Rents in Vienna remain comparatively low, both within Austria and in comparison with other European cities, according to a recent study.

The consulting firm Deloitte reports that city-run municipal housing and a stock of older buildings help keep the average rent down to €10.50 per square metre – although prices for new rentals are significantly higher. In Linz, the average rent stands at €11, while in Graz it is €11.60.

By contrast, tenants in London and Paris pay triple these amounts, with average rents reaching €33.80 and €30.60 per square metre, respectively.

However, property ownership in Austria is costly, with the country topping the European charts for the price of new-build flats.

On average, a flat in a new-build development in Austria costs €4,920 per square metre, compared with €2,118 per square metre in Italy. In Hungary, the price per square metre is €2,605, and in the Czech Republic, it is €4,113.

These figures are comparable to those in France, where the average is €4,538, and Germany, at €4,700 per square metre.

While average prices per square metre are lower in some countries, privately financed new-build flats in certain major cities can be significantly more expensive than in Vienna, where the price reaches €6,023 per square metre.

In Paris, for instance, you can expect to pay an eye-watering €14,900 per square metre, while Munich comes in at €10,900 and London’s city centre at €8,018. Amsterdam and Barcelona are also pricey, with average prices per square metre in privately financed new-build flats of €7,850 and €6,937, respectively.

Prices are lower in Austria’s southern neighbour, Italy. In Turin, the average price per square metre is €2,035; in Rome, it is €3,359; and in Milan, €4,214.