What is the buyer‘s protection in Austria when buying an off-plan or unfinished property?
Given the high demand for Austrian mountain property, most of the new developments are already partly pre-sold even before their construction is finished.
Buying an off-plan property is generally quite safe in Austria. Payments are done in stages, with the last instalment withheld from the developer for the first few years as a guarantee. Moreover, the payments are usually held with the notary office in an escrow account on the name of buyer, and released only against a proof that certain works have been carried out.
New-build properties benefit from a 30-year‘s guarantee on any potential building defects. Fixtures are usually guaranteed for 2 years.