Vienna — the world’s most liveable city
Mercer and The Economist are in agreement. What makes Vienna such a great place to live — and what does that mean for the property market?
For years, Vienna has topped the international rankings of the world’s most liveable cities — according to both Mercer and *The Economist*. The Viennese take a certain pride in this, yet they never miss an opportunity to grumble. Both are part of the city, and both help to explain it.
What lies behind the title
Behind this title lie tangible qualities: affordable and state-subsidised housing, a comprehensive public transport network with an annual travel pass costing one euro a day, excellent healthcare, safety and an exceptional range of cultural and leisure activities. The rankings measure precisely these factors — stability, infrastructure, education, health and the environment — and Vienna performs well in every category. This is rarer than it sounds: many cities excel in one area but are weak in another.
The business of greenery
Added to this is the abundance of green space — from the vineyards on the outskirts of the city to the Prater and the Danube Island. Around half of the city’s area is green space, and there is hardly any other metropolis that combines urban life and local recreation so seamlessly: you can sit in a coffee house in the morning and at a Heuriger in the afternoon without ever leaving the city.
Living in Vienna
One factor that is often underestimated in the rankings is the living culture itself. Municipal housing, co-operative flats and older buildings characterise a way of living that would long since have become unaffordable in many capital cities. The fact that more than half of Vienna’s residents live in subsidised flats keeps the city socially diverse — and ensures that the city centre is lived in, rather than merely visited.
The other side of the coin
Quality of life comes at a price. Demand for housing in established neighbourhoods has outstripped supply for years, new-build construction has slumped in recent years, and the city continues to grow. Anyone looking for a property in the first, fourth or ninth districts is competing with half the world. This is exhausting for buyers — and for owners, it’s the reason why their property is worth so much.
What international buyers are looking for
People coming to Vienna from abroad are looking for safety, culture and a city where you can get by without a car. In demand are flats in period buildings in the inner districts, villas in Hietzing and Döbling, and new-build properties with a concierge — and an estate agent who can explain the city. We have been assisting international clients for years, in six languages and with the expertise to match the right location to the right lifestyle.
What this means for the property market
For the property market, this quality of life translates into stable, long-term demand — a key reason why residential property in Vienna is regarded as particularly stable in terms of value. Those who move to Vienna want to stay; those who have grown up here rarely move away. It is this stability that investors from both home and abroad value. And it is the reason why, at AKKADIA, we have needed just one city to keep us busy for over fifteen years.
