Good News For British Buyers

The Austrian Embassy in London has confirmed that there will be no change to the buying rights of UK citizens’ during the Brexit transition period. Allowing Brits to continue to freely buy Austrian property, under the same rules and regulations as EU citizens, until the end of the transition period.

To date, Austrian law allows only EU citizens to purchase property, as such it was feared that British buyers would no longer be able to purchase Austrian property after 31^st January 2020. However, the Austrian Embassy has not only confirmed that this will not be the case, they also stated that after the transition period citizens will still be able to acquire property in Austria, but they will have to apply for a permit to do so. The permit will be up to the discretion of the federal province of the area concerned, meaning that it will only be possible for British citizens to buy in certain areas of Austria that want foreign investment.

Maria Kaefer from the Austrian Embassy in London comments: “The acquisition of private second homes will not be part of EU/UK trade negotiations. Already existing ownership rights will not change after the Brexit deadline. After the transition period (presumably in 2021) British citizens will need a permit to acquire property. The allocation of these permits for non-EU citizens will be subject to the property law of the Austrian federal province concerned. British citizens will therefore need to contact the authority of the relevant federal province in which they wish to buy.”

This news is welcomed by Giles Gale of Alpine Property Finders, who states: “This news coupled with a stronger pound is fantastic news for British buyers. Austria still offers far better value for money when it comes to Alpine property than France and Switzerland and we are delighted to see that the Austrian government is still keen to attract British buyers. The hint that Brits will be able to buy with a permit after the transition period is an unexpected bonus too.”