build your home and then ask for permission.

This may entail that you need to fill out some papers as well as comply with some of the office’s requirements. You must also know that there are some Austria real estate properties that are not for sale to either Austrian or foreign residents. However, these restrictions will soon be lifted in order to accommodate the desire of the many European Union residents who definitely wish to buy some Austria real estate properties as their summer home or for whatever purpose it may serve.

Process in buying an Austrian home

You also have to know that when it comes to purchasing an Austria real estate property, a usual deposit of 10 percent of the total cost of the house is required, although this may not be necessary in some cases. Typically, sales of Austria real estate properties are handled by lawyers or solicitors for both parties.

The agreement for the purchase, as well as the other documents, is to be signed before an Austrian embassy official abroad, if you are buying a property outside the country. Once the contracts for the purchase of a property have been completed and signed, funds for the purchase are then placed in an escrow account until the sale is completed.

If you plan to embark on a mortgage when buying a home in Austria, then it can also be arranged even if you are not a resident of the country. This could be done in Austrian banks that offer payment terms and interest rates that may be well within your capabilities.

If you are only looking for a summer home in Austria, then the best locations in which to buy Austria real estate properties are those near ski resorts and other summer holiday homes, as these areas are known for their outdoor activities like skiing and other sports. With the country’s affinity for high living standards, coupled with its rich culture and history, you will surely have a grand time in Austria whether you only plan to live there for the summers or for the rest of your life

One of the most beautiful countries in Central Europe, Austria is every bit a visitors paradise. It has everything – from icy Alps in the West to the picturesque Danube Basin in the East. Austria has been among the leading lights for the European unity and is largely due to its efforts that the European Union, in the modern times, has seen the light of day.

No doubt, Austrian property will always remains on the radar of the global real estate investor. However, it’s the cost of living in the country that puts a dampener to their plans. Austria is the most expensive country to live in Europe; this is the reason for investors not to be over-enthusiastic in terms of their investment plans.

About Austria

High costs notwithstanding, the country is among the top-notch attractions for high-class tourists across the world. The Alps in the western region of the country have always attracted skiing and hiking fanatics from all over the world. Moreover, this mountainous region has tremendous historical significance as depicted through numerous Museums, Galleries, and Historical Buildings.

In fact, Austria’s rich historical and cultural heritage is magnificently spread all across the landscape, with the capital Vienna taking the lead having a resplendent Opera House and the former imperial residence of the Hofburg. Salzburg is famous for being the birthplace of Mozart. The whole of Austria was the centre of Cultural Renaissance during the 17th and 18th Centuries, and it’s here that the terms like Baroque and The Enlightenment, actually, took shape.

Austria, in modern times, has beautifully blended its cultural heritage with modern marvels in architecture. Visitors are often surprised to see the amount of amalgam contained in every modern city of Austria.

Being a landlocked country, there is little opportunity for aquatic fun. But this void is made up by other numerous land-based activities that you can enjoy within the country. And the adventure is heightened by the inviting climate with pleasant summers and cold winters. With National Parks, Vineyards, and the Alps mountain range, you won’t require any other motivation to explore this beautiful country – perhaps download our country guide on Austria to help you on your way.

Buying property in Austria

As highlighted earlier, Austria is the costliest place to live in the whole of Europe. This means that unfortunately, the property scenario in Austria is not too encouraging for the investors of present times. The higher cost of living has, indeed, played a spoilsport for the potential investors. European Union membership notwithstanding, Austria has not seen any surge of investor interest, primarily because of high property prices within the country.

Austria has done well by relaxing the laws in terms of foreign ownership of property, but still buyers want the Austrian government to address the issue of high property prices of every commodity before even thinking of investing in Austrian real estate. Rough estimates indicate that a Studio Apartment is not available in Austria below £50,000 and a 2-bedroom apartment starts from a whopping £70,000 and if you are planning an independent house in Austria, be prepared to shell out at least £180,000 to realize your property. It’s not only the price, but also the tax structure that is quite stringent in Austria. Any capital gains on the sale of real estate are taxed as regular income at the exorbitant rate of 34%.

