Milestones in Housing Finance in Austria over the Last 25 Years

Mundt, Alexis; Springler, Elisabeth

doi:10.1002/9781118929421.ch4

Cited by 9 publications

(6 citation statements)

References 4 publications

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“…Specifically, programs promote the construction and renovation of housing, enable individuals to raise funds to purchase a dwelling, provide mortgage interest relief for home purchasers and dedicate specific funds for housing rehabilitation and renovation (Mundt and Springler 2016;Lugger 2007: 62). They use a variety of tools including public loans grants, low-interest loans, interest subsidies and demand assistance.…”

Section: Dedication Of Transferred Federal Funds For Housing Programsmentioning

confidence: 99%

Transforming public housing in a federal context

Lawson¹,

Legacy²,

Parkinson³

2016

AHURI Final Report

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AHURI is a national independent research network with an expert not-for-profit research management company, AHURI Limited, at its centre. AHURI has a public good mission to deliver high quality research that influences policy development to improve the housing and urban environments of all Australians. Through active engagement, AHURI's work informs the policies and practices of governments and the housing and urban development industries, and stimulates debate in the broader Australian community. AHURI undertakes evidence-based policy development on a range of issues, including: housing and labour markets, urban growth and renewal, planning and infrastructure development, housing supply and affordability, homelessness, economic productivity, and social cohesion and wellbeing. This material was produced with funding from the Australian Government and state and territory governments. AHURI Limited gratefully acknowledges the financial and other support it has received from these governments, without which this work would not have been possible. AHURI Limited also gratefully acknowledges the contributions, both financial and in-kind, of its university research partners who have helped make the completion of this material possible. Thanks are also due to the contributing international experts Rachel Garshick-Kliet,

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Section: Dedication Of Transferred Federal Funds For Housing Programsmentioning

confidence: 99%

Transforming public housing in a federal context

Lawson¹,

Legacy²,

Parkinson³

2016

AHURI Final Report

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“…Austria, on the other hand, was not hit by these volatile swings in house prices. As Mundt and Springler (2016) point out, Austrian housing finance was not very strongly affected by the GFC compared to international developments. The most important structural features of the Austrian housing market that ensured its resilience to outside shocks are the low homeownership rate, conservative lending standards, and the well-developed rental market (Schneider and Wagner 2015).…”

Section: Stabilising Effectsmentioning

confidence: 97%

“…As for the housing market, notwithstanding the high stability of housing prices in the past, real estate prices and rental costs in Austria have been rising more strongly since 2007, and, in some segments, continued to rise during and in the aftermath of the GFC. This counter-cyclical price development (compared to most of Europe) was not fuelled so much by a surge in mortgage finance but by the redirection of savings into real estate (Mundt and Springler 2016).…”

Section: Headwinds: Current and Future Challengesmentioning

confidence: 99%

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Privileged but Challenged: The State of Social Housing in Austria in 2018

Mundt

2018

CHA

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On the one hand, Austrian social housing is stronger than ever due to the growing importance that social rental apartments play on the housing market. The volume, price, and quality standards of this housing are competitive with what is found in other sectors of the market and the social housing sector also helped to mitigate the effects of the Global Financial Crisis (GFC). On the other hand, pressure on the rental housing market has increased because demand for cheap housing has grown more than supply. The social housing sector thus has to address the vital question of how to increase targeting on low-income households and vulnerable groups and at the same time to maintain social mix and public support. In this paper I argue that the sector, in spite of its strong position, is facing some common European challenges that will redefine its role in the future. Yet, the social housing sector is overburdened if expected to solve many problems that have arisen due to non-housing issues.

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“…Unlike Spain, Ireland or the United States, Austria has (so far) made no international headlines with burst real estate bubbles, mass foreclosures and evictions. The high acceptance and spread of rental tenancy (Vienna 78%, Austria 48%), a relatively large social housing sector (Vienna 43%, Austria 24%; Statistik Austria, 2019 ), and also more conservative standards in housing finance (Springler, 2008;Mundt & Springler, 2016) have helped to largely prevent low-income households from becoming over-leveraged home buyers exploited by the mortgage and global finance industry.…”

Section: Introductionmentioning

confidence: 99%

What's wrong with investment apartments? On the construction of a ‘financialized’ rental investment product in Vienna

Aigner

2020

Housing Studies

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This article sheds light on the investment-driven construction sector in Vienna and provides a critique of the Austrian rental investment product Vorsorgewohnung (VSW), a tax-saving investment construction primarily aimed at small private investors. Building on 'new' new economic sociology and a performative take on markets, the focus is on the social construction and the making of a market around this product. The transformation of housing into an investment product is examined by drawing on the advertising discourse, especially the VSW-market makers' webites. The negative effects of financialized housing production on the micro and urban level are also discussed. Against economic common sense, it is argued that the VSW market is not a 'natural' matter of a given demand and supply, but the product of a twofold social construction to which the Austrian state and the local banks make a significant contribution. What appears rational and advantageous from the investors' individual point of view is, in various ways, a disadvantage for the urban community.

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Milestones in Housing Finance in Austria over the Last 25 Years

Cited by 9 publications

References 4 publications

Transforming public housing in a federal context

Transforming public housing in a federal context

Privileged but Challenged: The State of Social Housing in Austria in 2018

What's wrong with investment apartments? On the construction of a ‘financialized’ rental investment product in Vienna

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