Rental obligations in Austria
Do I have to rent my property in Austria? There are rental obligations in Austria to be aware of. Most holiday homes in Austria are obliged to be rented when their owners are not using them. This is because the tourism industry forms an important part of Austria’s economy accounting for over 15% of its GDP. So the Austrian government does not want owners to leave their chalets or apartments empty for large parts of the year. Owners who do not live permanently in the mountains are encouraged to make sure that their property is regularly visited by holidaymakers. This flow of visitors and tourism is great for the local economies and property prices.
What are the advantages of the rental obligations?
The advantage of the rental obligations in Austria to owners is that they can benefit from their property earning an income for them. Most apartment buildings will have a dedicated rental management team in place to handle everything for you making it a completely hands-free experience. Also, most international owners use their ski chalets or apartments for a few weeks per year, so they find it makes sense to rent their ski property during the rest of the time, to earn an income. There can also be some great tax advantages to buying a rental investment property in Austria. For example, in some cases you can reclaim the VAT back on your purchase. This can be a big 20% saving on the gross property price.