Being a tourist spot, vacation and holiday property around the Alps is your best bet for investment in Austria. A year-round influx of tourists means you have regular rental income from the holiday properties in and around the ski resorts. The majority of the population in Austria live in and around cities like Innsbruck, Salzburg and Vienna, resultantly; these places are the ones to look out for in terms of real estate investment.

If you are prepared to overlook the high cost of living, investment in Austria is not such a bad proposition, as is evidence from the following high-points of the country -

Thriving economy

Stable political system

EU membership

Relatively one of the safest places in Europe

Modern lifestyle

Inviting climate

Cheap education

First-class health facilities

The country comprises Germans and Italians as the primary groups of foreigners who have either settled down here or made Austria their second home destination.

The restrictions for non-EU foreign investors are more stringent than the EU ones. Thus, the Brits will find the going easier as far as the legalities and administrative procedure pertaining to owning a property in Austria is concerned.

The countries peculiar real estate laws means that all foreign investors should seriously consider hiring an expert real estate agent or a local attorney to take care of all the official formalities entailing the registration of property. The expert help will also come in handy if you decide to finance your property purchase through a local Austrian bank.

In considering an overview of real estate in Austria, the most striking fact associated with real property in that country is the fact that overall the costs associated with real estate in Austria is higher than any other country in Europe. In addition, the cost of living in Austria generally is higher than any other country in Europe at the present time.

With this in mind, it is also important to note that the tax rate in Austria when it comes to the buying and selling of real estate in that country also runs rather high. For example, any capital gains that are experienced on the sale of real estate is taxed in Austria as regular income at the significant rate of 34%. There are exceptions to this taxation. First of all, a piece of real estate that is used as a primary residence is exempt from this tax. Additionally, all real estate that is held for ten yours or more is exempt from this taxation as well. Therefore, many people, including foreign nationals, hold on to investment real estate for at least ten years before turning around and selling the property for a profit.

Historically, Germans have been the primary group of foreign nationals that have taken to purchasing real estate in Austria.

Investment Property in Austria

As will be discussed in greater detail later, foreign nationals have a history of investing in real estate in Austria. In recent years, significant steps have been taken and made to streamline and simplify the manner in which foreign nationals can invest in real estate in Austria. This particular is true when it comes to foreign nationals from the countries that make up the European Union.

A foreign national that is interested in investing in real estate in Austria needs to keep in mind that the cost of real estate in that country is higher than in any other country in Europe. Thus, for the most part, individuals who find themselves investing in real estate in Austria tend to be a bit better heeled and tend to have a higher amount of disposable income.

The tax implications of buying and selling real estate in Austria also need to be kept in mind when it comes to a foreign national making an investment in real estate in that country. These implications are set forth and discussed previously .

Residential Real Estate in Austria – Single Family Properties

Foreign nationals do make the purchase of single family residences and dwellings in Austria with some regularity. Far and above, the greatest number of foreign nationals who are purchasing single family residences in Austria are Germans. Italians are coming in at second place with citizens from other EU nations coming in rather far behind. Of course, there are some people from other nations that are also making the purchase of single family residences in Austria.

Most people who are foreign nationals who are purchasing real estate in Austria are doing to to establish second homes. For the most part, these homes are being used as retreats and for holiday purposes .

Residential Real Estate in Austria – Apartments

Some foreign nationals have taken to purchasing apartments in various locations throughout the country of Austria. For the most part, these foreign nationals are purchasing these apartments in the more urban areas in the country. In addition, some foreign nationals are found to be purchasing apartments in some of the resort communities in that country.

Apartments in Austria do not necessarily come cheaply. Indeed, as has been referenced elsewhere, the costs associated with real estate in Austria tends to run far higher than what is found in other countries around the world .

