Austria, like any other European country, has a varied real estate market with properties that will suit any expat's needs. From city apartments to countryside chalets and ski resort homes, there is something for everyone.
According to Austrian law, there are two types of property - normal (complete) property and co-property which is also known as joint property. A normal property gives the buyer ownership of the house and land, but no permission for further building on the land. On a co-property, the owner can build rise further buildings, and is responsible for everything that is built on his land.
There are also distinctive property rights which are:
- Baurecht, which grants owners the right to construct buildings. When you buy a land with Baurecht, you basically buy the permission to build on this land.
- Wohnungseigentum, which is ownership of an apartment or office building. The Wohnungseitum is a form of co-property of real estate, with an exclusive permission to use one of the apartments or offices in the building.