Total Area: 83,858 km²
GDP (in billion USD): 419
Austria, officially the Republic of Austria, is a federal republic and a landlocked country of roughly 8.47 million people in Central Europe.
As of the early 1990s, just over 55 percent of all Austrians owned their own homes or apartments, either as private individuals or under the auspices of ownership cooperatives. The rate of home ownership is higher in rural areas than in urban areas and higher in western and central Austria than in the east. In urban areas, apartment houses are much more common than single-family dwellings. Renting is more common in cities and in eastern Austria. Renters have considerable legal rights that make the termination of leases difficult and that provide for the regulation of rents. The building and ownership of apartment buildings by the municipal government is common in cities, such as Vienna, which traditionally have social democratic municipal governments.
Vienna, the powerful engine of Austria's residential real estate market, has experienced an exponential rise in prices in recent years, and housing prices outside the capital, in areas including Styria, have remained extremely strong despite global economic tremors. In the city of Graz, prices per square meter range from 2,800 to 4,000 euros. Demand outstrips supply because Austrians tend not to move around or have reason to sell their homes. Traditionally, people buy a house in one area and stay there for years. A large number of foreign buyers come from the former Soviet republics, as well as Switzerland, Denmark, Sweden, Germany and Italy. Styria, attracts far fewer foreign buyers than Vienna because it's becoming more and more well-known and the prices are reasonable.