Holiday Property in Austria

Austria is a prime vacation spot in the European community in this day and age. Indeed, Austria has been a haven for travelers and tourists for many, many years. With this in mind, a goodly share of the real estate that is trading on the marketplace at this point in time involves property that is intended for vacation and holiday purposes.

Many foreign nationals who are purchasing vacation or holiday real estate in Austria actually are finding these purchases to be rather lucrative. For example, these foreign nationals are buying real estate — purchasing vacation properties — that they then utilize in part for their own holiday purposes. However, in addition to using these properties for their own personal holiday purposes, many foreign nationals have commenced the practice of renting or leasing these properties to other people. It is this letting process that has proven profitable over the course of the past couple of decades for an ever growing number of foreign nationals.

Most real estate experts who have spent any time analyzing and considering the market in Austria have concluded that this trend will continue well into the future. Because buying and then renting vacation property has proven to be a solid and profitable investment for so many people, even more foreign nationals are attracted to such real property ownership all of the time. This factor, coupled with the tax benefits to be realized by holding onto real estate for a period of at least ten years, has rendered these investments truly sought after at this point in time.

Specific steps to buying real estate property in Austria

There are some restrictions on the manner in which foreign nationals can purchase and possess real estate in Austria. Indeed, historically there were some more significant steps that a foreign national had to undertake in order to be able to buy and own real estate in the country. However, in recent years, there has been a general relaxation in regard to the laws that govern foreign ownership of real estate in Austria.

The most significant changes and relaxations in the laws governing foreign ownership of real estate pertain to foreign nationals from the European Union nations. Simply, since the formation of the EU and since Austria’s reception into the EU, any foreign national within the EU can purchase real estate in Austria with ease. Indeed, for all practical purposes, at this juncture, a citizen from the EU stands in essentially the same position that a citizen of Austria stands when it comes to the purchase and ownership of real estate in that country.

When it comes to foreign nationals from non-EU nations, there remains one rather significant restriction on the ability of these foreigners to buy and own real estate in Austria. In short, before a foreign national from an non-EU can purchase real estate in Austria, that person must obtain permission from the local authority office in the locality in which the foreign national desires to make the purchase of real estate.

Generally speaking, approval from the local authority is easy to come by and will be granted in the vast majority of instances. Additionally, this approval normally is forthcoming in a very short amount of time.

Once a foreign national has identified a piece of real estate that he or she is interested in purchasing, an oral offer is made to the seller. If the seller accepts the offer — or, if the seller puts forth a counteroffer that is acceptable as such to the buyer — a purchase agreement is prepared. In Austria, more often than not, a solicitor or lawyer handles the affairs associated with the buying and selling or real estate.

As a matter of normal routine, the buyer will post a deposit in the amount of 10% at the time the purchase agreement is executed. The deposit will be held in escrow, pending the completing of the sales transaction itself. If the sale falls apart through no fault of the buyer, the buyer will have his or her deposit returned.

When the completion date rolls around, the seller will be responsible for making certain that all contract provisions that apply to him or her have been satisfied. More often than not this primarily includes making certain that the property is free from any encumbrances that might interfere or impede the conveyance of the real estate to the buyer.

At the time of the completion date, the buyer will need to have his or her financing in place and in order. At the time set for the completion of the transaction, the buyer will pay the remaining balance due and owing on the purchase agreement. Once this payment is made, ownership of the real estate will transfer by operation of Austrian law to the buyer. However, the new ownership of the real estate — the ownership of the buyer in the real property — will need to be registered with the Austrian Land Registry.

The process of fully registering the real estate with Austrian Lad Registry can take up to three or four months in some instances. It is not a quick process, more often than not.

When it comes to obtaining financing for the purchase of real estate in Austria, Austrian banks generally will lend money to citizens of that country and foreign nationals alike .

Property Abroad always recommends using a Solicitor or Lawyer