If you’re a UK citizen and you’re looking to invest in property in Austria, you should act before Friday 29 March, the day when Britain is supposed to officially leave the EU.
That’s according to Giles Gale, managing director of Alpine Property Finders, who says British investors should act now to avoid any Brexit-related uncertainty.
As the current laws stand, only EU citizens can purchase homes in Austria. Although there are ways and means around this, this is likely to slow down the buying process and potentially increase the costs involved.
“I have been surprised by the number of potential UK buyers who do not realise the repercussions that Brexit has for their Austrian ski property dreams,” Gale said. “Whilst they might still be able to buy, the buying process will be much slower and likely to be more expensive as it may be necessary to set up a company through which they can buy.”
“Our advice is clear, if you are considering buying an Austrian ski property make sure you have signed an initial purchase offer ‘kaufanbot’ well before our expected departure date,” he added.
Alpine Property Finders has agents on the ground in Zell am See, Saalbach, Kaprun and Kitzbuhel, and in these resorts offers a free, ‘bespoke property finding service’ covering all resale and new-build properties listed for sale with local agents.
In addition to offering its property search service, the company - previously known as Mark Warner Property – has also handpicked a selection of the best projects and resales currently on the market in Austria, all available for purchase before Brexit day.
This includes the new Glemm Residence in Saalbach-Hinterglemm, which will consist of 44 apartments ranging from studio apartments that sleep four people to four-bed apartments and penthouses with extensive outdoor living space.
It’s located in Hinterglemm, which forms part of the vast Saalbach-Hingerglemm-Fieberbrunn ski region. From next year this region will be linked to Zell am See to create Austria’s largest linked ski region. Prices for apartments here range from €179,000 for a studio, up to €2 million for a large, four- bed penthouse.
Another option is Schi & Sonnenresort in Alpendorf, a brand new aparthotel with 33 apartments - ranging from studios to penthouses, all with full hotel facilities including a restaurant, bar, indoor pool and wellness facilities. Located in the popular Ski Amade, less than an hour from Salzburg, prices here start from €149,000.
Lastly, there is Alpen Parcs in Zell am See – a rare resale property in an otherwise sold-out development in the very centre of Austria’s most popular ski resort. The property – on the market for €450,000 - consists of two double bedrooms, two bathrooms and a good-sized terrace which is ideal for outdoor dining.
Recently we looked at the impact Brexit is having on overseas investment, with reassuring words from Karin Kneissl, the Austrian Minister for Europe, Integration & Foreign Affairs, saying that British citizens living in Austria can rest assured that they will still be welcome and their rights protected whatever happens with Brexit.
While the UK is set to leave the European Union on Friday 29 March, there still remains some doubt about whether this will happen or not, with a strong possibility of a delay if – as currently seems likely – Theresa May fails to get backing for her Brexit deal.